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"Value of rewards being slashed by Barclaycard"

By Reno | June 8th, 2010 | Cash Back & Rewards

It has been reported that the credit card giant Barclaycard is slashing the value of its credit card rewards in a bid to cut costs, which will leave around half a million of its customers feeling the pinch. The cuts are said to be taking place in August, and affected customers will see the value of their rewards cut by a massive 50 percent.

The half a million affected customers are those that were inherited by Barclays back in 2008 when the banking giant acquired the Goldfish brand. As of the beginning of August this year these customers will have to clock up 3500 rewards points to qualify for rewards to the value of £10, whereas at present they only need to accrue 1750 points to get the same rewards.

The cuts will be made in terms of the number of point customers will earn per pound spent on the card. At present they earn two points per pound, but this will be cut to one point, which means that the rewards will effectively be cut by 50 percent. Customers are likely to react badly to the move, as many were told that they would get similar or better deals when they were taken over by Barclays as part of the Goldfish acquisition.

Many officials now believe that a large percentage of those affected will consider switching to another card, as many may only have signed up in the first place because this was considered to be a generous rewards scheme. This could results in Barclays losing a large number of credit card customers in a short period of time.

A Barclay’s spokesperson said: ’some customers may be disappointed with this move. We have recently made some changes to Barclaycard Goldfish which reflect the increased costs in offering the rewards that come with the product.’

Tags: barclays, Credit Cards, rewards, barclaycard, Goldfish

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