Financial services provider Liberty has decided to terminate its ‘Own Your Life’ rewards programme.
In an update sent out to clients, the group said that “following a comprehensive review” of the programme, it made the decision to discontinue it entirely.
“Like many of its competitors, Liberty introduced its rewards programme to add value to, and provide engagement opportunities with, our loyal customers – beyond our core products and services,” the group said.
“However, there are now rewards for everything…These benefits have become increasingly commoditised and are therefore fast losing their value as a point of differentiation.”
“Following a comprehensive review of the programme…we have opted for a clean break from these over-traded offerings.”
Subscribers to the programme will still have another 12 months of rewards, with the programme coming to an end on 30 April 2017. The monthly fee of R69 will also continue for the next year.
However, some reward options such as the Fitness plan, will end sooner on 30 April 2016, with the R115 subscription fee debited until then.
According to Liberty, some Fitness benefits – such as The Cross Trainer benefit – will be in effect until March 2017, however.
Fitness rewards – such as the pay-back plan – will continue to April 2016 for members that have been subscribed for over a year, and will continue until the 12 month anniversary of the contract start for newer subscribers.
The group will also cover cancellation fees for members who have signed up with Virgin Active for less than 12 months.
“We will refund the penalty fee within 5 business days into your funding account,” it said.
According to Liberty clients and brokers, the termination of the rewards programme was quite sudden, with the latter only finding out about it this week.
The group said that it is “looking to develop [new] offerings that are not only attuned to the needs of our customers, but also resonate strongly with the Liberty brand,” according to David Lloyd, Managing Director, Liberty Innovate.
“The [current] programme no longer fits in with where we are moving as a business,” he said.