Barclays customers will stop receiving certain perks on their Blue Rewards accounts from Wednesday.
The most noticeable being scrapped is the free £5 that pops into their accounts every month just for having at least two direct debits.
All other product cash rewards for holding a Barclays mortgage, loan or life insurance are also going.
The last cash rewards payments will be made on Tuesday.
However, the £5 account fee is remaining.
What new perks are replacing the free cash?
Blue Rewards members can now access an Apple TV+ subscription worth £8.99 a month, and catch every Major League Soccer match with an MLS Season Pass subscription worth £14.99 a month (during the season). Both subscriptions are already available to activate via the app.
Should you cancel?
If you don’t fancy either of the above, the account may not be worth the fee.
However, read all the other T&Cs as Blue Rewards comes with other benefits, such as access cashback rewards of up to 15%.
You also have access to savings accounts such as the Rainy Day Saver, with a decent 5.12% AER up to £5,000. This would easily cover the £5 fee but consider whether you can find an as good, or even better rate, for free elsewhere.
What do you need to no now?
Barclays is advising customers: “If you’re happy with these changes and still want to be a Blue Rewards member, you don’t need to do anything.
“If you feel Blue Rewards is no longer right for you, you can cancel your membership. If you’d like to cancel before the changes happen, you’ll need to do it in the Barclays app or Online Banking on or before 3 September.
“If you cancel before 5pm on the last day of a month, we won’t charge you the next fee.”
You can cancel by logging into the app, clicking on “rewards” and then “cancel Blue Rewards”.
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