Tesco current account to launch TODAY – what do we know about Avios earning?

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• squills says:

  10 Jun10 June 22:53

  If they’re serious about getting the first 1 million customers, there’s a 5000 point incentive for signing up around the corner. Hold fire until we see it.

  Reads:
  Tesco Bank plans to add to the 6 million customers who already use its credit cards, mortgages and motor and pet insurance products but has rejected a conventional branch approach by offering an online-only account. It is expected to create 600 jobs over two years.
  Britain’s biggest retailer hopes its digital approach and clearer pricing will encourage more of its 16 million Clubcard holders to take up the account and persuade customers to switch from other banks.
  It is hard to have a price war when you don’t know what the price is
  Shoppers spending on Tesco’s debit card at its own stores and elsewhere will generate Clubcard points.
  The new account will pay an interest rate of 3 per cent but there will be a charge of £5 a month unless holders pay in at least £750 monthly.
  Benny Higgins, chief executive of Tesco Bank, declined to reveal a profit target for the account but he hoped it would break even in the next few years, adding that Tesco Bank as a whole has been in profit for several years.
  He condemned the “smoke and mirrors” tactics used by other banks in their fees.
  When asked whether Tesco would try to win customers by slashing prices, he said: “People cannot see clearly what they pay and what they get. It is hard to have a price war when you don’t know what the price is.”
  If Tesco’s current account matched the success of its credit card it would rank alongside Royal Bank of Scotland, Barclays, Lloyds and HSBC with its First Direct brand.
  Account holders will be able to use 4,000 ATMs throughout the UK to manage their cash – an increase of 30 per cent since 2008 – as well as a new app being launched for Android and IOS devices enabling customers to manage payments, view balances and shift money between accounts, which plays into the nine out of 10 Tesco customers who buy its products online.
  Tesco launched its banking services in 1997 in a joint venture with Royal Bank of Scotland but took sole ownership of the enterprise in 2008.

• n3jly says:

  11 Jun11 June 00:20

  As far as I am aware you will earn points for CT, HMRC and also NS&I, as they are under a MCC (merchant Category code) of govenment, not financial institutions.

  • Swiss says:

    22 Jun22 June 13:50

    Has anyone checked this out yet?

• Swiss says:

  22 Jun22 June 13:48

  Let us know how you get on…

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