Marks & Spencer Financial Services is relaunching its account card with a new design and extra benefits, as part of the retail giant’s rebranding programme.
It follows M&S’s decision to accept other credit cards, which has put greater pressure on the account card to be more competitive.
The card has two variants – the Chargecard and the Budgetcard – which together are owned by 6 million customers.
The redesign was handled by branding specialist Creative Leap, following a pitch against Interbrand Newell & Sorrell.
The card has no annual fee and an annual percentage rate (APR) of 18.9 per cent (variable), lower than many rivals. Debenhams has an APR of 28 per cent on its storecard, while Next Gold charges 25.9 per cent.
Following the relaunch, cardholders will be entitled to an automatic one per cent discount on M&S Financial Services personal loans.
Other new benefits for cardholders include free delivery of commission-free foreign currency to account holders’ homes or workplaces.
Creative Leap has revamped the in-store literature, card statements and customer welcome packs for the card. It has also drawn up guidelines for the retailer’s direct marketing agencies, which include WWAV Rapp Collins and MBO.
M&S Financial Services accounts for more than 20 per cent of group profits.