Marketing has learned that the Morrisons-branded card is being developed with HSBC's affinity division, HFC Bank, and will be sold through Morrisons and Safeway later this year.
It will initially be marketed via in-store activity and direct mail. HFC's direct agency, Clark McKay Walpole, is believed to be working with the company to devise a strategy.
After the card's launch, Morrisons ad agency BDH\ TBWA will be briefed to develop a wider campaign.
If the credit card proves successful, Morrisons is set to introduce other financial products such as personal loans and insurance.
Last year, market leader Tesco Personal Finance announced a £160m profit for 2003, while Asda is launching a credit card next month in a partnership with GE Capital.
Morrisons, which would not comment on its plans, has struggled to integrate the Safeway business into its operations since the £3bn merger last year. It will use the extension into financial services to bolster its customer offer.
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