By Third Party, 1 November 2010
Page last updated at 10:21 AM 01-11-2010
Retail giant Woolworths Ltd has expanded its financial services offering with the addition of a platinum credit card offering Qantas Frequent Flyer rewards.
Woolworths says the new Everyday Rewards Qantas card will give shoppers one frequent flyer point for every dollar spent at any location, with additional points for shopping at Woolworths.
The retailer says its latest financial offering, aimed at customers earning more than $50,000 per annum, complements Woolworth's existing Everyday Money credit card, which rewards users with vouchers redeemable at Woolworths branded outlets.
"It is the next step in the process of making what is one fo the biggest loyalty programs in Australia to the next level," Woolworths customer engagement general manager Peter Burgan told journalists on Thursday.
The credit card has an annual fee of $89 and an interest rate of 19.99 per cent per annum.
Woolworths head of group financial services Dhun Karai said the Qantas themed card would not undercut the Everyday Money card, as the two appealed to different market segments.
"We have seen post-financial crisis there is a strong segment that prefer to use our gift card and we expect that to continue," she said.
Ms Karai said the Everyday Rewards card completed Woolworth's full range of credit and debit card offerings.
"We now have the full range of cards," she said.
"I guess we will keep innovating on cards and then look at what we will do next.
"There are so many opportunities, so we are not going to stop with product development and innovation, but these are the two major segments right now."
Woolworths shares gained nine cents to $28.49 on Thursday.
Sourced from tradingroom.com.au
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