Barclays is to launch a paid-for new rewards scheme on Monday 20 April, called Barclays Blue Rewards.
For a fee of £3 a month, customers who sign up will get monthly fixed cash rewards up to £15 depending on which Barclays products they hold.
Blue Rewards members will also be eligible for cashback of up to 6% when spending with selected outlets.
Customers signing up to the Monthly Loyalty Reward scheme will receive £7 a month paid into a digital wallet connected to a Barclays current account of their choice, meaning they will be £4 up after the £3 fee. Mortgage customers will receive £5 a month , and home insurance customers £3 a month.
Experts warned that such reward schemes shouldn’t tempt you to switch your financial products to a provider without checking to see if there are cheaper alternatives elsewhere.
Andrew Hagger from Moneycomms.co.uk said”Although it may be convenient to have all your financial products under one roof, you could end up paying over the odds by not shopping around. By buying these products elsewhere you may be able to save more than the £60 and £36 you’ll receive each year for keeping your mortgage and home insurance respectively with Barclays.”
Hagger added: “It looks as if Barclays has realised it needs to be more competitive to maintain its share of the current account market.
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