Variable voucher fees will be capped at £200 per voucher for vouchers created on or after November 5, 2025. While the £2 upfront fee per voucher will stay the same, we’re also lowering the variable rate from 1.5% to 0.75% . We’re making these changes before Black Friday and Cyber Monday to help you plan your holiday campaigns with confidence.

In March 2025, we announced new promotion structures to help you test different promotional strategies. We heard that the updated voucher structures made it difficult to predict costs, so we made this change to provide you with greater predictability and transparency.

Vouchers created before November 5, 2025, won’t be eligible for the new voucher variable fee cap. For your current vouchers to receive the new cap voucher variable fee, we recommend that you deactivate them and create new vouchers on or after November 5, 2025.

To learn how to deactivate your vouchers or create new ones, go to Create a voucher.

For more information, go to Voucher fees.