Tesco Bank Cuts Credit Card Rewards

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Gervan

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If anyone was thinking of switching to the Tesco card because of its reward scheme, the reduction as from October may be a factor. Using the card will then generate only 1 point for every €8, rather than the €2 spend at the moment.
 
Gervan said:
If anyone was thinking of switching to the Tesco card because of its reward scheme, the reduction as from October may be a factor. Using the card will then generate only 1 point for every €8, rather than the €2 spend at the moment.
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Have you a link confirming this? I'm a Tesco credit card user & this is the first I've heard of it.
 
Tesco website still says 1 point for every 2 Euro and no mention of any end to this loyalty perk or said changes indicated by Gervan. Will be changing if that is the case. KBC lined up.
 
Sadly I got a letter in the post today. From 5th October:
When you spend with your Tesco credit card in Tesco you will continue to receive the same number of points as you currently do. However, to reflect the industry changes, the amount of Clubcard points you earn when you use your card out of Tesco is changing to one point for every €8 you spend.
I do very little shopping in Tesco.
 
Fek!
I heard this happened in the UK last year due to a change in the way Credit Card settlements/fees were dealt with between the CC companies. Thats a real killer for this
 
Yeah, Tesco Bank made the same change 1 year ago in the UK. Surprised that it took Tesco Bank so long to make the change here.

Worth pointing out that the minimum spend to qualify per transaction for points is now €8. This is in addition to the change in the points to 1 for every €8 spent outside Tesco. As the vast majority of transactions are below €8, most transactions now earn no points.

It's effectively a 75% decrease in the reward offered for shopping outside of Tesco. Real shame.

KBC and AIB platinum are now clearly better reward cards for most people.
 
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T McGibney said:
That's the end of it for most people so. :-(
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I would be inclined to agree.

They never struck me as a particularly efficient service (or competitive once their promo rate was over) when I had them and ultimately cancelled the account due to their lack of online facilities (not sure if they ever set up online since ?).
 
Just received my letter this morning . Can anyone tell me if any CC provider offers air miles?
Cheers
 
Thats a pity. It was worth a lot to me after trebling my points for my tesco mobile account. I will be back to solely having my TSB visa ICE in March and closing Tesco card before the April 30 Euro government charge. I am glad I kept my TSB card open as its a good card for travel.
 
For those switching, one avoids double stamp duty charges by giving a letter of account closure from your old credit card provider to your new credit card provider.
 
llgon said:
How is the PTSB card better than the Tesco card for travel?
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If TSB CC is loaded with cash (which I know leaves a security risk as it may not be protected) and you withdraw foreign currency at ATM you will not pay the 1.5% cash advance fee. Not many cards have this option
 
Gervan said:
I think you get charged when you close the account. The April stamp duty is for the prior year.
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Thats correct. If I close my Tesco card in march I will owe one 30 Euro charge for the previous year. If I close it in April I will owe 60 Euro to cover both years.
 
Received the letter too :( - the date is now confirmed on the page here.

I've just calculated that I earned €98 in vouchers over the last three quarters so I'll still get a free visit to the zoo for a family of five with a quarter of the points. For me, it was a bonus anyway as I moved away from BoI cc when they put up the cross border handling fee on non-euro FX transactions. It is 2.25% with BoI and 1.75% with Tesco Visa. I'm not sure what it is with the other providers but important to consider if you regularly transact in non-euro. Being able to withdraw cash abroad when your account is in credit without incurring a cash advance fee was attractive with BoI; that doesn't apply with Tesco Visa.

Is there an up-to-date AAM thread on credit cards offering some sort loyalty rewards? (This one is almost two years old).
 
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unfortunately it will work out at lot less that quarter of the points for most people...e.g if you spend say 15 euro outside tesco up to now you would have gotten 7 points but that same transaction will now only get you 1 point...so the headline figure of 75% is actually the best case scenario....but for most users who use the card outside of tesco the cut will be significantly more in reality..you would have to spend at least 40K outside tesco to get 50 Euro back in voucher....and that is best case scenario...that's a lot of spending to save less that 50 euro on a card that doesn't even offer online facility and who's statements are regularly late.
 
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