Barclaycard is axing its loyalty points scheme ‘Freedom’, giving customers two months to redeem their rewards.
Barclaycard said that the scheme which is available to the majority of its 12 million customers is being scrapped because it wants to focus on ‘other product development’.
Customers will have until July 26 to spend their points and any unused rewards after this time will be paid back automatically to most customers as long as theyve used their card in the last six months and have a balance of 3 or more.
Any customers who have not used their card in the last six months or have a balance of less than 3 will have to contact Barclaycard directly for a refund. All refunds will be paid by the end of September this year.
Customers can call Barclaycard to find out how many Freedom points they have or log on to their MyBarclaycard account.
The scheme, which only launched two years ago, is more restrictive than other cashback card schemes as it only allows customers to earn points from selected stores. Once a customer has collected points they are then limited further as they can only be spent in these stores.
It is notably more generous than other cashback cards schemes, such as the Capital One cashback card which pays 5 per cent for three months on all spending and then 1.25 per cent after.
The Santander 123 card pays 1 per cent on supermarket spending, 2 per cent on department store purchases and 3 per cent on petrol station transactions although the card has an annual fee of 24.
A Barclaycard spokesman said that it will be launching two schemes later this year and details will not be available until closer to the time.
He said: ‘Later this year we will be launching two new programmes. These will provide tailored and valuable offers from thousands of retailers and allow participating consumers to earn freedom rewards on all spending, both at home and abroad.’
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