Asda Money and Jaja Finance have teamed up to launch a new credit builder card, the Asda Money Select Credit Card, that will reward customers when they shop in store or online.
Available to customers with lower credit scores looking to improve their credit rating, shoppers will be rewarded with 1% of every £1 spent on the retailer’s groceries, fuel or George clothing when they use the credit card and 0.3% on non-Asda purchases.
Rewards will be earned as ‘Asda Pounds’ that customers can then transfer into their Asda Rewards Cashpots to use in-store or online.
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The Asda Money Select Credit Card is priced at 34.9% representative APR with no annual fee and aims to offer “long-term, good value credit,” Asda said.
Moreover, customers looking to improve their credit rating can check their eligibility and see the credit limit and interest rate they could be offered without it having an impact on their credit rating.
“There are very few credit builder products on the market that offer consumers the opportunity to build their credit rating whilst benefitting from the same great rate of rewards available to other customers,” chief commerical officer at Jaja Finance, Lucas Dalglish said.
He added: “Given the cost-of-living pressures on many households, we believe the Asda Money Select Credit Card will go a long way to rewarding customers for buying their everyday essentials.
“We’ve already seen an incredible response to our Asda Money Credit Card, and we are confident that our credit builder card will prove equally as popular with Asda customers wishing to build their credit score.”
Senior director at Asda Money & Mobile, Katie Walley, also offered her thoughts: “We are always looking for new ways to reward our customers,” she said.
“We hope that by giving Asda pounds back to Asda Money cardholders we can help them to improve their credit rating whilst still being able to purchase little extras with the rewards they receive for everyday purchases through the Asda rewards App.”
The news comes as a threat of strike action involving Asda HGV drivers in the run-up to Christmas is no longer going ahead after an agreement was made with trade union Unite.