Thousands of Barclays customers are set to get more than £100 after the bank discovered they had underpaid a significant number of Blue Rewards customers over six years.
Barclays is working on reimbursing Blue Rewards customers going back to 2015.
Not everyone is due a repayment but many will get more than £100 from the bank, according to Martin Lewis ‘ MoneySavingExpert website.
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Blue Rewards is a scheme open to Barclays current account customers. It costs £4 a month to join it, and you must pay at least £800 a month into your current account.
You then get cashback perks. These include up to £7 a month for having two direct debits paid out of your current account.
Other bonuses are £5 a month if you take out a mortgage with Barclays, 3% cashback on Barclays home insurance, £1 a month for taking out a loan and up to £5 for life insurance.
The rewards are paid directly into the customer’s Blue Rewards wallet – reports Mirror Online.
This is an online account that sits alongside your current account.
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Barclays is now checking its records and contacting thousands of customers who have been underpaid.
If you are an affected Blue Rewards customer, you don’t need to do anything to get the extra cash. Barclays will pay you what it owes, plus 8% interest.
It has already contacted most of those affected, including those who have left the bank or moved house.
The bank said it spotted the issue itself during a review, and that underpayments were made across all areas of cashback.
Last week Barclays watered down its cashback scheme. It used to offer money off at high street chains such as supermarkets, B&Q and Asos, with account holders able to get up to 5% on payments in stores and online.
But this ended on June 22 for both regular current account customers and Blue Rewards members.
The lender said only 0.5% of its customers used the scheme frequently.
But as it has 17 million customers, that means around 85,000 were affected.
Barclays will also be ending Blue Reward memberships for those that have not signed in or registered for online banking by August 3.
The bank says most customers have already. Anyone who has not signed in by August 3 will have a two month buffer to do so before any cancellations are made.
If your membership is cancelled, your Rewards earnings will either be transferred automatically into your linked Barclays current account or you’ll be sent a cheque in the post.