AMP introduces cashback rewards scheme for super members

AMP has launched a rewards program for its super members that allows them to earn cashback from retail purchases, with the option of depositing it directly into their super account to boost their retirement savings.

The rewards scheme is the result of an existing partnership between AMP and content and rewards fintech platform, Citro, which was first established in 2023. Members can earn cashback by linking their existing Visa, Mastercard or eftpos card to the scheme and making a purchase at any one of over 400 retail brands in-store or online.

According to a statement from AMP, earning cashback of approximately five dollars a week or $260 a year for 30 years could equate to around $25,000 more in retirement savings; this goes up to almost $100,000 with cashback of $20 a week.

“AMP Rewards is another market-leading innovation in superannuation and retirement that gives real and practical benefits to AMP members,” AMP chief executive, Alexis George, said.

“Traditional rewards programs are fiddly and points-based. We’re turning spare change into super savings which can add up to significant retirement gains through a seamless experience and the magic of compounding.

“We’re bringing together AMP’s strengths in super with Citro’s lifestyle and rewards platform to create something unique and genuinely beneficial – money back in our member’s pockets now and the ability to build their super.

“Our vision at AMP is to be the place Australians come to for their best possible retirement. Turning everyday spending into retirement savings is one more way we’re helping make that happen.”

In addition to Citro’s rewards program capabilities, its platform also offers educational content tailored for the financial decisions typically made by Australians over 40. This comes as AMP-commissioned research found more than half of respondents under the age of 40 lack an understanding of compounding as a concept, which increased to two-thirds of women under 40 years old compared to 40 per cent of men.

“We’ve designed AMP Rewards to be simple and transparent. Members earn real cashback dollars – not points – and we guarantee it to member wallets within 30 days of purchase confirmation, or we’ll pay members the advertised cashback and also give an additional $50,” Ash Frenken, Citro’s Managing Director, said.

“Australians shop across a wide mix of online and in-store brands and that everyday spend can now deliver real money for them to save, spend or invest into their super.

“For members over 40, AMP Rewards also unlocks Citro’s tailored money, lifestyle and retirement content – bringing together the financial and social support people tell us they want as they plan the next stage of life.”