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Asda launches ‘market-leading’ credit card reward rate

Asda launches ‘market-leading’ credit card reward rate
Matt Browning
Written By:
Matt Browning
Posted:
23/05/2024
Updated:
23/05/2024

Asda Money has launched a credit card that can land customers up to 5% on their spending in the supermarket.

Shoppers can earn up to £50 in ‘Asda Pounds’ on their Asda Money Credit Card or Asda Money Select Credit Card for what’s in their trolley or basket, both online and in store.

This offer is for new credit card customers who have opened accounts by 15 July only, and the rate applies for the first 90 days of the account opening.

The retail giant is introducing the offer to “reward customers for the things they are already buying.”

However, the offer is not available for new customers or if you have had either one in the last 12 months.

Once the rewards have been earned on your spending, you can then transfer them into ‘Asda Rewards Cashpots’. Then you can convert them into a voucher to spend in Asda supermarkets and online.

The supermarket’s two cards, launched in July last year, are priced at 27.9% and 34.9% representative APR respectively. Both have no annual fee.

Meanwhile, Finder.com rates the Asda Money Credit Card as the best for no annual fee rewards.

Elsewhere, the comparison site hails Tesco as the leading provider for money-saving perks on its Foundation credit card, with M&S Bank the top choice for 0% balance transfers.

‘Earn enhanced rewards through everyday spend’

Lucas Dalglish, chief commercial officer of Jaja Finance – the fintech company in partnership with Asda Money – believes “making credit simple and helping customers manage their credit better remains our number one priority.”

Dalglish said: “Earning enhanced rewards through everyday spend[ing] while accessing affordable credit, and for some improving creditworthiness, is something we feel Asda customers are hugely benefitting from.”

Neil Foster, head of Asda Money, said: “We’re pleased to be able to give our customers yet another rewards boost with 5% back in Asda Pounds on their Asda spend. We’re always looking for new ways to boost our customers’ Rewards Cashpots, and we know these offers do the job.”

Related: Asda slashes Blue Light discount – is it still worth it?