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Asda expands into personal finance

Asda expands into personal finance

Category: Banking

Updated: 09/10/2017
First Published: 09/07/2012

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 It is now over 6 months old so the content may be out of date.

Asda customers will now be able to take advantage of a range of personal finance products following the launch of the new Asda Money service.

Asda Money will promote products such as credit cards, currency exchange, breakdown cover and insurance to millions of customers in store and online.

The supermarket has already said that it will launch a new credit card offering unlimited cashback. The Asda Money Credit Card will offer customers 1% cashback on all Asda fuel and shopping, plus 0.5% cash back on non-Asda purchases. The card has an APR of 14.9% and a twelve month balance transfer offer.

The move by Asda will be added competition to supermarkets, such as Tesco Bank, Sainsbury's Bank, who have branched out into the personal finance market.

Kirsty Ward, head of Asda Money, said: "Times are tough and we want to do more for the millions of people that 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."

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