Benefits include unlimited free next day delivery for M&S online purchases, three £15 clothing and home vouchers – issued quarterly, a £20 clothing and home voucher to use at Christmas and 32 hot drink vouchers.

Customers will also receive three reward points for every £1 spent in M&S in-store and online – equivalent to three per cent cashback, as well as three points for every £1 spent abroad.

Club Rewards comes with a monthly fee of £10.

Kirsty Ward, director of bank and services at M&S, said: “Our M&S Credit Card program is unique and enjoyed by millions of customers and M&S Club Rewards offers even more for those who love M&S. This marks the latest step in our transformation to deliver truly rewarding payment experiences for our customers.”

How does the scheme stack up?

When all the benefits are added together, they total £165 a year. But when you take into account the £10 monthly fee, you’re left with a profit of £45 for spending nothing.

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Personal finance expert Andrew Hagger says…

“My number crunching shows that this is a unique and financially worthwhile product for M&S shoppers, with larger spenders being rewarded with increased reward vouchers on top of the core benefits.

“Its components are different from other store brand offerings and the inclusion of unlimited free next day delivery will no doubt prove popular – it’s a key element of Amazon Prime and during the last 12 months, home delivery has been big business and is likely to remain at pre-Covid levels.

“For M&S spending of up to £350 per month with any of the M&S Credit Cards – or up to £400 in the first 12 months if customers take out the M&S Credit Card Rewards Offer – it’s the most rewarding offer on the market.

“For higher monthly spend then Tesco Clubcard Plus comes out on top due to the 10% rebate on your two biggest food shop bills each month.

“The days of an over-arching rewards/cashback programme that rewards you handsomely wherever you shop are a thing of the past, but as far as store branded reward offers go, this is an added value package that delivers and for M&S shoppers is worth a closer look.”