Fly Buys members turn rewards into savings

More than 1.5 million Fly Buys points were converted into Kiwisaver dollars this year.

Converting rewards points into financial wealth is a growing trend, says Fly Buys chief executive Stephen England-hall.

He said members converted just over 14,300 points into Kiwisaver contributions in 2016, adding a collective $286,000 to their Kiwisaver accounts. That was 128 per cent more redemptions than in the previous 12 months.

Fly Buys members can only boost balances the BNZ Kiwisaver scheme, as Bank of New Zealand is one of the four joint owners of Fly Buys alongside Z Energy, IAG (owner of State Insurance and AMI), and Foodstuffs (owner of New World and Pak’n Save).

England-hall said members were increasingly using the programme to make life more affordable.

‘‘As the cost of living increases, we’re seeing more Fly Buys customers use their rewards points like money.

‘‘For many of our customers earning points on their everyday shopping can help them with their finances and contributing to the BNZ Kiwisaver scheme is one way they do this.

‘‘We’re also seeing a growing trend for customers using Fly Buys to stretch their incomes further.

‘‘This is illustrated in the increasing number of people using points to purchase gift cards or earn instant retailers.’’

What are known as ‘‘currency equivalents’’ are now the preferred way of being rewarded for almost half of Fly Buys members, he said.

Since BNZ opened its Kiwisaver scheme in 2013, over two million Fly Buys points have been converted into Kiwisaver accounts, adding just over $400,000 to balances.

Each $20 Kiwisaver contribution costs 108 Fly Buys points.

It’s not only Fly Buys points that can be converted into Kiwisaver dollars.

Westpac offers Hotpoints rewards on its credit cards, and these can be converted into Kiwisaver as well. ASB True Rewards dollars can also be added to ASB’S Kiwisaver accounts. discounts at