In an email headlined ‘Barclays Blue Rewards is having a makeover’, the bank revealed that members will now get an Apple TV+ subscription within the existing £5 fee
Barclays is scrapping the £5 monthly loyalty reward for customers with two or more direct debits as part of a revamp of its Blue Rewards scheme.
Previously, Blue Rewards members paid £5 a month to get perks like high-interest savings and cashback, plus a £5 reward for having at least two direct debits. The bank has informed customers that from September 4, it will axe the £5 monthly loyalty reward and other cash rewards.
In an email headlined “Barclays Blue Rewards is having a makeover”, the bank revealed that members will now get an Apple TV+ subscription and access to Major League Soccer matches with an MLS season pass subscription within the existing £5 fee.
Additionally, Blue Rewards customers can take advantage of the Rainy Day Saver account, which offers a 5.12% AER on balances up to £5,000. A current Barclays customer said: “This felt like a real benefit as a Barclays customer and it’s frustrating that it will now cost money. It feels like a clever way of watering down the amount that I’m getting back from my savings.”
They also considered switching banks, stating: “It’s made me think that I could switch to a different bank that won’t charge me to get those rates.” To qualify for Blue Rewards, individuals must deposit at least £800 into their account each month and pay the £5 fee.
Barclays has announced that Blue Rewards customers can now receive fixed benefits worth up to £44 per month, a rise from the previous £35.50, in addition to cashback and interest on savings. The bank will conduct reviews to ensure that Blue Rewards customers are getting their money’s worth for their £5 monthly fee.
If customers aren’t receiving fair value, they’ll be notified and the Blue Rewards and its fee will be removed, leaving them with Barclays’ standard, fee-free account. James Hyde, from Moneyfactscompare.co.uk, said: “The monthly cash reward payment to qualifying customers effectively paid for the cost of the Barclays Blue Rewards membership: with that guarantee of cash set to be removed, members may re-evaluate whether the deal is right for them.”
He added: “The benefits of Apple TV and (an) MLS season pass may be tempting for some, while up to 15% cashback is available when the debit card is used at selected retailers. As is often the case with these membership products, the true financial implications of these changes will depend on how exhaustively individuals utilise the rewards available to them, and how much they invest in associated accounts each month.”
These changes will take effect from September 4, giving customers time to consider their options following this update. Manuel Baldasano, head of customer and digital at Barclays UK, said: “We’ve been evolving Blue Rewards based on what we know our customers value and, with entertainment high on their wish list, we’re delighted to introduce top-quality shows from Apple TV, in addition to our best savings rates and cashback programme, all for the same £5 monthly fee.”
“Our refreshed Blue Rewards proposition, which sits alongside our fee-free account and premier banking, means that customers can choose what works best for them.”
