Retailers and banks team up for loyalty

Banks and retailers are forming an alliance to attempt to tempt customers to start spending again. reports that many Australians have stopped spending amid rising costs for fuel and groceries and increasing interest rates.

However, Woolworths is teaming up with HSBC to create a credit card which offers a little more than usual to consumers.

The rewards-based Everyday Money Credit Card gives consumers a chance to accrue bonus points a receive cash bonuses every four months to be spent in Woolworths’ stores.

Woolworths customer engagement general manager Richard Umbers told the news provider that the aim of the card is to reinforce the loyalty of existing shoppers.

He also spoke of the fact that many retailers already have a strong connection with their customers with up to 13.5 million transactions taking place in Woolworths’ stores every day.

Meanwhile, Business Standard reports consumer loyalty programmes have become all the rage in the last few years as they can offer an individual significant savings.