A few thousand of HoF’s one million storecard holders have been issued with the new card which, if the trial succeeds, will roll-out to all account holders and new applicants. It can be used not only at Fraser’s fifty-one stores but also at other retailers, cash machines, petrol stations and restaurants - anywhere that normal credit cards are accepted. It also doubles as a loyalty card, earning a point for each pound spent via the card (two points at HoF outlets) - even at rival stores such as Debenhams. A shopper holding other loyalty cards who uses the HoF card to buy goods at, say, Tesco or Sainsbury, would receive loyalty points both from the supermarkets and HoF.
Issued without a fee, the card allows up to 56 days credit interest-free and thereafter levies interest at 19.9% - although debit balances from other credit cards transferred to the Fraser scheme will enjoy an interest rate of only 7.9% for the first six months.