Asda has launched a credit card with unlimited cashback as part of a major overhaul of its personal finance business, which has been rebranded Asda Money.
The new Asda Money Credit Card will offer 1 per cent unlimited cashback on Asda shopping and fuel purchases, and 0.5 per cent unlimited cashback on shopping outside of Asda .
Unlike other cashback cards, it offers unlimited cashback, which is redeemed monthly, and comes with no annual fee.
The move by Asda to focus on more on personal finance comes at a time when trust in the banking sector at its lowest, with a recent study suggesting that thousands of customers are moving away from the big four UK lenders.
Kirsty Ward, head of Asda Money, said: “Times are tough and we want to do more for the millions of people who 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.”
She added that the credit card will appeal to shoppers frustrated with “complicated” points-based schemes or rewards offered by other retailers.
Other financial products expected to launch soon under the new Asda Money brand include travel, home and car insurance, breakdown cover and travel money. However, the supermarket said it has no plans to offer current accounts at this stage.
