Four of the UK's corporate giants have come together to launch a new loyalty reward card scheme, available from Monday.

Sainsbury's, Barclaycard, Debenhams and BP are hoping that Nectar will be used by 50% of British households, making it the UK's largest loyalty programme.

Nectar points can be collected from more than 1,800 Sainsbury's, Debenhams and BP outlets and with all Barclaycard purchases.

The points will be exchangeable for a wide range of goods and services including shopping, flights, holidays, meals and cinema tickets.

Each company has provided Money Box with the following information concerning your existing reward schemes:

Barclaycard

Barclaycard customers can join Nectar immediately and transfer any existing reward card points into the new scheme.

Customers will receive five Nectar points for every one Barclaycard point they currently have.

The existing scheme will continue until the end of the year and customers will have until February 2003 to make a redemption.

In February 2003, if no redemption has been made on the old scheme, old reward points will disappear.

BP

Premier points is BP's current reward card scheme. These points are normally redeemed at Argos.

On Sunday BP will no longer issue Premier points and on Monday when you fill up at BP you will earn Nectar points instead.

BP will not transfer Premier points into Nectar points.

Customers will however still be able to redeem BP Premier points until 30 September 2004.

Sainsbury's

The current Sainsbury reward card will be phased out and over a period of two months people will be encouraged to transfer to Nectar.

After 16 November 2002 the current reward card will no longer work in Sainsbury's.

Any points a customer has on the current card will not be lost. The points can be transferred.

The value of the points remains the same. That is, one reward point on a Sainsbury's card is equal to one Nectar point.

For every �1 you spend in Sainsbury's you will get two points.

There is currently no time limit on using the old points.

You can redeem Nectar reward points as you could before, against the value of your shopping.

Debenhams

Debenhams do not have an existing loyalty card.

They do however have a store card which is separate and administered by GE Capital.

If you have a store card, you do not collect points on it as it is not connected to Nectar.

You must also join the Nectar scheme to collect points at Debenhams using your storecard.