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Shopping Centre Giant intu Launches a New Breed of Credit Card in Collaboration with Credit Card Experts MBNA


News provided by

MBNA Ltd

05 Sep, 2016, 10:19 GMT

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Michael Donald, Commercial and Payments executive and Trevor Pereira intu's digital and commercial director, launch the new commercial agreement between intu and MBNA (PRNewsFoto/MBNA Ltd)
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MBNA Logo (PRNewsFoto/MBNA Ltd)

CHESTER, England, September 5, 2016 /PRNewswire/ --

  • intu and MBNA today announce a ground-breaking commercial agreement - believed to be a UK first - reaching a potential 35 million intu shoppers a year 
  • Developed with MBNA, the new intu credit card offers a fresh approach to rewards - with new cardholders benefiting from intu gift cards as they spend, exclusive retail offers and regular discounts 

intu - owner of some of the UK's largest and most popular shopping centres - has worked with MBNA to create a new, pioneering credit card.

     (Logo: http://photos.prnewswire.com/prnh/20160905/404050LOGO )

     (Photo: http://photos.prnewswire.com/prnh/20160905/404051 )

The new credit card forms an integral part of intu's strategy to build its national consumer-facing brand by offering intu credit cardholders a range of benefits whenever they spend, including intu gift cards. Cardholders can access exclusive offers with retail and leisure brands in intu centres, from entertainment to leisure and dining.

The deal between intu and MBNA is believed to be the first of its kind between a credit card provider and a shopping centre owner in the UK.

This new collaboration opens up a major new market for MBNA, after successfully engaging with a range of leading brands over the years. Consumer insight from MBNA has identified this as a significant market opportunity for pioneering, new financial products that will be beneficial for customers.

Over 35 million customers - equivalent to more than half the nation's population - visit intu's UK shopping centres every year, which include intu Trafford Centre (Manchester), intu Lakeside (Essex), intu Metrocentre (Newcastle), and intu Victoria Centre (Nottingham). All in all, intu customers make an incredible 400 million centre visits a year.  

"Thanks to intu's nationwide scale and consumer-facing brand, we've been able to team up with the UK's leading credit card experts, MBNA, to create a sector-first commercial agreement that will form an integral part of our ongoing brand-building strategy and help all our retailers to flourish," said Trevor Pereira, intu's digital and commercial director.

"Our combined expertise in retailing, customer experience, payments and rewards has enabled us to create something very special for millions of shoppers around the UK. With the new intu credit card, we'll be extending our customer-first approach straight to the wallets of our customers, providing them with moments of delight through our value-added benefits and rewards, which we have developed though the relationships we have in retail and leisure."

Michael Donald, MBNA's Commercial and Payments executive, commented: "We're delighted to be the first credit card provider in the UK to collaborate with a market-leading shopping centre owner in a new deal that brings an exciting mix of rewards and benefits to customers. While many other credit card providers have been downgrading their loyalty and reward programmes or exiting this market completely, MBNA has worked with intu to take a completely fresh approach for customers."

He added: "The result is the new intu credit card, the first of a new breed of reward credit cards - you might say it's 'bursting with benefits.' We have the expertise to deliver compelling financial products, tailored around the things customers have been telling us are important to them. With their help, we've put together an exciting range of unique offers and exclusive benefits."

The new intu credit card 

The new intu credit card is available for eligible new customers to apply for from today (Monday, 5 September). Visit https://www.mbna.co.uk/compare-credit-cards/rewards-credit-cards/intu/ for more information or full terms and conditions.

