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When to cancel Barclays Blue Rewards?

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  • WillPS
    WillPS Posts: 5,145 Forumite
    Part of the Furniture 1,000 Posts Newshound! Name Dropper
    ST-User said:
    I have just paid the Blue Rewards monthly fee, and will get my incentive this week.
    If I pay in £800 and let 2 DDs go out this month, then cancel BR on 31st Aug, will I still get the reward? Or can I cancel BR as soon as the incentive has arrived and not worry about that £5 fee?
    Thank you.

    No, your rewards will only be paid if you pay next month's fee. Essentially there's no fiscal arbitrage to be had - either you cancel this month and pay no fees but also get no rewards; or you cancel next month after you've had the reward and paid the fee. The net effect either way is the same.

    The only reasons to keep it going as long as possible (as far as I can see) are:
    1. Hold on to Apple TV+ access for as long as possible (access will end promptly when you close Blue Rewards)
    2. Remain eligible for the Rainy Day Saver for as long as possible (likely nothing will happen for several months, but you might wish to delay the start of that clock)
    If you're not bothered about either of the above, you may as well close Blue Rewards now (and bin off/move the DDs if they're not convenient where they are).
  • ST-User said:
    I have just paid the Blue Rewards monthly fee, and will get my incentive this week.
    If I pay in £800 and let 2 DDs go out this month, then cancel BR on 31st Aug, will I still get the reward? Or can I cancel BR as soon as the incentive has arrived and not worry about that £5 fee?
    Thank you.
    No, as it runs for a calendar month. You could cancel after the reward is paid in Sept, but don't leave it till Oct as fee would be taken but no cashback.
    Let's Be Careful Out There
  • tracyyi
    tracyyi Posts: 118 Forumite
    10 Posts Name Dropper First Anniversary
    ST-User said:
    I have just paid the Blue Rewards monthly fee, and will get my incentive this week.
    If I pay in £800 and let 2 DDs go out this month, then cancel BR on 31st Aug, will I still get the reward? Or can I cancel BR as soon as the incentive has arrived and not worry about that £5 fee?
    Thank you.
    No, as it runs for a calendar month. You could cancel after the reward is paid in Sept, but don't leave it till Oct as fee would be taken but no cashback.
    We should cancel in the first week of September 2024, to avoid any fees charges on October. 
    Am I correct?
  • tracyyi said:
    ST-User said:
    I have just paid the Blue Rewards monthly fee, and will get my incentive this week.
    If I pay in £800 and let 2 DDs go out this month, then cancel BR on 31st Aug, will I still get the reward? Or can I cancel BR as soon as the incentive has arrived and not worry about that £5 fee?
    Thank you.
    No, as it runs for a calendar month. You could cancel after the reward is paid in Sept, but don't leave it till Oct as fee would be taken but no cashback.
    We should cancel in the first week of September 2024, to avoid any fees charges on October. 
    Am I correct?
    You can cancel anytime is Sep
    Let's Be Careful Out There
  • tracyyi
    tracyyi Posts: 118 Forumite
    10 Posts Name Dropper First Anniversary
    tracyyi said:
    ST-User said:
    I have just paid the Blue Rewards monthly fee, and will get my incentive this week.
    If I pay in £800 and let 2 DDs go out this month, then cancel BR on 31st Aug, will I still get the reward? Or can I cancel BR as soon as the incentive has arrived and not worry about that £5 fee?
    Thank you.
    No, as it runs for a calendar month. You could cancel after the reward is paid in Sept, but don't leave it till Oct as fee would be taken but no cashback.
    We should cancel in the first week of September 2024, to avoid any fees charges on October. 
    Am I correct?
    You can cancel anytime is Sep
    If we cancel this month (August), we will not get any bonus in the beginning of September, am I correct?
  • WillPS
    WillPS Posts: 5,145 Forumite
    Part of the Furniture 1,000 Posts Newshound! Name Dropper
    tracyyi said:
    ST-User said:
    I have just paid the Blue Rewards monthly fee, and will get my incentive this week.
    If I pay in £800 and let 2 DDs go out this month, then cancel BR on 31st Aug, will I still get the reward? Or can I cancel BR as soon as the incentive has arrived and not worry about that £5 fee?
    Thank you.
    No, as it runs for a calendar month. You could cancel after the reward is paid in Sept, but don't leave it till Oct as fee would be taken but no cashback.
    We should cancel in the first week of September 2024, to avoid any fees charges on October. 
    Am I correct?
    If you earn more than £5, it'd be best cancelling between the date of the final reward reward (Sept 3rd) and the cutoff date for the October payment (5pm Sept 30th).

    If you earn exactly £5, it doesn't matter when you leave so long as it's no later than Sept 30th and also not between the August cutoff and Sept 3rd.

    If you benefit from Blue Rewards in any other way (savings, Apple TV, cashback), it's worth waiting until the end of September.
  • ST-User
    ST-User Posts: 79 Forumite
    Ninth Anniversary 10 Posts
    Thank you all for the answers.
    So I'm going to lose one month rewards fee, because if I cancel it then it won't pay next month, am I right?
    Maybe it'll be better to cancel it by the end of August and not to bother with paying-in and direct debits any more.

    Nevertheless, £169.50 is still a generous incentive (£5 for one month Blue Rewards, 50p for the DD, the other one went to my Paypal).

  • As long as we cancel the Blue Rewards on the 3rd September to be able to get the last £5 we won't be charged again will we, as the rewards are changing so the fee applies for the month it's taken and not in arrears like now?

    I've read it a number of times and it clearly states to be cancelled on or before 3rd September, then the new T&C's start from the 4th.
  • WillPS
    WillPS Posts: 5,145 Forumite
    Part of the Furniture 1,000 Posts Newshound! Name Dropper
    As long as we cancel the Blue Rewards on the 3rd September to be able to get the last £5 we won't be charged again will we, as the rewards are changing so the fee applies for the month it's taken and not in arrears like now?

    I've read it a number of times and it clearly states to be cancelled on or before 3rd September, then the new T&C's start from the 4th.

    The new T&Cs start then, but first fee won't be collected until the start of October. You can cancel anytime before the end of September and avoid an October fee.
  • So the fee for August will be collected in September and the fee for October will be collected in October. What about the fee for September?
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