The new scheme, which was rolled out by the convenience store group last week, sees the original 5p earned for every £1 spent lowered to 2p for customers. 

However, while customers will earn less on purchases, the Co-op said the new scheme will offer more personalised offers – allowing members to choose two tailored offers a week, as well as exclusive in-store-only discounts. 

The Co-op said that “top spending customers” could actually expect to save “almost 150% more” through the new membership proposition.