M&S Money launches new Premium Club

M&S Money is launching a new Premium Club tomorrow (14 May) for its M&S Credit Card holders.

The M&S Credit Card is in itself a best-buy credit card with no annual fee.

For new customers offers 0% on shopping for the first 10 months and 0% interest on transfer for six months.

The Premium Club will offer shopping and travel insurance benefits to M&S Credit Card holders, including

• triple M&S Credit Card loyalty point for all M&S shopping
• travel insurance, underwritten by AXA Insurance, that covers the family up to age 80, including worlwide travel, winter sports and independent travel
• Up to £120 worth of hot drinks in the M&S Café per year
• Birthday gifts and seasonal treats throughout the year

The cost is £10 per month and existing M&S Credit Card holders can join via M&S stores, online or by phone.

M&S Premium Club Manager, Amanda Newman, commented ‘Premium Club offers our credit card holders more of what they want from M&S, with exclusive access to a collection of benefits and rewards with an overall value several times the cost of membership.’

The M&S Credit Card and loyalty scheme was launched in 2003 but the idea of a monthly fee to join a ‘Premium Club’ is a first for the scheme.

It is a generous rewards scheme when compared to others currently available but maybe with shoppers keen to be rewarded for their loyalty we’ll see other well known High Street names introduce or enhance their reward schemes.

M&S Money, originally founded in 1985 as the financial services division of Marks and Spencer, was sold to HSBC in 2004.

The executive committee of M&S Money comprises equal representatives from HSBC and Marks and Spencer.