The new intu credit card is 'bursting with benefits' including:

  • Up to £60 worth of intu gift cards in the first year. Cardholders will earn intu gift cards when they make card purchases anywhere (not just intu centres), including a £20 gift card when they spend £250 in the first 90 days of opening an account. To achieve the full £60 worth of intu gift cards, customers spending £3,000 will receive an additional £20, and when customers make card purchases of £5,000, they will receive another £20 gift card, bringing the first year's rewards to a total of £60.
  • The intu credit card can be used in conjunction with other loyalty cards, meaning customers will be able to gain rewards on both cards, known as double dipping.
  • New intu credit card holders can enjoy a free 12-month membership and discount meals with the Gourmet Society worth £70, and members benefit from restaurant, cinema and national hotel offers.
  • Exclusive shopping offers. As soon as they receive their card, customers can access a wide range of ongoing exclusive intu offers from entertainment to leisure and dining.
  • Prize draw entry. Customers are automatically entered into a quarterly prize draw every time they make a card purchase with the chance to win items such as a luxury holiday, courtesy of MasterCard.
  • Customers enjoy a promotional rate of zero per cent on card purchases for up to 12 months from when the account is opened. When this offer period comes to an end, a standard rate, which is currently16.9 per cent, will apply.
  • For transfers made within the first 60 days from account opening, the intu credit card enables cardholders to transfer existing debts from credit or store cards with zero per cent on balance transfers for up to 12 months. A handling fee of 2.99 per cent will apply. After this period a standard rate, which is currently 18.9 per cent, and handling fee of 5 per cent will apply.
  • For transfers made within the first 60 days from account opening, customers can transfer money into their bank account with zero per cent on money transfers for up to 12 months. A handling fee of 4 per cent will apply. After this period a standard rate, which is currently 23.9 per cent, and handling fee of 5 percent will apply.

Eligibility for the credit card is dependent on individual circumstances and the results of MBNA's eligibility check. The APR, credit limit and terms of the offer may differ from the examples above.

Representative example 16.9 per cent per annum variable on card purchases. This is the equivalent to 16.9 per cent APR representative variable based on a credit limit of £1,200.

For the latest deals and offers available on the intu credit card and for full card terms and conditions, please visit please visit https://www.mbna.co.uk/compare-credit-cards/rewards-credit-cards/intu/.

Editor's notes: 

People interested in applying for the new intu credit card can check their eligibility before applying. As part of MBNA's eligibility check, a quotation search will be carried out which won't show up on their credit record as a full search, so it won't affect their credit rating. The APR, credit limit and terms of the offer may differ based on their circumstances.

Promotional offers will no longer apply from the beginning of any statement period during which customers have breached their terms and conditions; for example, if they haven't paid on time or have gone over their credit limit. Cardholders cannot transfer balances between MBNA accounts.

About intu: 

intu is the UK's leading owner, manager and developer of prime regional shopping centres with a growing presence in Spain. intu is passionate about creating uniquely compelling experiences, in centre and online, that attract customers, delivering enhanced footfall, dwell time and loyalty. This helps intu's retailers flourish, driving occupancy and income growth.

A FTSE 100 company, intu own many of the UK's largest and most popular retail destinations, including nine of the top 20, with super regional centres such as intu Trafford Centre and intu Lakeside and vibrant city centre locations from Newcastle to Watford.

intu are focused on four strategic objectives: optimising the performance of their assets to deliver attractive long term total property returns, progressing their UK development pipeline to add value to their portfolio, leveraging the strength of intu's brand and seizing the opportunity in Spain to create a business of scale.

intu is committed to the local communities, intu's centres support over 120,000 jobs representing about 4% of the total UK retail workforce, and to operating with environmental responsibility.

intu's success creates value for their retailers, investors and the communities they serve.

About MBNA Limited: 

MBNA Limited is a wholly owned subsidiary of Bank of America Corporation (NYSE: BAC). It is one of the UK's leading credit card providers and was voted by customers as Credit Card Provider of the Year for the third year running in the Consumer Moneyfacts Awards 2016. MBNA is committed to implementing innovations to improve the credit card experience for its customers. Headquartered in Chester for over 20 years, the company has a long history of investing in community projects in across North West of England and North Wales.

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