Asda offer cashback incentive for new credit card customers

Shoppers will earn £20 in Asda Pounds by opening one of two new credit card accounts.

Those who open a new Asda Money Credit Card and Asda Money Select Card from today will be rewarded with £20 in Asda Pounds.

Asda Pounds forms part of the supermarket’s reward system, where shoppers earn cashback on their purchases to spend in store.

In addition to this incentive, you can earn further Asda Pounds through your spending. Purchases on groceries, fuel, George, and other Asda services will earn 1% of every £1 spent, while money spent outside of Asda will qualify for a 0.3% reward.

To qualify for the offer, you’ll need to spend £5 or more and set up a direct debit to pay their balance in the first 60 days of account opening.

Katie Walley, Senior Director at Asda Money & Mobile, pointed to the cost-of-living crisis and the pressure of Christmas as a reason to “give something back.”

“We hope that by giving Asda Pounds to new Asda Money Credit Card users we can help them to build up their Asda Rewards Cashpot to spend over the Christmas period or help with their food shop in the New Year,” she said.

The Asda Money Credit Card and Asda Money Select Credit Card are priced at 22.9% and 34.9% representative APR respectively with no annual fee, with the Asda Money Select Credit Card aimed at people looking to improve their credit rating.

Both could be useful if you’re looking to save, fund and budget for Christmas, but remember, credit needs to be used responsibly and you shouldn’t borrow beyond your means.

Asda is not the only supermarket to venture into the reward credit cards market, with Tesco Bank, Sainsbury’s Bank and M&S Bank often offering incentives for every pound spent instore.

Some reward cards also offer introductory interest-free periods, although as with any form of debt, you should always make sure you can afford the repayments before taking it on. 

For more information on everything from improving your credit score to consolidating your existing debt, take a look at our credit card guides.