Sainsbury banks on bagging customers with new credit cards

Published on 09/09/2012 23:58

The Edinburgh-based banking arm of supermarket giant Sainsbury’s will step up the pressure on high street banks this week as it launches two new credit cards.

Sainsbury’s Bank, a joint venture between Sainsbury’s and Lloyds Banking Group, will launch a credit card based around its Nectar points award scheme, plus a cashback card.

The bank, which offers loans, insurance and savings, grew pre-tax operating profits by 40 per cent in the financial year 2011-12, which it puts down to linking its products with the Nectar scheme.
Picture: Chris James