The British bank is trashing its rewards program, leaving customers just a couple months to redeem the points they have in their accounts. The good news is that apparently not too many people used the program and those who did likely didn’t have many points as earning them was pretty difficult.
It is thought that the Freedom scheme did not attract sufficient interest from customers, despite substantial investment from Barclaycard, which ran a huge campaign last year to try to increase membership. At launch, the bank said that Freedom was available to “over eight million cardholders”, but in fact only just over a million customers used it.
Unlike popular cashback cards, which offer customers a percentage of their overall spend on the card as cash, the Freedom programme is more restrictive.
Just another reason to remember that diversity in your programs is a smart move. Putting everything in one basket can result in losing everything with little warning.