Money News
This week sees the fifth anniversary of Nectar, the loyalty card operation, and the second anniversary of the partnership between Nectar and American Express.
New Nectar credit card members are being offered 5,000 bonus points when they spend over £200 at participating Nectar sponsors in the first 90 days of card membership.
In addition, they will earn extra Nectar points on spend everywhere for the first three months. Up to 6 points can now be earned for every £1 spent at participating sponsors (when used with the Nectar loyalty card) up to 2 points for every £1 spent elsewhere.
Since its launch in 2002, Nectar has given back over £850 million in rewards and this is expected to reach £1 billion by end of 2007. However, an American Express survey has found that 43% of credit card holders are armed with plastic that offers no rewards at all. Or nearly 20 million UK consumers.
After the initial three months, the standard earn rate will apply. By using the Nectar credit card and presenting the Nectar loyalty card up to 4 points are accrued for every £1 spent at participating Nectar partners (2 points for every £1 spent on the credit card plus 2 points for every £1 spent on their Nectar loyalty card at participating partners).
Nectar credit card members can also earn 1 point for almost every £1 spent whenever they use the Nectar card at all other establishments worldwide.
Card members can also take out supplementary cards on their account, further boosting the earning power. The Nectar card has a typical rate of 15.9% APR variable.
17 September 2007 © Moneyextra.com
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