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Barclays Blue Rewards

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  • ColdIron
    ColdIron Posts: 9,881 Forumite
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    Steve_xx wrote: »
    So I'm still a tad unsure as to whether Barclays would actually cough up the £7 at start of May if I fulfilled all but the two DD requirement.
    How are you planning to fulfil the £3 fee that would be required to be paid in April?
  • B_G_B
    B_G_B Posts: 502 Forumite
    Another question which I have not found a definitive answer to, (from Barclays) although it has been mentioned in previous posts. Maybe I’ve missed it somewhere or can’t see the obvious.

    Has the £7 reward already been taxed? MSE article suggests not.
  • ColdIron
    ColdIron Posts: 9,881 Forumite
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    You can't, the T&Cs are quite plain on this

    Your monthly fee will be taken from your nominated account on the 1st of each month (or if that’s a weekend or bank holiday, the next working day).

    The first monthly fee will be taken in the month after you join Barclays Blue Rewards


    I am less sure of the tax issue but again from the T&Cs

    The rewards that you’ll receive for being part of Barclays Blue Rewards may be subject to income tax and you may need to declare them to H M Revenue & Customs
  • Steve_xx
    Steve_xx Posts: 6,979 Forumite
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    edited 25 April 2015 at 7:35PM
    ColdIron wrote: »
    How are you planning to fulfil the £3 fee that would be required to be paid in April?
    I can't fulfill that because it was due to be paid before the scheme started.

    So I think the best course of action for me is to join now. Then pay the fee at the start of May, have two two DD's up and during May and pay in the £800. I'll be a quid up at start of June and then in clover in July.
  • ColdIron
    ColdIron Posts: 9,881 Forumite
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    We got there in the end, just be careful in July not to blow it all on coke and hookers :)
  • Steve_xx
    Steve_xx Posts: 6,979 Forumite
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    ColdIron wrote: »
    We got there in the end, just be careful in July not to blow it all on coke and hookers :)

    There won't be that much left if there's a tax issue too. It may only be worth £2.70 a month, assuming basic rate tax, worse if your higher rate of course.
  • B_G_B
    B_G_B Posts: 502 Forumite
    Steve_xx wrote: »
    There won't be that much left if there's a tax issue too. It may only be worth £2.70 a month, assuming basic rate tax, worse if your higher rate of course.

    By my reckoning, if the previous posts are correct, a basic rate tax payer won't really be £1 up on 1st June, but 40p down once tax has been taken into account.
  • Steve_xx
    Steve_xx Posts: 6,979 Forumite
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    B_G_B wrote: »
    By my reckoning, if the previous posts are correct, a basic rate tax payer won't really be £1 up on 1st June, but 40p down once tax has been taken into account.

    Yes, I'd say you were quite right there.

    May £3 fee, June £3 fee, June Reward £7 less 20% tax (-£1.40) - thereby a nett loss of 40p - quite a shocker really.
  • ColdIron
    ColdIron Posts: 9,881 Forumite
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    It depends whether it's paid net of basic rate tax like the Halifax fivers or not. If it is you only have to worry if you're a higher rate tax payer. Online support don't know but they are going to phone me back tomorrow. If they do I'll follow it up here
  • ceredigion
    ceredigion Posts: 3,709 Forumite
    Eighth Anniversary 1,000 Posts Photogenic
    Just being reading the latest figures from the switching service and Barclays are the big net losers .
    Find it hard to believe those that have the say at Barclays thought that this scheme would do anything to reverse that trend . I like many others on here are quite happy to play the banks at their game , but I just cannot be bothered with this one. ITS not the complexity but I just cannot see that I can be bothered.
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