The change means the removal of the £5 monthly loyalty reward for those who have two or more direct debits, and the end of cash rewards for holding other Barclays products.
Barclays announced the Blue Rewards changes in June and they have taken effect from today (Wednesday 4 September). However, customers will still need to pay £5 per month for Blue Rewards membership.
Barclays customers previously earned up to £15.50 a month in cashback if they had a mortgage, life insurance, critical illness cover and a loan with Barclays. Last payments were made yesterday (3 September).
Instead of the cashback rewards they previously enjoyed, Blue Rewards members will get Apple TV+ (worth £8.99 per month), and a Major League Soccer (MLS) Season Pass subscription (worth £14.99).
However, Apple TV+ is offered for free for a set number of months in several ways elsewhere – such as to O2 and EE mobile customers. The MLS subscription offers access to USA and Canada pro football – so this will only appeal to those who are fans of these sports.
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From today (Wednesday 4 September), Barclays Blue Rewards customers can earn 1% debit card cashback on spending of up to £500 a month (so a maximum of £5 a month back) – but only until November.
Account holders can also continue to get up to 15% debit card cashback at certain retailers if they register for cashback via the Barclays app.
As now, customers will need to continue to pay £800 into current accounts each month.
The linked Rainy Day Saver account will remain available, offering customers 5.12% AER/5% gross on balances up to £5,000, with savers able to earn up to £250 per year in gross interest.
Meanwhile, Barclays’ £175 switching bonus ended on 30 August.
