10 Nov 2003
TEXACO LAUNCHES FLEXIBLE NEW CREDIT CARD
AS THE TREND TO MOVE AWAY FROM STORE CARD GATHERS MOMENTUM
Fuel retailer Texaco is opening up access for its customers to the high street as well as the forecourt with the launch of a new Texaco branded credit card.
Texaco, one of the UK’s largest fuel retailers, has teamed up with Accucard, part of Lloyds TSB, to create a new, flexible, on-line credit card. The Texaco credit card is powered by unique technology that allows people to customise the card to suit their individual lifestyles and spending habits.
Texaco customers who take up the card will benefit from up to 1.6% cash back and a balance transfer rate of 5.9% for the life of the balance (14.9% typical APR variable). With rates starting at 9.9% (11.5% typical APR variable) for purchases, the card’s flexible on-line technology allows customers to adjust the interest rate, cash back rewards, annual fee, customer service options and even the look of the credit card to suit their needs.
Additionally, customers who use their Texaco credit card in conjunction with the recently launched Texaco WE OU customer loyalty card will receive one of the highest points rebate on spend available from any fuel retailer. Combining WE OU points with the credit card’s cashback facility returns up to 2.7% value on spend at any one of Texaco’s 1,400 UK service stations.
For example the average Texaco VISA credit cardholder spends £500 per month, of which 20% is fuel. Combining the cashback from the card with use of the WE OU loyalty scheme over a year would provide a return of £70.80 on spend at Texaco service stations and elsewhere.*
The move by Texaco highlights the increasing trend among household names to offer customers credit cards rather than store cards.
Nick White, Texaco’s Loyalty Card Manager, commented: “Most store cards give you little or no control over your account, but the new Texaco credit card is a step beyond store cards. Its cash back facility, flexibility and competitive rates will appeal to customers with a range of lifestyle and spending habit and makes the card suitable for the high street as well as the forecourt.”
Martin White, head of co-branding at Accucard, said, “This deal is a real coup. Our unique technology and credit card expertise means we are in an excellent position to help Texaco provide a credit card guaranteed to give customers an excellent deal.
He adds, “In light of the recent debate surrounding store cards we have had a lot of enquiry from big names about launching credit cards instead of store cards. It makes sense because company’s can offer their customers better rates and more flexibility with a credit card.”
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* Average Texaco cardholder spend is £500pcm, of which 20% is fuel. Annually cardholders spend on average £1200 at Texaco service stations and £4800 elsewhere. Combining the 1.8% cashback from the new credit card with the points rebate available through the WE OU loyalty scheme would give a return on spend at Texaco sites of up to 2.7% - ie £32.40. The 0.8% cashback available on spend elsewhere would give a return of up to £38.40, based on average annual spend of £4800. Therefore the total average return on all spend would equate to £70.80.
Note:
Customer case studies available on request
Notes to editors:
The Texaco credit card is available to customers over the Internet at www.texacocard.co.uk,
The Texaco Credit Card is administered by Create Services Limited. Credit cards are subject to status and available only to UK residents aged 18 or over. Written quotations are available on request from Create Services Limited, Department AY, PO Box 4104, London W1A 6FZ, or by calling 0800 587 5783.
The interest rate, any annual fee, any CashBack Rewards and the APRs that will apply will depend on the choices you make.
Create services was founded in October 2002 following the acquisition of Accucard by Lloyds TSB. Create services is a subsidiary of Lloyds TSB, a specialist in delivering sophisticated credit card products and services.
Accucard, established in 2000, was the UK’s first independent credit card company. It sought to set itself apart from traditional credit card companies, by pioneering revolutionary technology.
Create services’ fully customised card programs allow individuals customers to tailor and change financial products to continually meet their personal requirements. A full range of support services, from risk and credit underwriting to brand strategy and copywriting, complete what is a unique product offering.
