Department store JCPenney has launched its new loyalty program offering a simpler, more compelling experience and more rewards for customers.

The new JCPenney Rewards and Credit Program has the potential to deliver half a billion dollars back into the pockets of its members, the company said.

The launch is part of JCPenney’s $1 billion reinvestment plan to further improve customer experience and operational efficiencies, which was announced last year.

The new program will double the rate at which members earn points, ensuring they get money back every year. It is free to join, and the rewards can be stacked on top of other coupons and can be used on any purchase.

Members will reach rewards up to two times faster, earning at least one point per $1 spent and receiving a $10 reward when they hit $200.​ There are also rewards for members upon joining and on their birthday.

Customers can earn points 50 per cent faster when using a JCPenney credit card for purchases, pocketing 1.5 points per $1 spent.

The chain also runs limited events during which loyalty members can earn more points and exclusive rewards.

JCPenney operates more than 650 stores in the US and Puerto Rico, selling a broad portfolio of fashion, apparel, home, beauty and jewelry from national and private brands.