Retail company Woolworths has taken another step into the financial services arena with the launch of a credit card.
Stemming from its Everyday Money business division, the Woolworths Everyday Money Credit Card will be available to customers from September 1 of this year.
"Our wide-reaching customer base is the ideal target market for the credit card as we already transact with them every day. We process more than 114 million credit card transactions through our checkouts each year," Woolworths chief executive Michael Luscombe said.
HSBC and MasterCard are partners in the retail giant's new offering.
"HSBC is a global leader in credit cards with 120 million credit cards in force and world class technology," Luscombe said.
A reward scheme is one of the main features of the credit card offer. It will allow people to earn shopping cards with their purchases, that will enable them to buy goods throughout the Woolworths group, including stores such as Big W, Dick Smith, Tandy and BWS.
This latest move follows other financial services initiatives previously implemented by the retail chain.
Woolworths already has a retail banking product in the market that allows customers to do their banking at Woolworths, Safeway and Big W outlets and also includes a rewards program.
