Financial Services
While Sainsbury’s had been planning the launch of its reward card, Tesco had been busy preparing a new Clubcard venture; a financial services product. The introduction of Clubcard plus in June 1996 came just one week before the launch of sainsbury’s Reward card. Modelled on the scheme run by the ICA supermarket chain in Acandinavia, Clubcard Plus became an interest-paying direct debit savings caaount and payment card rolled into one, with the added benefit of double clubcard points on purchases. Creating clubcard plus represented Tesco’s first tentative steps into financial services. By 1997, the scheme reached its target of over 600000 members and had proved to be a resounding success.