With their research group predicting more than three million potential credit card customers, Sainsburys has joined the competitve buyer-rewards industry by unveiling two cards linked to the company’s Nectar scheme.

The loyalty system can be used for both in-store and online shopping, and for fuel purchases . Customers are encouraged to make the very most of Sainsbury’s services with two Nectar points rewarded for every pound spent. Valued at approximately one pence per point, the value is dependent on how and where the points are redeemed. With a reported twelve point nine perecent interest rate, the aim seems to be for cardholders to use Sainsbury’s cards beyond the supermarket stores .

Launced alongside the rewards scheme is the Sainsbury’s Credit Card, reportedly offering zero percent interest during the initial twelve months on balance transfers and purchases. Although the cards remain separate (holders cannot gain Nectar points from credit); to qualify for the card, customers need to be part of the Nectar loyalty scheme .

Credit reward schemes are most certainly on the rise with a number of high profile companies joining the race for customers during the widespread economic downturn . Representative of financial comparison site Moneynet.co.uk, Andrew Hagger has reportedly commented on the introduction of such schemes since the success of Barclaycard Freedom and AA rewards credit card . Haggar highlights the scheme’s effort to attract and, more importantly keep customers who would normally move from one introductory deal to another by using both the rewards system and high-street discounts for the benefit of long-term customers.