Barclays has announced a major revamp of its Blue Rewards scheme - which will remove its £5 a month cash bonus. All other product cash rewards for members are being axed as part of the shake-up as well. As a result, customers will no longer earn rewards worth up to £15.50, including:The changes will take effect from 4 September. Despite the changes, Barclays customers will still need to pay the £5 monthly fee to be a member.
The bank is also introducing a promotion increasing the value of cashback on Blue Rewards, with customers able to earn 1% on all eligible debit card spend up to a value of £5 each month.The promotion runs from September to November and rewards are in addition to existing retailer cashback offers.Barclays said the revamp would give customers fixed benefits worth up to £44 a month - an increase from £35.50 previously - in addition to cashback and higher interest on savings.