Borders Outlines Program Revamp

This week, Borders bookstores announced the promised changes to their Borders Rewards program.

1. Holiday Rewards and Personal Shopping Days are being eliminated.
2. For every $150 you spend, you get a $5 GC.

$5 GCs must be redeemed within the calendar month they're issued. Members will be able to redeem any existing funds in their Holiday Rewards accounts starting April 12.

Compared to the old program, this really rather sucks.

Before, if you spent $50 in a month, you'd get a "personal shopping day" -- 10% off your entire purchase on a specific day the following month. Also, 5% of your purchase totals would go into your Holiday Rewards account, which you could cash out beginning in November.

SmartMoney.com did a great analysis of how members will fare under the new rewards program rules compared to the old program. (They also analyze the revamped rewards at Best Buy RewardZone, DSW Reward Your Style, and Staples Rewards.) Their conclusion: book readers would fare better with a $25 Barnes & Noble membership, thanks to the extra discounts they offer members (such as an extra 20% off hardcovers and 10% off paperbacks, CDs, and DVDs).