From November 1, credit cardholders will no longer earn two points for every £1 spent at the chain’s brands, but will instead earn a single point for every £2. This applies to purchases across the supermarket brand, including purchases across Sainsbury’s, Argos, Habitat and Tu clothing.
Supermarket bosses said they would write to customers to let them know of the policy change.
David Beard, editor of Lendingexpert.co.uk, said changing the popular credit card advantage would be a blow during the cost of living crisis.
He said: “Loyal Sainsbury’s Bank customers will not like this change. To revise so drastically one of the credit card’s most popular benefits in the midst of a cost of living crisis could be a decision detrimental to the bank.
“With so many other credit cards to choose from, I suspect customers might be voting with their feet and going elsewhere.
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“We regularly review our offers to ensure we are making the biggest difference for the most customers and are writing to customers to explain that our Sainsbury’s Bank Credit Card Points promotion is changing, for new and existing customers.
“While we understand this offer is popular with cardholders, we are sure that all customers will continue to find great value and save money with Sainsbury’s thanks to our low priced food items, our competitive financial services and our affordable Argos and Habitat brands.”
To tackle food waste, Sainsbury’s will remove expiry dates from 276 own-brand products, including some fresh fruit and vegetables.
The chain has already removed expiration dates from more than 1,500 lines, including bananas, apples, pineapples, pumpkins and houseplants.