Retailer Debenhams has announced the launch of its credit card which accrues loyalty points.
The credit card is part of a financial services division which already boasts a store card and insurance policies covering weddings, pets, travel and personal accidents.
The Debenhams card is run in partnership with GE Capital and comes in standard and gold formats, with a typical annual percentage rate of 18.9 per cent.
Debenham’s loyalty points are earned with every transaction and it is also possible to earn nectar points as well. Other benefits include special offers and pre-sale shopping privileges, as well as exclusive shopping evenings.
The launch of the new credit card comes at a time of retailer gloom on the high street caused by slumped consumer spending.
Credit card spending is also down. Figures for August show a £146 million reduction in credit card spend, according to figures published by the British Banker’s Association (BBA).
Retail sales figures have dropped dramatically for the month of September, and research by the Confederation of British Industry reveals that 50 per cent of retailers are reporting a drop in sales figures.
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