The Nectar Credit Card will initially offer five times as many loyalty points than shoppers earn using a Nectar card.
Customers spending £50 in Sainsbury’s and using their Sainsbury’s Bank credit card as well as a Nectar Card will earn 200 loyalty points, compared with just 100 points using other payment methods.
Customers using the credit card to pay elsewhere will also earn one Nectar point for every £5 spent.
In addition, cardholders can earn eight points per £1 spent on petrol at Sainsbury’s forecourts and one point per litre of fuel purchased during the first three months.
The cashback credit card will offer an introductory 5% cashback on purchases made at Sainsbury’s up to £1,000 per month for the first three months. It will also offer a permanent £5 cash-back per month on purchases of £250 or more in Sainsbury’s, as well as £250 elsewhere.
Sainsbury’s Bank claims the Nectar credit card is its “most rewarding” financial product ever.
Stuart McKeggie, head of credit cards and Sainsbury’s Bank, says: “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.”
Asda recently relaunched its financial services offering under the Asda Money brand, including a cash-back credit card that the supermarket claims offers the best value alternative to high street banks and rival supermarket financial services.