Banking brand Barclays has announced that it will be axing its monthly Blue Rewards membership this April.
The scheme always current account holders to earn up to an extra £36 a year but will now earn absolutely nothing.
The shake-up has seen Money Saving Expert.com encourage users of Barclays to leave and instead earn cashback and benefits through switching incentives where customers can get £150 from switching.
The Barclays Blue Rewards scheme is an add-on for current account holders who pay a small fee to earn cash back depending on the products and if you meet the requirement of paying at least £800 a month into the account.
The changes to the scheme are set to start from April 4 which will see fees rise from £4 to £5 for all Blue Rewards customers.
Plus cash back for current account holders that have no other products and meet all conditions will fall from £7 a month to £5 a month creating a net gain of 0.
Also, cashback on other products is set to stay the same apart from mortgage holders who will see it drop from £5 a month to £3 a month.
Money-Saving Expert is also warning that customers can only earn a maximum cashback under Blue Rewards if you already have two direct debits set up.
Meaning that if you currently have one direct debit the maximum cash reward is only £3.50 a month meaning you lose an extra 50p a month as the scheme cost £4 a month.
If that affects you, then your membership will be cancelled in June if you do nothing following a 60 days notice of closure when your fee is taken on April 4.
To get the latest information on the Barclays shake-up check the Money Saving Expert website.
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