Marks & Spencer is muscling in on the credit card market in an effort to stem its loss of chargecard holders.
On October 6, the retailer will launch its combined credit and loyalty card scheme &more, which has been piloted in South Wales.
Since M&S began to accept credit cards in 2000, the retailer has seen the number of chargecard holders drop from a high of 5 million to 2.6 million.
Alongside the launch of the combined card, Marks & Spencer is rebranding its Financial Services arm as Marks & Spencer Money.
Users of &more cards earn one point for every£1 spent in M&S and two for every£1 spent elsewhere. The points can be converted into M&S vouchers.
Marks & Spencer Money chief executive Laurel Powers-Freeling said: 'The 11-month pilot in South Wales has given us a robust foundation for the roll out of the &more card.'