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Supermarket banks 'hold great opportunities'

The current banking environment has created a great opportunity for supermarket banks, it has been suggested.

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24 December 2009

Supermarket banks 'hold great opportunities'”

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David Black, banking specialist at financial data collection and research company Defaqto, said supermarkets have a lot of marketing potential because they have high foot falls and good reputations.

Some supermarkets already offer credit cards, some of which offer rewards on in-store spending.

The Tesco Clubcard credit card, for example, offers holders a faster way to collect Clubcard reward points.

The rate on the card is 16.9% APR typical variable and there is 0% interest for 12 months on all purchases from the date on which the account is opened.

Sainsbury's also has a credit card, which allows holders to collect two Nectar points for every £1 they spend in the first two years.

The card's typical variable rate is 15.9% APR and there is 0% on Sainsbury's shopping for the first 12 months from the date on which the account is opened.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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