Retail giant Marks & Spencer will take on Britain's high street banks this summer with the launch of a current account with no monthly fee.
Is this another current account paid for by interchange fees levied on merchants? I notice it is a MasterCard, maybe a premium brand. In other words a current account subisidised by other consumers through the higher prices that merchants charge the many
in order to absorb the deductions caused by the cards proferred by the few.
Kudos to M&S for giving £1 in M&S vouchers for every 100 reward points earned on its card. Lately, I've noticed many banks setting the points-to-gift ratio at around 350:1, which is clearly a raw deal. Hope M&S also ensures that there's no in-transit leakage
when the gift is shipped to the cardholder, something that seems to be happening fairly often of late.
Competitive (base, bonus, benefits)Boston, MA (USA)
© Finextra Research 2014