Barclays Blue Rewards is a scheme open to their current account holders that pays you for having a current account. And it’s easy to do.
You get nothing in this life for free. Well, that’s not strictly true. Look hard enough and you can find a few freebies.
One of these “freebies” is the Barclays Blue Rewards Scheme. Now, the eagle-eyed among you will notice that I’ve used speech marks around freebies. Technically, you have to pay a fee every month to get your freebie. Which kind of makes it sound like it isn’t free when really it is. Confused? Read on.
Why would they give me something for nothing?
You may not know, but switching bank accounts has become incredibly easy over the last couple of years. Switching your current account usually takes just 7 working days, with your bank doing all the work and making sure your direct debits and standing orders are all transferred over.
Because of this, many banks are offering you money to switch to them. After all, in the long run, they’ll make a lot of money out of you. Some banks will offer you £100-£200 to switch, whilst others will offer you a monthly incentive to stay. The Barclays Blue Rewards Scheme is one of those designed to keep you as a loyal customer.
How does it work?
If you’re a Barclays current account holder, you just need to sign up for the Blue Rewards through your online account.
You’ll then be charged a monthly fee of £3. But as long as you pay in £800 each month and have at least 2 Direct Debits, you’ll receive £7 back. That’s a £4 monthly profit without any effort.
You can also earn extra if you have a mortgage (£5), loan (£1) or home insurance (£3) with Barclays.
Your rewards are paid into a “Blue Rewards Wallet” every month, which you can then transfer to your current account.
How do I sign up for Barclays Blue Rewards?
Simply log into your Barclays account and join. It will take you a couple of minutes at most.
Barclays also offers a cashback scheme when you shop. Similar to the likes of TopCashback and Quidco, visit the Barclays site or app before you make your purchase and you’ll receive money back from your shop. During November and December, the likes of Currys and Argos were giving you a very generous 10%. Plus, as a Blue Rewards member, an extra 1% was given on top.
In just over 3 months, I have managed to earn just over £90 from my Barclays account.
Barclays is also offering new customers who switch their current account to them, double rewards for the 1st year. That’s worth up to £384!
If you’re an existing customer, Barclays often offer double rewards in the first month you join Blue Rewards, so keep an eye out.
Is it worth it?
It certainly is. As long as you remember to transfer in £800 and have 2 Direct Debits, you can earn a minimum of £4 easily. Plus, the cashback offers can be generous compared to many other similar schemes.