Retail IT News

Asda is launching its new financial services brand this week, ‘Asda Money’, targeting the 18 million people who shop at the supermarket’s 542 stores every week.  The new brand will be promoted in-store across thousands of checkouts nationwide throughout the summer, as well as online via a new website www.asda.com/money, specifically designed to help people choose the right products to suit their needs.  To celebrate the launch of Asda Money, and in a move that will “directly appeal” to the millions of shoppers frustrated with gimmicky points-based reward cards offered by other retailers, Asda will also become the UK’s first supermarket to launch an unlimited cash back credit card.   The launch of Asda Money follows the supermarket’s entry last month into Britain’s energy market, with its new Energy Compare and Save service, targeting the 11.7 million households (45%) who have never switched energy suppliers to help them find a better deal.  Kirsty Ward, head of Asda Money, said: “Times are tough and we want to do more for the millions of people that shop at Asda every day.  Financial products are important, but they shouldn’t cost the earth and you shouldn’t need to be an expert to buy one. At Asda Money, we’re combining our retail and financial services expertise to provide quality products at prices that save people money every day.  “That’s why we’re launching the first supermarket unlimited cashback credit card. Times have changed and shoppers don’t want complicated points schemes or rewards that don’t translate into real every day savings.”  According to Asda Money research, 34% of people say they need to spend a lot to get any return on credit card reward schemes, 25% say it takes too long to get the rewards, 24% don’t believe these schemes translate into day-to-day savings, nearly 20% never use their reward scheme offered and 23% believe points schemes are pointless compared to cashback credit cards.  The new Asda Money Credit Card will offer: 1% unlimited cashback on Asda shopping and 1% cashback on Asda fuel; 0.5% unlimited cashback on all shopping outside of Asda; unlike other cashback cards, the Asda Money Card has unlimited cashback that is redeemed monthly and no annual fee; low APR of 14.9%; 12 month 0% balance transfer offer; up to 50 days’ interest-free credit and no cash advance fees on Asda Travel Money.   Customers can manage the card online, by telephone through UK call centres or by post, with text alerts sent when payments are due.  The card is provided by Creation, the power behind many of the UK’s leading card, loyalty and retail finance programmes.

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