Time is running out for Royal Bank of Scotland and NatWest credit card customers to redeem their YourPoints rewards.
They have until 31st October to cash in their points from the now defunct reward scheme.
The banks announced they would be closing YourPoints back in July, but cardholders were given until the end of October to cash in their points.
RBS blamed the European Parliament’s decision to cap interchange fees, the same reason given by Capital One when it dropped its own cashback credit cards back in the summer.
[SPOTLIGHT]The YourPoints scheme allowed you to earn one point for every £1 you spent on your credit card, which could then be cashed in for money off vouchers at places like Amazon, Boots and Harvey Nichols.
The problem with interchange fees
Interchange fees are charges paid by retailers to card issuers when a debit or credit card is used. With credit cards, they tend to cost around 0.8%, but new regulations coming into force this year will cap them at 0.3%.
As a result, a number of providers have moved to scale back their reward schemes, arguing that they are not sustainable.
However, it’s worth noting that for the first three years the cap will not apply to American Express-issued cards, so they should be safe for a while yet. Read The best cashback credit cards to see how American Express’s top cards compare.
This article has been updated