Barclays Blue Rewards

deutsch

https://www.barclays.co.uk/current-accounts/blue-rewards1/

Slightly confused about this...

I set up £800 going into the account.

Do I get £7.00 free / month?
Then get charged £3 fee / month after?
And then if I set up 2 Direct Debits, I get £3.50?
So in total £7.50 / month?

Just the wording of "up to" £7 a month.
There is another part here:

Get up to £7 per month for banking with us – you’ll receive £3.50 cashback monthly for each of your first 2 Direct Debit payments.

We'll take the £3 monthly fee from your chosen account on the second working day of each month. The fee will show in your statement as 'Blue Rewards fee'.

mt99

Well the first thing to say is that they will take £3 a month on your account no matter what that is fixed

if you then pay in at least £800 you are eligible for certain rewards depending on if you meet the criteria for example if you pay two direct debits you will get £3.50 etc etc

mt99

You will get extra payments if you take out insurance with them or if you take out a mortgage with them

depending on what you take out this may or may not cover the £3 fee that they take from you although if you have two direct debits the £3 should be covered by the £3.50 payment

deutsch

So this article is old?

https://www.moneysavingexpert.com/news/banking/2015/04/barclays-launches-reward-scheme-for-current-account-users-but-other-banks-beat-it

Barclays current account customers only: Will receive a £7/month (£4/month after the £3 fee is taken) cash reward.

You receive a £3.50 payment for each of your first two direct debit payments per month, so as long as you pay out two direct debits per month:

So how much is paid? £7.50? Thanks for your replies so far.

Chalkius

If it's the same as when I stopped working for them

If you have £800 coming in every month (not from your own Barclays accounts though. From wages or your other accounts or the account of someone else.

AND

You have two direct debits active leaving the account.

=

You pay £3 per month, whatever happens.

You get £3.50 per DDR, so £7. If you only had 1, you'd get £3.50.

Then you can get an extra £1 if you have a loan with them, £3 if you take Home and Contents cover with them(must be done after you start blue rewards, existing policies not covered), and £5 if you have a mortgage.

So if you have all 3, you will end up with 7+1+3+5 = £16 per month.

If you only have the £800 in, plus the DD's you'll get £7 paid into a separate blue rewards wallet accessible online or on the app. The £3 will be taken from your nominated account.

deutsch

Thank you so much. I feel like an idiot, but definitely now clarified!

Chalkius

No problem, you're not the only one it confused, used to get a lot of calls about it when I worked for them!

Mchambers

Great....Easy money for me. I will create 2 dds with my Tesco account both being payable to me.

robatwork

Chalkius wrote: »

You pay £3 per month, whatever happens.

You get £3.50 per DDR, so £7. If you only had 1, you'd get £3.50.

Then you can get an extra £1 if you have a loan with them, £3 if you take Home and Contents cover with them(must be done after you start blue rewards, existing policies not covered), and £5 if you have a mortgage.

So if you have all 3, you will end up with 7+1+3+5 = £16 per month.

If you only have the £800 in, plus the DD's you'll get £7 paid into a separate blue rewards wallet accessible online or on the app. The £3 will be taken from your nominated account.

It's this kind of arcane and unsimplified banking that should see Barclays in banking purgatory.

datlex

On thing to add, the reward payment doesn't go into your bank account it goes into a separate wallet. You can choose to transfer it back at your convenience to the bank account. You can also hold it there if you choose.

deutsch

I've just read if you open an account, you only have this for 24 months?

£4 x 24 = £96 over 2 years. doesn't sound much.

still free easy money