Barclaycard Freedom reports first year success
The UK credit card rewards programme 'Barclaycard Freedom' has reported back on its progress since its launch one year ago, having encouraged Barclaycard Freedom cardholders to spend an average of 14% more in launch partner stores compared to other credit card customers.
There are now 1 million active Barclaycard Freedom customers earning and redeeming Reward Money across over 20,000 coalition partners.
Over the past 12 months, the average value redeemed has doubled. Joint promotions have driven much of this growth, with cardholders who have benefited from retailer special offers spending over two and a half times more than cardholders who have not taken advantage of the credit card benefits.
Both large and small retailers have reported a rise in custom from Barclaycard holders as a result of available Reward Money, with the average amount of Reward Money being redeemed month-on-month almost doubling. For example, Shell service stations have seen a 15% rise in linked sales from Barclaycard Freedom cardholders and, in smaller independent retailers, more than one quarter (27%) of Reward Money was earned and redeemed.
In its first year the programme attracted a number of new retail partners, with House of Fraser and Nicolas Wines offering their customers Reward Money for their purchases. The launch of the 'Freedom eStore' (at MyBarclaycard.co.uk) also created a portal through which customers can shop online and earn Reward Money.
Barclaycard Freedom allows customers to earn their rewards in pounds and pence on their credit card, with no need for vouchers or coupons. Eligible Barclaycard credit card holders are rewarded for using their card when making a purchase at any participating retail partner in the UK, with no need to register or receive a new card.
"Since the launch in 2010, economic conditions have been creating a pinch on shoppers' wallets with resulting falls in high street spending," said Sarah Alspach, marketing director for Barclaycard Freedom. "We believe Barclaycard Freedom is good for shoppers as they earn pounds, not points, and it is helping drive business for our coalition partners."