Woolworths Launches Everyday Money Division

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Everyday Money Credit Card Available to Australians from 1 September 2008

There is a real need for a fresh approach to financial services within Australia, and Woolworths can deliver it

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Woolworths Limited, Australia's leading retailer, today moved to solidify its position as a major financial services player with the announcement they would launch their new credit card to customers on 1 September 2008.

The card will be called the WOOLWORTHS EVERYDAY MONEY CREDIT CARD and is the first major product offering from the new Woolworths Everyday Money division -- its financial services arm.

The new credit card will feature a simple and rich rewards program that allows customers to earn shopping cards which can be used to make purchases at the range of stores in the Woolworths Limited group of retail outlets.

The shopping cards will give shoppers access to products across participating Woolworths supermarkets, Woolworths-CALTEX co-branded petrol outlets, BIG W, Dick Smith, Tandy, Dan Murphy's and BWS stores.

Woolworths Chief Executive Officer Michael Luscombe said the credit card is a logical entry point for Woolworths into the financial services sector -- a key market for Woolworths' growth strategy.

"Our focus and experience in retail coupled with a highly experienced Everyday Money team will bring a new perspective to financial services, challenging the boundaries of the existing market and re-invigorating it with fresh competition," Mr Luscombe said.

"We are in the business of providing customers with the essential goods and services they need for their everyday lives. Our financial services offering will be an extension of that proposition.

"Woolworths had already rolled out a number of successful financial services initiatives which customers have embraced including ATMs, the WISH Gift Card and the Groceries Only Card.

"Our wide-reaching customer base is the ideal target market for the credit card as we already transact with them every day. We process more than 114 million credit card transactions through our checkouts each year," he said.

Mr Luscombe said Woolworths was ideally placed to build a profitable financial services offering.

"We have made significant investments in world-class payments infrastructure, processes and our people to make this new platform for growth a success.

"We have grown a team of more than 30 experienced financial services staff who are at the top of their fields. We have also set up our own Everyday Money Customer Contact Centre in Australia to ensure that our customers are served the Woolworths Way," he said.

"We built a leading edge Point Of Sale system and, more recently, our own payments switch which began operating in July 2007 significantly enhancing our payments transactions capability.

"Woolworths' switch capability is a significant competitive strength in the Australian retail market giving Woolworths unprecedented customer service reliability, flexibility and ability to deliver new services such as the credit card," Mr Luscombe said.

Woolworths' partners in the Woolworths Everyday Money credit card are HSBC and MasterCard.

"HSBC is a global leader in credit cards with 120 million credit cards in force and world class technology. HSBC has successful long term credit card issuing relationships with retailers across the globe," Mr Lucombe said.

"MasterCard will provide our customers with the convenience of a card that has unsurpassed acceptance at over 27 million acceptance locations around the world.

"With comparable histories of success, innovation and award winning customer service, we are very pleased to have HSBC and MasterCard as our partners in this venture.

"There is a real need for a fresh approach to financial services within Australia, and Woolworths can deliver it," he said.

For further details contact:

Luke Schepen
Woolworths
0419 229 878
schepen@woolworths.com.au

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