Barclaycard users are going to want to hurry up to spend their loyalty points because just two years after the company introduced a flagship rewards programme titled ‘Freedom’ they are already dropping it. Customers have two months to spend their points before they disappear completely. According to the bank, the decision to scrape the royalty programme comes after receiving feedback from customers and due to the changing landscape in the rewards market.
There are over a million people within the UK that are members of the scheme; which at the time of its inception was the third largest in the UK. These customers have up until July 26th to cash out their Reward Money balances.
Many believe that the scheme is being dropped because it did not actually draw interest from customers even with a large investment in the scheme from Barclaycard. The bank also ran a large campaign throughout the course of last year in an attempt to draw more attention to it so that customers would fill out a membership. Although eight million cardholders could have signed up for the loyalty program when it was first launched, only about a million choose to do so.
One reason that customers may have been hesitant to sign up for the ‘Freedom’ programme is because it actually did not offer much freedom when it came to cashing in points. Unlike the very popular cashback programmes that many card services are offering, the Freedom programme came with a great deal of restrictions.
Customers only earn points when they spend in certain stores and they then have to use the points they earned at other select stores limiting the amount they could earn and the amount they could spend that was actually helpful to them.