Barclays Blue Rewards

elsnraeh

My husband applied for a 123 Santander to be declined as he was once bankrupt. Apparently it is reserved for customers with the best credit ratings.
He has had a barclays account ever since, I think this started as a basic account, not sure if it still is as he has a debit card with them.

Paul_1977

elsnraeh wrote: »

My husband applied for a 123 Santander to be declined as he was once bankrupt. Apparently it is reserved for customers with the best credit ratings.
He has had a barclays account ever since, I think this started as a basic account, not sure if it still is as he has a debit card with them.

I have a good credit rating and I was refused a 123 current account. Yet a family member who has had much debt in the past was accepted.:mad:

numbers123

The Barclays website now says:

'You’ll find it in your mobile banking app and Online Banking over the next few days.'

Jsscmm

Is the £7 before tax or tax free does anyone know?

Zanderman

Jsscmm wrote: »

Is the £7 before tax or tax free does anyone know?

According to the new MSE article about this (http://www.moneysavingexpert.com/news/banking/2015/04/barclays-launches-reward-scheme-for-current-account-users-but-other-banks-beat-it) Barclays say:

Barclays confirms that it doesn't tax the reward given, but adds that the amount may be subject to income tax, and it's up to the customer to check this.

datlex

Just rang Barclays from my app to ask them about the reward scheme. They said you have to have at least two direct debits and pay in at least £800 a month. It costs £3 a month but at present you get £7 back per month.
I asked whether you can earn the rewards on multiple accounts. I was told it was one person customer.

Jsscmm

If it is taxable.... BR tax would leave £3.60 a month, whilst HR tax leaves £1.20 a month. That's less Han a Halifax 'fiver' and with slightly more hassle!

msallen

Jsscmm wrote: »

If it is taxable.... BR tax would leave £3.60 a month, whilst HR tax leaves £1.20 a month. That's less Han a Halifax 'fiver' and with slightly more hassle!

I think you need to check your sums!

CuddlesTC

I have a Barclays current account and mortgage, so this would appear to be a no-brainer, once I can figure out how to actually get it...

Zanderman

Jsscmm wrote: »

If it is taxable.... BR tax would leave £3.60 a month, whilst HR tax leaves £1.20 a month. That's less Han a Halifax 'fiver' and with slightly more hassle!

msallen wrote: »

I think you need to check your sums!

Yes, there's an error there somewhere...

My reckoning says only £2.60 after basic tax: £7 reward, minus BR tax at 20% (which would be £1.40) leaves £5.60. Minus the monthly fee of £3 leaves £2.60.

Higher rate would leave just £1.20 on the same calculation.

This is, of course, assuming this 'reward' is taxable.