An Avios windfall for anyone who has a Tesco Bank mortgage

Back in May, we covered the announcement that Tesco Bank had decided to pull out of the mortgage market.

It was recently announced that Lloyds Banking Group had bought the ‘book’ in a £3.8bn deal.  It paid 2.5% over the face value of the outstanding loans.

It seems that Tesco Bank is being more than fair with compensation to mortgage holders who will no longer be able to collect Clubcard points on their mortgage payments.

For customers on a fixed rate or tracker mortgage, they will receive – in one chunk – all of the Clubcard points they would have earned over the remaining term of their fix or tracker deal.

For anyone on a standard variable rate, they will receive a one-off payment equivalent of 12 months of Clubcard points.  This is generous, given that the customer could then immediately remortgage.

The reader who sent me details was in line for a payout of 23,000 points, worth 55,000 Avios.

How to earn Avios from UK credit cards (December 2021)

As a reminder, there are various ways of earning Avios points from UK credit cards.  Many cards also have generous sign-up bonuses!

There are two official British Airways American Express cards with attractive sign-up bonuses:

British Airways American Express

5,000 Avios for signing up, no annual fee and an Economy 2-4-1 voucher for spending ….. Read our full review

British Airways American Express Premium Plus

25,000 Avios and the UK’s most valuable credit card perk – the 2-4-1 companion voucher Read our full review

You can also get generous sign-up bonuses by applying for American Express cards which earn Membership Rewards points, such as:

American Express Preferred Rewards Gold

Your best beginner’s card – 20,000 points, FREE for a year & two airport lounge passes Read our full review

The Platinum Card from American Express

30,000 points and an unbeatable set of travel benefits – for a fee Read our full review

Run your own business?

We recommend Capital On Tap for limited companies. You earn 1 Avios per £1 which is impressive for a Visa card, along with a sign-up bonus worth 10,500 Avios:

Capital On Tap Business Rewards Visa

The most generous Avios Visa or Mastercard for a limited company Read our full review

You should also consider the British Airways Accelerating Business credit card. This is open to sole traders as well as limited companies and has a 30,000 Avios sign-up bonus:

British Airways Accelerating Business American Express

30,000 Avios sign-up bonus – plus annual bonuses of up to 30,000 Avios Read our full review

Click here to read our detailed summary of all UK credit cards which earn Avios. This includes both personal and small business cards.

(Want to earn more Avios?  Click here to visit our home page for our latest articles on earning and spending your Avios points and click here to see how to earn more Avios this month from offers and promotions.)