Barclays Blue Rewards

Archi_Bald

ceredigion wrote: »

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.

Couldn't agree more. Someone at Barclays has obviously done their research and they have constructed something that keeps the hordes of "current account tarts" off their doors.

However, their cunning plan also keeps any thinking person off their account. Perhaps that's what they are banking at - capturing those that just fall for Marketing hype instead of doing their numbers. A fair few people not notice the catch but I am sure a lot of people will pass on those Barclays offers.

The confusion about whether they pay for existing mortgages or not isn't helping.

badger09

I definitely CBA adding this to 'monthly shuffle' spreadsheet

Jsscmm

badger09 wrote: »

I definitely CBA adding this to 'monthly shuffle' spreadsheet

The tax question (is the 7 after BR etc) is key to me. Grumbler also mentioned a way to find account details for the wallet. If that could be used with a DD say... That would reduce the manual time per month a little.

That said, I'm not currently rushing opening this one. I've got a more important 'credit event' in the next 6 weeks and would like at least that much 'quiet' on my credit history. Maybe by the time that is over there will be a little more clarity here;)

JesseJames_2

The £7 is definitely gross, not net.

[FONT=&quot]"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."[/FONT]

[FONT=&quot]Only "may", because you may be a non-tax payer, but the £7 is definitely subject to tax if you are a tax payer.[/FONT]


[FONT=&quot]I am only signing up to this as I have a Barclays (Woolwich) mortgage already. If I didn't I would not.[/FONT]

[FONT=&quot]Even that is being contradicted in places on Barclays website, but I'm going with the T&Cs as given to me after signing up.[/FONT]
[FONT=&quot]"For example, you can earn rewards if you hold or take out a Barclays residential mortgage product"[/FONT]

anoncol

JesseJames wrote: »

The £7 is definitely gross, not net.

[FONT=&quot]"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."[/FONT]

[FONT=&quot]Only "may", because you may be a non-tax payer, but the £7 is definitely subject to tax if you are a tax payer.[/FONT]


[FONT=&quot]I am only signing up to this as I have a Barclays (Woolwich) mortgage already. If I didn't I would not.[/FONT]

[FONT=&quot]Even that is being contradicted in places on Barclays website, but I'm going with the T&Cs as given to me after signing up.[/FONT]
[FONT=&quot]"For example, you can earn rewards if you hold or take out a Barclays residential mortgage product"[/FONT]

I thought it only counted for new mortgages? In fact you posted it yesterday.

Nicholas

For taxpayers, I imagine that you would be able to offset the £3 fee against the £7 reward.

May be a good idea if you are a taxpayer to contact HMRC to confirm this.

numbers123

After careful consideration, I've decided Blue Rewards is not for me and I've cancelled it.

ceredigion

JesseJames wrote: »

The £7 is definitely gross, not net.

[FONT=&quot]"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."[/FONT]

[FONT=&quot]Only "may", because you may be a non-tax payer, but the £7 is definitely subject to tax if you are a tax payer.[/FONT]


[FONT=&quot]I am only signing up to this as I have a Barclays (Woolwich) mortgage already. If I didn't I would not.[/FONT]

[FONT=&quot]Even that is being contradicted in places on Barclays website, but I'm going with the T&Cs as given to me after signing up.[/FONT]
[FONT=&quot]"For example, you can earn rewards if you hold or take out a Barclays residential mortgage product"[/FONT]

Hence the confusion,
It could be Net at 20% tax and the "may" refers to the 40% threshold.

Steve_xx

ceredigion wrote: »

Hence the confusion,
It could be Net at 20% tax and the "may" refers to the 40% threshold.

Or, could it be that Barclays are mindful of the new tax rules due in 2016 that allow you to keep the first 1k/500 of interest earned for basic/higher rate taxpayers?

vouch0r

oooh i applied a few weeks ago , didnt realise its taxable aswell.. not really worth it all for £ 2 a month..

not sure wether to just close it all down