Barclaycard axes Freedom loyalty scheme
Credit card giant Barclaycard has announced it is scrapping its ‘Freedom’ loyalty scheme.
Customers will no longer be able to earn any Reward Money after the 21st of June 2012 and those with outstanding money points will have until July 26th to spend them.
So what went wrong?
How the scheme worked
The Freedom scheme was available across most of the firm’s credit cards and rewarded shoppers with 1% cashback .
The ‘Reward Money’ was credited immediately, allowing shoppers to save up enough to eventually pay for all or part their purchase on another visit to any of the selected shops.
Where it went wrong
Criticism came when people realised the restrictions on the card meant shoppers could not spend or redeem points as freely as the scheme’s name implied.
[SPOTLIGHT]Unlike other cashback reward credit cards that allow you to earn wherever you spend, the Barclaycard version was limited to participating retailers, which on launch two years ago included LA Fitness, YO! Sushi, Firebox.com, Goldsmiths and Nationwide Autocentres.
To date the scheme has improved and there are now, according to Barclaycard, 20,000 high street and local retailers involved including Pizza Express, Spaghetti House and Mr Clutch.
What happens next?
The scheme, which was available to around 12 million customers, is being withdrawn so Barclaycard can focus on launching new products later this year.
Any unused rewards after the cut-off in July will be paid back to customers automatically, providing they have used their card in the last six months and have a balance of £3 or more.
Customer who have not used their card in the last six months, or have a balance of less than £3, will have to contact Barclaycard directly for a refund.
All refunds should be dealt with by September.
So did you use the scheme? Will it be missed? Let us know your thoughts.
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The credit cards that reward spending
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