Tesco credit card

insullation

Unfortunately it's more than 75% hit in most cases e.g previously if you spent e.g. 15 euro you got 7 points....the same transaction now will get you 1 point....on my last 10 transactions 1 got 265 points but on the new scale I would get 48 points....not worth it now for me as a years transactions would not probably cover the government level so better off with a card that has online access at least

Yggr of Asgard

You can blame the EU for it, with the restrictions on the interchange fee that banks now get on credit card transactions cards that offer points/value without a yearly fee are slowly dying out.

So to keep you shopping at Tesco they keep the points level there but for the rest they just reduce it further because they can't make any money on it anymore.

And for us in Ireland the silly Stamp Duty makes it even worse because it's now harder to get that insane amount of money together.

1983211

its not great, but is there better credit card?

Yggr of Asgard

KBC offers 1% cashback (limited to 10€ per month) on groceries and online transactions.

JTMan

AIB also offers 0.50% cashback, only on their Platinum card, on amounts spent over 5,000 EUR per year and below 50,000 EUR per year.

KBC is the best reward option for light and medium credit card usage.
AIB is the best reward option for heavy credit card usage.

maximoose

lotsofthegreen wrote: »

Feckers better set us up online banking to compensate slightly!

I really can't believe we still don't have any online functionality.

insullation

Am I right in saying that if you spent 40000 on the tesco credit card outside of tesco in a year you would only get at best 50 Euro and probably a lot less with the minimum spend being 8 euro

lotsofthegreen

insullation wrote: »

Am I right in saying that if you spent 40000 on the tesco credit card outside of tesco in a year you would only get at best 50 Euro and probably a lot less with the minimum spend being 8 euro

Sounds right unfortunately. But if u spend 12000 (in multiples of 8) ud get €15 and if your using Boost its get you €30 off electricity or gas so essentially cover the stamp duty. I think I'll keep it but I wouldn't be too bothered if I was starting out looking for a credit card

Yggr of Asgard

Unless Stamp Duty is finally going away (maybe if we get the 19 Billions from Apple) it's no longer good value to have the card if you don't do primary grocery shopping in Tesco and/or use Clubcard Boosts because it will take a lot of spending to get the stamp duty alone back.

We should lobby the government to get ride of this incredible stupid idea of stamp duty on credit cards. Credit cards make it easier for Revenue to track us and get's ride of cash, all in the governments interest.

msmx5

insullation wrote: »

Am I right in saying that if you spent 40000 on the tesco credit card outside of tesco in a year you would only get at best 50 Euro and probably a lot less with the minimum spend being 8 euro

I think you are right insullation. Having used the card for most expenditure for the last 10 years or so (has it been around that long?) I think I will now be changing. It was good while it lasted and we did get longer out of the reward points than those in the UK!

Looks like AIB Platinum is the next in line... with 0.5% rewards for spend over €5,000 and up to €50,000 ie €225 max reward per year if you hit the 50k

1983211

i tried to apply for kbc card but they refused me because i have tesco credit card with high available credit (my balance on it is only like 300 euro tho). they said i can apply again when i close my tesco card. so i will get aib credit card instead, at least i will have online banking since tesco offers so little now.

JTMan

1983211 wrote: »

i tried to apply for kbc card but they refused me because i have tesco credit card with high available credit (my balance on it is only like 300 euro tho). they said i can apply again when i close my tesco card. so i will get aib credit card instead, at least i will have online banking since tesco offers so little now.

Farce KBC expecting you to close your Tesco Bank account before they will allow you (re)apply for a card.

I have just applied for a KBC card. Hopefully, I don't encounter the same crap. I have no intention of closing the Tesco Bank card until KBC accept me.

Mary63

Is it fair to change terms and conditions like this.

I got the credit card specifically for the points,its a second crdit card which I didnt really need.

I think I might cancel it now and boycott Tesco altogether.

Yggr of Asgard

Well Tesco Personal Finance is not doing this for charity and when the EU capped the money they can get from transactions, it was clear that they (like all the other rewards cards) are going to have to modify the points/miles earnings. They used to get nearly 3% of transactions are intercharge, now it's 0.3%, so they need to make up for it.

I think if it's a second card right now, you might be better off to close it soon, pay the 30€ stamp duty for this billing cycle and cut your losses.

