Sainsbury’s not so sweet Nectar

SAINSBURY’S is slashing its Nectar points reward scheme in a major blow to 1.8 million credit card holders.

Shoppers with Sainsbury’s credit cards currently receive two points for every £1 they spend. But from November 1 they will earn just one point for every £2 instead.

Each point is worth 0.5p on purchases at Sainsbury’s. So shoppers currently need to spend £100 to earn £1 worth of points. But under the new rules, cardholders will have to spend £400 to earn the same sum.

Those who switch to the Amex Nectar card can earn two points for every £1 spent. However, the Amex card charges a £25 annual fee after the first year.

A Sainsbury’s spokesman says it regularly reviews offers to make the biggest difference to customers: ‘With costs going up, we are working hard to keep prices low.’