The supermarket will add a “cash back” credit card to the motoring, life and travel insurance products already offered.
The card is as close to a loyalty card that Asda has come. The Walmart-owned retailer, which has previously resisted launching a loyalty scheme such as Tesco’s ClubCard or Sainsbury’s Nectar brands, claims the cash back card is an antidote to the “gimmicky points-based reward cards offered by other retailers”.
Asda Money will be positioned as a straightforward, value alternative not only to the established high street banks but the financial services businesses of rivals such as Tesco, Sainsbury’s and the recently unveiled M&S Bank.
Kirsty Ward, head of Asda Money, says: “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.”
An in-store campaign will run throughout the summer targeting the supermarket’s 18 million customers. A new website has also launched.