Sainsbury's Credit Card Offers Loyalty Point Alternative In The Face Of Declining Cash Back Market

    LONDON, ENGLAND, November 27, 2009 /24-7PressRelease/ -- The Sainsbury's credit card offers Nectar points equivalent to 2% cash-back on Sainsbury's purchases

Winner of Best Online Credit Card provider in Your Money Direct Awards

Out of the 224 credit cards available in the UK, new research from Sainsbury's Finance reveals that only 13 are still offering cash back on spending (non introductory) compared with 43 in 2005. The average cash back rate is 0.52%. Far from this leaving card customers high and dry with no means to earn on their spend, Sainsbury's Finance is urging people looking for a card to consider those offering reward schemes instead.

The Sainsbury's Credit Card offers a cash back equivalent of 2% on Sainsbury's purchases in the form of Nectar points that can be redeemed in store or with Nectar. Sainsbury's shoppers are rewarded with double Nectar points on their shopping in store, online and in petrol filling stations for two years when taking out a Sainsbury's credit card. This means that customers spending GBP50 a week on their card will receive the equivalent of one week's spend back - GBP52 worth of Nectar points a year.

Stuart McKeggie, Head of Sainsbury's Credit Cards said: "The number of credit cards offering cash back has fallen but there are cards out there offering great reward alternatives. Those that shop in Sainsbury's and use the Sainsbury's credit cards, for example, can earn the equivalent of 2% cash back, well above the average cash back rate of 0.52%. People need to ask themselves what they need from their card and pick the right one for their wallet."

Recently, Sainsbury's increased the 0% introductory period on purchases on its credit card from three months to ten months and has reduced its typical APR from 16.9% to 15.9%, going against the current trend in the credit card market.

The Sainsbury's credit card offers Nectar points equivalent to 2% cash-back on Sainsbury's purchases.. There is no limit to the amount of points customers can earn and these can be easily redeemed at a Sainsbury's checkout or any other company that is part of the Nectar scheme. Card holders can also receive Nectar points on non Sainsbury's purchases as well.

To find out more about the Sainsbury's credit card, call free on 0800 032 1365, visit www.sainsburys.co.uk or pick up a leaflet in store.

Sainsbury's provide a wide range of financial services including credit cards, loans, personal loans, savings account, pet insurance, life insurance, home insurance and car insurance, visit www.sainsburysbank.co.uk now to find out more

For further information, please contact:
Ian Morris / Georgiana Varey
Citigate Dewe Rogerson
020 7638 9571

Notes to editors:
(1) Shop at Sainsbury's and you could earn a whopping 4 points for every GBP1 you spend. Pay with your Sainsbury's Credit Card and collect 2 points for every GBP1 you spend. Hand over your Nectar card at the same time and collect an additional 2 points for every GBP1 you spend.
(2) Defaqto research conducted in September 2009 and commissioned by Sainsbury's Finance. Non introductory cash back rate on universal spend of GBP3,000.
(3) Defaqto analysis (May 2005)

Sainsbury's Finance:
To view our latest press releases and product information, please visit the Sainsbury's Finance online media centre at www.sainsburysfinance.co.uk/media.
Sainsbury's was the first major British supermarket to open a bank, commencing trading in February 1997. Benefiting from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance, Sainsbury's Finance provides a range of quality products including insurances, credit cards, savings and loans. Our proposition is to make shopping more rewarding by offering customers great products at fair prices, while consistently rewarding shoppers for their loyalty and being easy to do business with at all times. Our products consistently top Best Buy tables and regularly win awards for quality, price and service.
Sainsbury's Finance recent awards include Best Online Credit Card Provider / Best Direct Home Insurance Provider, Your Money 2009
Sainsbury's Finance is a joint venture between J.Sainsbury plc and Lloyds Banking Group.
For further information and general Sainsbury's Finance enquiries customers can call the freephone number on 0500 40 50 60 or visit www.sainsburysfinance.co.uk

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