Barclays has announced a new rewards programme called Barclays Blue Rewards.
Launching on 20 April, it pays customers cash to recognise and reward their relationship with the bank.
For a fee of £3 per month, customers who sign up to the programme will receive fixed cash rewards, regardless of how big their credit balance or monthly income is.
Customers can earn up to £15 cash rewards each month (£180 per year) and receive even more with cashback through SmartSpend partners such as Expedia and Boots. The initial offering will be expanded, with cash rewards continuing to be added, including for other Barclays products such as savings and personal loans.
With Barclays Blue Rewards, customers collect their cash rewards into a separate digital Rewards Wallet, accessed through Barclays Online Banking or the Barclays Mobile Banking app. The Rewards Wallet is linked to the Barclays current account of their choice – so they can clearly see what they get paid each month. The rewards can then be redeemed into a Barclays account at any time.
Barclays Blue Rewards details:
Monthly Fee:
• Customers pay a £3 monthly fee from their chosen Barclays current account
Monthly Loyalty Reward:
• All customers who sign up to the programme receive a £7 monthly cash reward paid into their digital Rewards Wallet (all customers therefore receive a net cash gain of £4 per month)
Mortgage Loyalty Reward:
• All existing and new mortgage customers will receive £5 per month for the term of the mortgage
Home Insurance Loyalty Reward:
• All new insurance customers or existing customers who renew their existing policy/re-insure with Barclays will receive £3 per month
SmartSpend:
• Barclays Blue Rewards will allow customers to earn an additional 1% cashback when booking with Expedia, as well as other SmartSpend shopping partners such as Gap and Boots.
Catherine McGrath, managing director for personal banking at Barclays said: “Barclays Blue Rewards is a brand new way for millions of existing and new customers to benefit from banking with Barclays.
“Building lasting relationships with all of our customers means rewarding everyone, no matter what they earn. The more you bank with us, the more cash you get to use as you choose. With rewards on savings and other Barclays products launching soon, customers can be confident we’ll continue to give their monthly earnings a welcome boost.”
The new offering is available to current account holders who deposit at least £800 credit each month (less than UK minimum wage), have two direct debits set up, are signed up to Online Banking or the Barclays Mobile Banking app and pay a £3 monthly fee.