Barclaycard announces new reward scheme

While the credit card industry continues to suffer from bad debts and reduce consumer spending, Barclaycard has today revealed a new reward scheme for its credit card holders. The scheme is more widespread than any other available today taking in 30,000 retailers in the UK including names such as Shell, Pizza Express and Flight Centre.

In simple terms, those purchasing items at various outlets in the UK will be able to accumulate reward points which can be used to discount their purchases or build up their reward money balance. It is interesting to see that Barclaycard has now entered the small and medium retail market bringing in more potential business and more exposure. While this card is certain to grab the attention of many credit card holders in the UK, you need to look at the overall picture before deciding whether this product is for you.

While reward points and reward money should never be ignored, you need to consider the underlying interest rate on the credit card and any costs associated with the new Barclaycard rewards scheme. It will be interesting to see how many of the 8 million Barclaycard customers eligible for the new reward scheme make use of it and whether other credit card companies will respond with similar offers.