Barclays Blue Rewards loyalty scheme allows £7 monthly bonus and up to 7% cash back on customer current accounts.
Barclays Blue Rewards is a loyalty scheme available from April 2015 and aimed to encourage both new and existing customers having various types of current accounts with Barclays Bank Plc.
It promises a £7 bonus on a monthly basis for customers using its online or mobile banking.
For getting the reward you need to join the scheme, while meeting the following requirements:
- To have any current account except Basic, BarclaysPlus, accounts for minors aged 16-19, foreign currency, wealth and business accounts
- To deposit no less than £800 monthly
- To bank via Barclays online service or mobile app
- To pay a £3 monthly fee
- To make two direct debit payments each month
– Additional cash bonuses are provided for those customers who have a Barclays current account and its mortgage, home insurance or loan. Mortgage customers can get a £5 additional reward, home insurance customers are offered a £3 bonus and loan customers can earn £1 each month.
– Customers having all kinds of rewards within the scheme earned from December 2016 are not eligible for UK income tax obligations.
– Customers can earn up to £156 a year, which is more than an average annual reward offered by the nearest competitors.
– The scheme is applicable for customers making an overdraft, both arranged and unarranged, whereas many other market players don’t pay rewards to customers who go over their limits.
– Cash Back is provided for customers shopping online with Barclays partners. This ensures up to 7% cost savings, while other users of Barclays SmartSpend scheme who fail to join the loyalty scheme can save 1% less.
The money is paid on a separate digital wallet and then can be transferred into any Barclays customer’s account and spent any way the customer wishes.
The scheme comprises more than 200 shops, including world leading brands in fashion, beauty, home and garden, leisure and outdoors industries.
Disadvantages to Consider
Though the loyalty scheme promises the £7 bonus monthly, in fact the reward is reduced due to the fee that is taken from your account chosen for Barclays Rewards.
The rule is applicable for all kinds of rewards within the scheme including mortgage and home insurance plans.
If you don’t have an eligible current account with Barclays and need to switch for joining the scheme, there is no switching bonus provided, whereas some other banks offer up to £150 bonuses.
Besides, some major financial institutions require smaller amount of monthly payments compared to Barclays Blue Rewards requirements.