UK retailer Marks and Spencer is rebranding its financial services arm as 'Marks & Spencer Money' and is launching a combined loyalty and credit smart card called &more.
In June, it was reported that M&S aimed to double it profits from its financial services division to £170 million within the next four years by launching the credit and loyalty card. The UK retailer has long been considered a substantial threat to traditional financial firms in the British banking market.
The combined credit and loyalty programme is set to go live nationally on 6 October 2003. M&S says the card can be used in all outlets which accept credit card payments and spend on the card will earn loyalty points, which will accumulate and be translated into reward vouchers for use in M&S stores.
The retailer says 2.6 million existing chargecard users will be upgraded to the new credit card during September.