The bank is overhauling its Blue Rewards scheme this week, a move which will see the end of the £5 cash reward for having two live direct debits on a current account.
The changes will also see the end of cash rewards for holding other Barclays products.
Barclays announced the Blue Rewards changes in June and they will take effect on Wednesday (4 September). However, customers will still need to pay £5 per month for Blue Rewards membership.
Barclays customers can currently earn up to £15.50 a month in cashback if they have a mortgage, life insurance, critical illness cover and a loan with Barclays.
However, Barclays current account customers who are members of Blue Rewards will receive their last payment tomorrow (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.
From 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.
