(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.