Resources

Type

RBS, Natwest Launch Debit Card Loyalty Scheme

Back To Results

Royal Bank of Scotland and Natwest are trying to nab customers from rivals by tempting them with a scheme that gives them cashback or rewards when shopping with their debit cards at participating retailers.   

 

Existing and new customers of the banks, both part of the taxpayer-owned RBS Group, using the “cashback plus” debit card will be offered 1 per cent cash-back when shopping at Tesco, BP, Cineworld and Caffe Nero among others. Not all products, however, will earn cash-back only “qualifying purchases” the details of which have not been revealed.

Cash accrued will be held in a cash-back plus account, Cardholders will  be given the option of taking the cash, trading up to higher value rewards from the participating retailers based on shopping history or donating the money to a list of charities.

The banking group is hoping the scheme will increase debit card usage and spend from existing and prospective customers. 

Allan Hardie, head of NatWest and RBS current accounts, says: “We want to reward our loyal customers for banking with NatWest and RBS, but we also want to give our new customers an offer that won’t fizzle out just after signing up.

“This simple reward scheme requires no separate loyalty card and it’s completely free. Customers will get value back on something they do every day – using their debit card.”

It is being sold to retailers as an incremental sales opportunity and a chance to capture behavioural data.  

The scheme has been rolled-out nationwide today (12 August). It follows an 18-month trial with 80,000 cardholders from both banks. It was developed with loyalty firm Reward.  

Comments 1 comment

  1. Nice to hear this. As an avid customer of a bank, deserving customer should be rewarded. But let us not be tied by loyalty award. Believe that the money can work for us just by investing into a new shape of high interest rate of certificate of deposit. banking arm sells very competitive CD products that are compounded daily, such as a 12-month, no minimum deposit CD with a 1 percent APY. Its 5-year CD. What do you think?

    By Terry Collins on 2013 09 24

Leave a Comment

Please log in or register for a FREE online account to comment on this article.

Existing Members

Auto-login on future visits

Forgot your password?

Register Now

Your free online account lets you:

Read full articles and post comments, view multimedia and poll results, access job postings and post your resume, receive our weekly newsletters and much more!

Register Now