NatWest and Royal Bank of Scotland have launched a scheme that gives customers cash back or rewards when shopping with their debit cards at participating retailers.
The simple reward scheme – the first of its kind – effectively turns a bank card into a Clubcard or Nectar-style loyalty card at a selection of retailers including BP, Tesco and Cineworld.
Money spent in these stores will earn at least 1 per cent cashback. This will initially take the form of “Rewards” points.
Once £5 worth of Rewards have been collected, NatWest/RBS customers will be given the option to exchange points for cash, make a donation to charity, or trade for vouchers or gift cards.
The loyalty scheme, called Cashback Plus, is open to both existing and new customers, who must register their card online at one of the two banks’ websites.
The 1 per cent offer extends to groceries at Tesco until November 30. A spokesman for NatWest/RBS said the bank is working to add more retailers to its list of 11.
In exchange for the cashback, customers must agree to accept targeted offers from participating retailers which are based on their individual shopping habits.
The banking group is hoping the scheme will boost debit card usage and spend from existing and new customers.
The move by the state-backed group is the first of a series of offers due to be released by banks ahead of new rules that make it easier for customers to switch accounts from next month.
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.”
Previous Post
Liverpool Retail Development Given Green Light
