Sainsbury's Finance is rewarding customers with double Nectar points on their shopping for two years when they take out selected products from their finance range.
Customers of Sainsbury's pet insurance, Sainsbury's home insurance, those who take out a Sainsbury's credit card, or open a Sainsbury's Easy Saver account will earn double Nectar points for each product they take out.
Sainsbury's customers can get extra reward points for two years if they take out all four financial products, which includes shopping in-store, online, and at Sainsbury's petrol stations.
The enhanced rewards from Sainsbury's comes at a time when many financial service providers are withdrawing or reducing reward schemes, with the number of credit cards offering rewards falling 11 per cent in the last 12 months.
Neil Chandler, chief executive of Sainsbury’s Finance, explained that the supermarket has launched the incentive in response to data which only shows 13 per cent of people are satisfied with the reward they receive from their current financial services provider, while 35 per cent said they are not offered any reward at all.
"Our new approach will allow Sainsbury's Finance customers to save money every time they go in store, fill up their car or shop online with Sainsbury’s as well as benefiting from good quality, award winning financial products," he said.
Justin King, chief executive Sainsbury’s, said: "The development of our complementary non-food business is one of our key areas of focus and this is a significant opportunity for the bank to accelerate its future growth and customer acquisitions. This new approach further aligns our financial services business with our customer offer, providing greater rewards for our customers."
For a £50 a week spend, shoppers can get £52 worth of Nectar points a year if they take out one of the four products, £78 worth with two products, or £130 a year if all four products are taken out.
Jan Pieter Lips, managing director of Nectar, said: "This is a great opportunity for Sainsbury’s customers to get double Nectar points over two years which they will be able to redeem against thousands of different treats from cinema tickets at Vue through to days out at Legoland. It is one of the biggest ongoing Nectar campaigns we've been involved in and really demonstrates Sainsbury's commitment to rewarding their customers for both shopping and banking with them."
Commenting on the newly enhanced rewards scheme from Sainsbury's, Pierre Williams, head of research at MoneyExpert.com, said: "Sainsbury’s Finance’s Nectar scheme really turns up the pressure in the battle for customers as it rewards loyalty and people can see exactly what they are getting back.
"The supermarket banks do not have a monopoly on the best deals and customers should still shop around. But the supermarket banks do have a massive loyal customer base and the traditional banks need to raise their game to compete."
© Fair Investment Company Ltd
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