Sainsbury's Withdraws Rewards Program
Sainsbury's Bank joins the growing list of card providers to end loyalty schemes
25th August 2005
Sainsbury's Bank have become the latest credit card issuer to withdraw a rewards program or cashback scheme.
Previously, customers could choose to receive 0.25% cashback or Nectar points when applying for a Sainsbury's Standard or Platinum card - this offer was withdrawn from promotional materials on Monday this week.
Financial informtion group Moneyfacts have published published a .pdf file giving details of other offers recently withdrawn, and speculates that card issuers are trying to cut expenses to cover the cost of balance transfer deals which are estimated to cost them up to £1bn a year.
A closer look at Sainsbury's credit card offerings would tend to support this view, as they have bucked the recent trend of introducing a balance transfer fee, which many issuers have used to recoup some of that £1bn.
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Products from Sainsbury's : Car Insurance, Drive, Home Insurance, Instant Access Saver, Pet Insurance, Travel Insurance, Visa, Life Cover, Sainsburys Loans, Sainsburys Platinum |
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More Nectar News : American Express Launches Nectar Credit Card, Barclaycard Drops Nectar Scheme |
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More Moneyfacts News : Lenders Slow to Pass On Rate Cut |
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