Asda Money launches as supermarket expands into finance

Asda The retail sector's drive to win business from Britain's battered banks has continued with the launch of a new personal finance brand.

The creation of Asda Money comes as Marks & Spencer looks to open 50 bank branches over the next two years and Tesco moves towards offering mortgages.

Asda has offered personal finance products for a decade but is now providing an unlimited cash back credit card as part of the brand's launch.
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It will target the 18 million people who shop at Asda's 542 stores every week by promoting the brand at check-outs and through a new website.

Kirsty Ward, head of Asda Money, said the credit card will appeal to shoppers frustrated with "gimmicky" points-based reward cards offered by other retailers.

She added: "Times have changed and shoppers don't want complicated points schemes or rewards that don't translate into real every day savings."

The card will offer 1% unlimited cashback on Asda shopping and fuel purchases, as well as 0.5% cashback on shopping outside of Asda.

Rivals Tesco and Sainsbury's stepped into the personal finance sector more than a decade ago and have targeted more of the market as confidence in mainstream banks slips in the wake of the financial crisis.

And Marks & Spencer is to offer current accounts from this autumn as part of a joint venture with HSBC.

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