Intu – owner of some of the UK’s largest and most popular shopping centres – has worked with MBNA to create a new, pioneering credit card.
The new credit card forms an integral part of intu’s strategy to build its national consumer-facing brand by offering intu credit cardholders a range of benefits whenever they spend, including intu gift cards. Cardholders can access exclusive offers with retail and leisure brands in intu centres, from entertainment to leisure and dining.
The deal between intu and MBNA is believed to be the first of its kind between a credit card provider and a shopping centre owner in the UK.
This new collaboration opens up a major new market for MBNA, after successfully engaging with a range of leading brands over the years. Consumer insight from MBNA has identified this as a significant market opportunity for pioneering, new financial products that will be beneficial for customers.
Over 35m customers – equivalent to more than half the nation’s population – visit intu’s UK shopping centres every year, which include intu Trafford Centre (Manchester), intu Lakeside (Essex), intu Metrocentre (Newcastle), and intu Victoria Centre (Nottingham). All in all, intu customers make an incredible 400 million centre visits a year.
“Thanks to intu’s nationwide scale and consumer-facing brand, we’ve been able to team up with the UK’s leading credit card experts, MBNA, to create a sector-first commercial agreement that will form an integral part of our ongoing brand-building strategy and help all our retailers to flourish,” said Trevor Pereira, intu’s digital and commercial director.
“Our combined expertise in retailing, customer experience, payments and rewards has enabled us to create something very special for millions of shoppers around the UK. With the new intu credit card, we’ll be extending our customer-first approach straight to the wallets of our customers, providing them with moments of delight through our value-added benefits and rewards, which we have developed though the relationships we have in retail and leisure.”
Michael Donald, MBNA’s commercial and payments executive, said: “We’re delighted to be the first credit card provider in the UK to collaborate with a market-leading shopping centre owner in a new deal that brings an exciting mix of rewards and benefits to customers. While many other credit card providers have been downgrading their loyalty and reward programmes or exiting this market completely, MBNA has worked with intu to take a completely fresh approach for customers.
“The result is the new intu credit card, the first of a new breed of reward credit cards – you might say it’s ‘bursting with benefits.’ We have the expertise to deliver compelling financial products, tailored around the things customers have been telling us are important to them. With their help, we’ve put together an exciting range of unique offers and exclusive benefits.”
The new intu credit card
The new intu credit card is available for eligible new customers to apply for from today (Monday, 5 September). Visit www.intu.co.uk/creditcard for more information or full terms and conditions.
The new intu credit card is said to be ‘bursting with benefits’ including:
- Up to £60 worth of intu gift cards in the first year. Cardholders will earn intu gift cards when they make card purchases anywhere (not just intu centres), including a £20 gift card when they spend £250 in the first 90 days of opening an account.To achieve the full £60 worth of intu gift cards, customers spending £3,000 will receive an additional £20, and when customers make card purchases of £5,000, they will receive another £20 gift card, bringing the first year’s rewards to a total of £60
- The intu credit card can be used in conjunction with other loyalty cards, meaning customers will be able to gain rewards on both cards, known as double dipping.
- New intu credit card holders can enjoy a free 12-month membership and discount meals with the Gourmet Society worth £70, and members benefit from restaurant, cinema and national hotel offers.
- Exclusive shopping offers. As soon as they receive their card, customers can access a wide range of ongoing exclusive intu offers from entertainment to leisure and dining.
- Prize draw entry. Customers are automatically entered into a quarterly prize draw every time they make a card purchase with the chance to win items such as a luxury holiday, courtesy of MasterCard.
- Customers enjoy a promotional rate of zero per cent on card purchases for up to 12 months from when the account is opened. When this offer period comes to an end, a standard rate, which is currently 16.9% will apply.
- For transfers made within the first 60 days from account opening, the intu credit card enables cardholders to transfer existing debts from credit or store cards with zero per cent on balance transfers for up to 12 months. A handling fee of 2.99% will apply. After this period a standard rate, which is currently 18.9%, and handling fee of 5% will apply.
- For transfers made within the first 60 days from account opening, customers can transfer money into their bank account with zero per cent on money transfers for up to 12 months. A handling fee of 4% will apply. After this period a standard rate, which is currently 23.9%, and handling fee of 5% will apply.
Eligibility for the credit card is dependent on individual circumstances and the results of MBNA’s eligibility check. The APR, credit limit and terms of the offer may differ from the examples above.
Representative example 16.9% per annum variable on card purchases. This is the equivalent to 16.9% APR representative variable based on a credit limit of £1,200.