Barclays customers to earn double cashback

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New and existing members of Barclays’ Blue Rewards current account scheme will earn double cashback through its ‘SmartSpend scheme’ over the rest of February.

There’s no limit on how much cashback you can earn when using your Barclays debit card, but it’s only paid at selected retailers. The list of participating firms includes over 100 companies, such as Boots, Gap and Toys R Us.

The amount of cashback you earn in the first place depends on the retailer. The best deal is 12% cashback at Gap (double the 6% Blue Rewards members would normally receive). Other examples are Boots and B&Q, where Blue Rewards members will get 6% cashback during February, up from the 3% usually offered.

You can’t earn any extra cashback on Expedia purchases, or utility switches via Simplifydigital or Energyhelpline, even though they do qualify for cashback under the Barclay’s SmartSpend scheme.

If you’re an existing member of Blue Rewards, you don’t need to do anything to qualify for the bonuscashback.

If you’re not already a member, you’ll still get double cashback retrospectively for the fortnight between 15 February and 29 February, providing you sign up before 29 February.

Moneywise Verdict:

Blue Rewards members get monthly rewards for each qualifying product they hold with Barclays, receiving £7/month for a current account, £5/month for a mortgage, £3/month for home insurance, and £1/month for loans.

There’s a £4 monthly fee for the service, so you can earn up to £12 a month (after the fee) from rewards, plus cashback on spending at participating retailers.

Customers need to pay at least £800 a month into their account to qualify for membership, set up at least two monthly direct debits, and use Barclays’ mobile or online banking services.

However, this latest offer isn’t as generous as Barclays’ January promotion, which paid double loyalty rewards as well as extra cashback.

It’s not the most compelling incentive to get you to switch bank either, as you can earn hundreds more with interest paying accounts elsewhere.

But, if you’re already with Barclays, this is free cash on any spending you had planned.


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