Borders has moved quickly to fulfill one of the things it said it would do to improve its financial performance—revamp its customer loyalty program, Borders Rewards. The company is scrapping its former offer of letting its Rewards members redeem awards during a limited holiday period in favor of a program that will permit members to use a $5 Borders Buck coupon after spending $150 at the store. After members reach the $150 level, at the beginning of the following month they will be e-mailed the coupon, which will be good for the entire month.

Introduced last year, Borders Rewards has almost 17 million members, but the holiday redemption stipulation failed to bring customers into the store more frequently, CEO George Jones said last week. The new offer is aimed at increasing customer traffic all during the year. Borders Bucks officially begins April 12, and customers who spend $150 by April 30 will get a coupon during the first week of May. Customer spending accumulates until they reach $150, at which point the bonus bucks kick in.