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Currently, those who have membership earn 2p for every £1 they spend on Co-op branded products and services.
Shoppers who have earned money from the scheme will not lose out but will have until December 31, 2024, to spend the money.
Instead, the supermarket is increasing the number of member prices and deals in stores which is similar to schemes already rolled out by Tesco and Sainsbury’s.
The Co-op told The Sun: “We know times are tough for our member-owners and communities right now, which is why we’ve listened and are making some changes to give more value back to them whilst still supporting local communities.
“From January 24, instead of earning rewards on the purchase of Co-op branded food purchases, members will now benefit from a significantly increased number of member prices and deals in all our businesses.”
Shoppers can sign up to be a Co-op member online for just £1. Members get access to exclusive offers, discounts and events, all while helping to support the local community.
Some of the current discounts Co-op members can take advantage of include £3.50 lunch meal deals, which are £4 for non-members, and two for £5 on Co-op ready meals which are two for £6 for members.
The scrapping of the popular loyalty scheme has upset some of Co-op’s loyal customers.
Shoppers took to the social media platform X, formerly Twitter, to share their reaction to the news.
Steve T said: “So the Co-op finally ends its points on your loyalty card. Guess I won’t be shopping there unless I run out of a single item, might as well travel an extra half mile to Tesco and earn my points there, thanks for the three decades of shopping with you spending more than I should.”
Jay Sin posted: “As a member for many years, hearing the news that points on Co-op products will stop in favour of member prices sickens me.
“Has this decision been passed by the board of directors? Also, was there a vote by the members (aka owners, stakeholders)?”
However, social media user Elaine Kirk said she preferred the Co-op’s member prices.
She posted: “I love my Co-op and by shopping the offers I save more money since the offers started than I ever have made on the points system.”
