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New reward credit card scheme planned

New reward credit card scheme planned

Category: Credit cards

Updated: 13/03/2009
First Published: 13/03/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Plans are in place for a new reward credit card scheme to be launched in the UK, it has emerged.

Barclycard confirmed that it is considering an initiative that would immediately provide benefits at participating stores.

It intends to link the 89,000 retailers that use its payment systems with its 11.7 million credit card customers, with rewards having monetary value rather than relying on a points system.

Chief executive of Barclaycard Antony Jenkins explained that many people currently do not reclaim points accumulated through reward credit cards and other incentive schemes, adding that the firm's offering is intended to be more relevant.

"I envisage shoppers getting rewarded at a vast range of our retailers, from a local store on the high street, to major chains, and from online shopping to a takeaway or restaurant," he said.

Abbey recently suggested that consumers struggling as a result of the economic downturn use a reward credit card for food shopping, in order to help their money go further.

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