CASH IN
Millions of shoppers have just WEEKS left to cash in on loyalty scheme rewards before balances expire
Plus we reveal what other supermarkets offer
MILLIONS of shoppers have just weeks left to cash in on their loyalty scheme rewards.
Co-op loyalty scheme members are being urged to check now if they have any cash left on their rewards balance.
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That's because any unused amounts will expire on Tuesday, December 31.
Martin Lewis' : "The supermarket giant's loyalty scheme, which has 5million members, used to let you earn 2p in rewards for every £1 spent on Co-op branded goods or services.
"These rewards could then be spent on future purchases at Co-op.
"However, as part of a shake-up announced earlier this year, you can no longer earn cash rewards – and any you've previously built up must be used by the end of the year."
READ MORE ON LOYALTY SCHEMES
Now, instead of the rewards, you get discounts on your shopping through Co-op's Member Prices scheme, plus personalised offers based on what you buy.
Although it's worth noting that independent co-operatives – such as Central England, Chelmsford Star, Southern and Midcounties co-ops – have their own separate schemes which aren't affected by the shakeup.
You can find out how much you have left to spend in several ways, such as on a receipt from your shop.
Or you can check the "wallet" section of the Co-op app or log in to your online account.
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If you do find you have cash left over, you have a couple of options.
MSE explained: "To spend your balance at Co-op, scan your digital or physical membership card at the checkout and ask to redeem your rewards or select that option at the self-checkout."
How to find the best bargains at the supermarket
It's important to bear in mind though that you can't spend your rewards balance on home delivery orders or when buying Co-op products via Deliveroo or other third-party platforms.
You can also choose to donate some or all of your rewards to help out local community projects.
Just go through your online Co-op account or use the Co-op app – but remember, your donation will be split between the different causes the Co-op supports, so you can't pick a specific one.
These days, the Co-op doesn't let you earn rewards for charity directly.
But instead, you can pick a local cause to get a share of the Co-op's profits, and you can do this through your online account or the Co-op app.
How does Co-op's scheme work?
Since January this year, Co-op's scheme has been solely focused on rewarding members with exclusive pricing.
For example, a 19-pack of Pampers Baby Dry Pants costs £5 for members and £6 for non-members.
It costs £1 to sign up to the scheme.
Customers also get access to two personalised offers every week.
Co-op introduced its new "Members Price" offer in April last year.
What is loyalty pricing?
You may have heard of loyalty pricing, but do you know what it is?
Sainsbury's, Tesco and Morrisons are three supermarkets that offer customers signed up to their loyalty schemes exclusive discounts - known as loyalty pricing.
All three retailer's schemes, Nectar Card, Clubcard and More Card, are free to sign up to as well.
The obvious advantage to loyalty pricing is that you can save potentially hundreds of pounds a year on your shopping, all without spending a penny.
But different supermarkets offer exclusive discounts on different products, so do some research before doing your shopping.
Either way, be wary of supermarkets artificially inflating prices to make it seem like you're getting a better deal than you are.
A previous investigation by consumer group Which? found Sainsbury's and Tesco have increased the price of everyday goods then slapped loyalty prices on them thinking customers wouldn't notice.
Either way, it's worth shopping around though.
Supermarkets change their prices all the time, sometimes multiple times daily, so it's worth researching to ensure you're getting the best price on an item.
You can use websites like Trolley to see how the major supermarket's compare in terms of price on any number of goods.
What other supermarket loyalty schemes are out there?
If you are disgruntled with the changes to the Co-op loyalty scheme there are other options out there.
Most major supermarkets offer some kind of reward scheme and they all have something different to offer.
Retailers such as Morrisons, Asda, Sainsbury's and Tesco all have schemes, but there are some lesser-known ones too.
We have a full list of all the supermarket loyalty schemes and reveal which will save you more money - the winner might surprise you.
If you are looking to save on your supermarket shop remember you can cut costs in other ways too.
Yellow stickered items are a great way to pick up bargains.
Usually, items are discounted twice a day, but the times do vary depending on where you shop.
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Check with your local supermarket to find out the best time to go to pick up the best bargains.
Meanwhile, we have six savvy ways to save on your supermarket shop.
Supermarket loyalty schemes - which has one?
MOST UK supermarkets have loyalty schemes so customers can build up points and save money while they shop.
Here we round up what saving programmes you'll find at the big brands.
- Iceland: Unlike other stores, you don't collect points with the Iceland Bonus Card. Instead, you load it up with money and Iceland will give you £1 for every £20 you save.
- Lidl Plus: Lidl customers don't collect points when they shop, and are instead rewarded with personalised vouchers that gives them money off at the till.
- Morrisons: The My Morrisons: Make Good Things Happen replaces the More Card and rewards customers with personalised money off vouchers via the app.
- Sainsbury's: While Sainsbury's doesn't have a personal scheme, it does own the Nectar card which can also be used in Argos, eBay and other shops. You need 200 Nectar points to save up £1 to spend on your card. You need to spend at least £1 to get one Nectar point.
- Tesco: Tesco Clubcard has over 17million members in the UK alone. You use it each time you shop and build up points that can be turned into vouchers - 150 points gets you a £1.50 voucher. Here you need to spend £1 in Tesco to get one point.
- Waitrose: myWaitrose also doesn't allow you to collect points but instead you'll get access to free hot drinks, and discounts off certain brands in store.
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