Cashback no longer on the cards at Barclaycard

Anyone who has been collecting Reward Money through Barclaycard's Freedom incentive programme has just two months to use their points.

The company plans to scrap the programme and replace it with a new one later this year. From 21 June card users will no longer be able to earn points when they spend and all balances will have to be redeemed by 26 July.

It was the poor take-up of the scheme which has probably persuaded the card issuer to scrap it. Just a million of its estimated eight million customers signed up.

But the move leaves that million with no real reason to remain with the card, if they've simply stayed loyal to earn points. Barclaycard says it will launch two new loyalty programmes "later this year" but those who like to earn when they spend can switch now.

The best option at the moment is the Capital One Aspire World card, which pays 1.25 per cent on all spending, but 5 per cent for the first three months.

Meanwhile, Santander offers a selection of cashbacks – up to 3 per cent – on its 123 card.