Marks & Spencer has cut its credit card reward points by 60% following new EU regulation.
Marks & Spencer
The retailer told customers this week that from February 29 M&S cardholders will only receive one point for every £5 spent outside M&S instead of the current one point for every £2 spent.
The points for spending at M&S remains unchanged at one point for every £1 spent.
The EU regulation that was introduced in December puts a cap of 0.3% on the charge Visa and Mastercard providers are able to charge shops.
An M&S spokesman told The Telegraph: “’Following the introduction of new legislation in December 2015, which affected all UK card providers, we are making a change to the external loyalty points earned on the M&S Credit Card.”