Barclays Blue Rewards Charge

jblore

Would someone please be able to say how best to set things up time-wise to avoid any 1st month payment? (or am I overthinking it?)

I can pay in the £800 and have direct debits come out, it is just a question of 'when' to set these for.

As I understand it, the £5 fee is taken on the 2nd working day of the following month after you open the account. So if I opened today, I would get charged on 2nd Feb. I would probably just use one Moneybox DD set to take every 2 weeks (it appears the same DD used multiple times counts as 'two DDs') so wouldn't get two payments in before 2nd Feb. Therefore would I be better off waiting until Feb to open, have enough time for 2 DDs to go out before the £5 payment would be taken on 2nd March?

Thanks. 

Aidanmc

I'm in a similar situation. I have direct debits set up to be collected next month, first one is 2nd february, and the other one later in February.

I'm going to join Blue rewards on 1st Feb, therefore first fee will be on 2nd March and first £5reward due also then, of course paying in £800 also during Feb

SandyN21

You do know that the £5 'fee' is actually transferred as a loyalty reward into a Rewards wallet attached to your Blue account and if you want, you can transfer this 'fee' back to your current account? 

I opened mine on 5th October last year and the £5 was transferred from my current account into my Rewards wallet on 2nd November - I'm intending to leave these 'fees' in my Reward wallet but I think after a certain amount has been accumulated, the whole lot is automatically transferred back to your current account. 

Section62

SandyN21 said:

You do know that the £5 'fee' is actually transferred as a loyalty reward into a Rewards wallet attached to your Blue account and if you want, you can transfer this 'fee' back to your current account? 

Only if you meet the qualifying criteria for the reward payment that month.  It isn't a "transfer" as such.

Which I believe is the point the OP is asking about.  Joining at the wrong time could potentially result in paying a monthly fee, before the DD's have been set up and collected to earn the first month's reward.

The simple way around this is to join a day or two after the second working day of the month - which means no fee will be collected that month and there is plenty of time for the two DD's to be taken, which may (or may not) earn you a reward to be credited on the second working day of the second month.

As per the T&C's - "The first monthly fee will be taken in the month after you join Barclays Blue Rewards on the second working day of the month"

Band7

SandyN21 said:

You do know that the £5 'fee' is actually transferred as a loyalty reward into a Rewards wallet attached to your Blue account and if you want, you can transfer this 'fee' back to your current account? 

I opened mine on 5th October last year and the £5 was transferred from my current account into my Rewards wallet on 2nd November - I'm intending to leave these 'fees' in my Reward wallet but I think after a certain amount has been accumulated, the whole lot is automatically transferred back to your current account. 

Starting from the month after Blue Rewards has been activated, you get charged £5 in your current account on the 2nd of a month, regardless of whether you get a £5 credit in your Reward Wallet or not. 

You get £5 credited into the Reward Wallet on the same day if you have met the conditions (2 DDs, >=£800 deposit) in the previous month, after you registered for Blue Rewards. 

Barclays don’t transfer anything for you. You can transfer from the Reward Wallet to your current account manually.

EarthBoy

SandyN21 said:

 I think after a certain amount has been accumulated, the whole lot is automatically transferred back to your current account. 

No it isn't.  You have to transfer it yourself, otherwise it stays in the rewards wallet for ever, earning no interest.