Two new credit cards are set to be launched by Sainsbury’s Bank this, which will offer customers a choice on how they “earn and redeem their rewards.”
The bank, which is a joint venture between Sainsbury’s and Lloyds Banking Group and has 1.4 million active customers, will launch one credit card based on its Nectar points award scheme and another cashback card.
Hannah Bernard, interim chief executive officer of Sainsbury’s Bank, said: “With the strength of our brand, the fact that we have developed a very robust and proven reward proposition for our customers and with around 25% of all retail credit card transactions taking place in supermarkets, now is a very exciting time to launch a new credit card proposition.”
The Sainsbury’s Nectar Credit Card will give shoppers who frequent the supermarket five times the usual rate for the first three months after opening an account, meaning they will earn ten points for every £1 spent in store.
After these introductory three months, shoppers will earn 2% back, which equates to four points for every £1 spent.
The Sainsbury’s Cashback Credit Card will offer 5% cashback on purchases for the first three months, up to a maximum spend of £1,000 per month.
Following this, cardholders will be able to receive up to £5 cashback a month when they spend a minimum of £250 at Sainsbury’s and at least £250 elsewhere.
Head of Sainsbury’s Credit Cards, Stuart McKeggie, said: “Both cards have been created with the Sainsbury’s shopper in mind; we are offering our customers choice on how they earn and redeem their rewards.
“Our research shows that there are very few cards currently available that offer rewards of this value as well as offering competitive introductory periods and we’re delighted to add them to our existing product suite.”
The launch of the new Sainsbury’s credit cards follows the news last week that Tesco introduced a 0% balance transfer credit card, which offers 22 interest-free months in addition to 0% on purchases for the first six months.
Cashback credit cards are a useful way to boost your household income, especially if you are undergoing some financial difficulties.
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