HBOS attacks UK rivals with innovative debit card product
(16 December 2004 – UK) British bank HBOS has launched a unique product in the UK market – a debit card that gives one percent back to the consumer each time they make a purchase.
To qualify for what is effectively an automatic cash back scheme, HBOS customers must deposit ₤1000 a month into a Moneyback current account. The debit card has a limit of £10,000 a year, tax free.
The bank said it expected each household in the UK who participated in the debit card deal would get back about ₤100 year in a one off annual payment.
HBOS retail chief executive Andy Hornby said the Moneyback product was a genuine first in the UK and that it would appeal to many UK consumers who were "fed up with the poor deal" they were getting from the Big Four banks – Lloyds TSB, Barclays, Royal Bank of Scotland and HSBC.
HBOS is the UK’s largest mortgage lender and the owner of Australia’s BankWest.
The bank said it expected each household in the UK who participated in the debit card deal would get back about ₤100 year in a one off annual payment.
HBOS retail chief executive Andy Hornby said the Moneyback product was a genuine first in the UK and that it would appeal to many UK consumers who were "fed up with the poor deal" they were getting from the Big Four banks – Lloyds TSB, Barclays, Royal Bank of Scotland and HSBC.
HBOS is the UK’s largest mortgage lender and the owner of Australia’s BankWest.
Subscribe