If it's the primary card, than if you qualify for KBC or AIB and you have enough spending on those cards, you might want to get the new card before April, make sure you get the letter from Tesco confirming you paid the 2016 stamp duty so that you don't pay it twice.

yqtwqxqm

There is nothing to make up for the lack of online functionality with the Tesco credit card at all now.
Time to cancel it.
I prefer cash, but used this card for the boost points. Bit of a waste of time now, so im going back to cash.

dobsdave

Think i'll keep the card till April and cancel just before the new stamp duty cycle,and just use my ptsb one from then on.
No point in getting rid before that, every little helps :-)

Yggr of Asgard

You need to make sure that you not only cancel the account but also have paid all the amounts including stamp duty due on the account before the 1st of April. If your account is still active (account not card) on 2nd of April you still will be liable for stamp duty. Only if the account is closed you will avoid it.

As everything with Tesco is via phone you need to do this with enough time at hand to avoid any nasty surprises (like interest or fee's) keeping your account open.

BuffyBot

TBH, I can't see them remaining in the market for too much longer.

_kookie

Very sad news.
I loved getting those points.
With the KBC card at least you will get online access which was the biggest pain with the tesco card.
Is the KBC card mastercard only? Isnt that the second tier of credit cards?
And I see from KBC website that "*To be eligible for the grocery reward, the retailer must be categorised under a ‘grocery’ merchant category code with MasterCard."

So all of the spending on your card doesnt count towards rewards.
The tesco card was good while it lasted but pretty worthless now.
At least if they had online access you could keep it and get the paltry reward now and again, but not worth keeping without online access to me anymore

Dream123

_kookie wrote: »

Very sad news.
I loved getting those points.
With the KBC card at least you will get online access which was the biggest pain with the tesco card.
Is the KBC card mastercard only? Isnt that the second tier of credit cards?
And I see from KBC website that "*To be eligible for the grocery reward, the retailer must be categorised under a ‘grocery’ merchant category code with MasterCard."

So all of the spending on your card doesnt count towards rewards.
The tesco card was good while it lasted but pretty worthless now.
At least if they had online access you could keep it and get the paltry reward now and again, but not worth keeping without online access to me anymore

Got the tesco letter in the post this week too. I applied for a tesco card ages ago and when a card with a 1k limit was sent out I never actually used it so had forgotten I had one. Wouldn't know where to find it and never got statements

Been using the AIB platinum card for some time now and actually enjoy getting a few quid back every month, feels like a bonus, do pretty much all my spending through it, doesn't seem to be any catches in terms of transaction types that allow cash back etc

oEmmao

i got my tesco letter too and have applied for a KBC card, i have been provisionally approved, so will see how i get on

JTMan

Almost 2 weeks later and I am still waiting for an answer from KBC. Anyone else finding the process, with KBC, very slow? I want to get my KBC card up and running before I cancel my Tesco Bank card.

usernamegoes

JTMan wrote: »

Almost 2 weeks later and I am still waiting for an answer from KBC. Anyone else finding the process, with KBC, very slow? I want to get my KBC card up and running before I cancel my Tesco Bank card.

Very slow. I applied for one and their KYC process was unbearable.

CaSCaDe711

Gonna spend like an absolute whore for the rest of the month and grab as many points as possible. Will then transfer to a new card and enjoy the interest free period. Boo yaaa

ahernjohn

Got a tesco credit card 9 months ago and it is good for the tesco points basically pays for my wife's mobile every month and some vouchers for in store discounts but it has cost me as much as I have saved on charges from not being able to check spending on my account (no online service in ireland), also their service is not that great when you have to call.
Today I have cancelled the card, will be changing my wifes phone to a different network and staying far away from tesco.

paulers06

ahernjohn wrote: »

Got a tesco credit card 9 months ago and it is good for the tesco points basically pays for my wife's mobile every month and some vouchers for in store discounts but it has cost me as much as I have saved on charges from not being able to check spending on my account (no online service in ireland), also their service is not that great when you have to call.
Today I have cancelled the card, will be changing my wifes phone to a different network and staying far away from tesco.

What's the process for cancelling? I took out a credit card elsewhere when they cut the points but haven't gotten around to cancelling it yet.

insullation

Tesco cc is now pointless unless you do a lot of shopping in tesco...not been online is a joke and statements usually arrive late...will cancel mine in March. Most people would not collect enough points to cover the stamp duty so pointless having it as a second card

paulers06

Does anyone know if there is a transaction limit on the tesco card? Am making a large purchase and was going to put it on the card and then pay off for the points. Thanks

insullation

Likely to have a transaction limit but you will need to ring them to find limit. Also if you put through a transaction greater than your credit limit it you will encounter a fee of something like 6.50 even if you pre load the card and this fee will most likely wipe out any club points as you only get 1 for every 8 euro spent. Only hope you have is to keep transaction under credit limit...how much are you planning to transact? E.g 8000 will get you 800 tesco points which equates to 8 euro voucher for tesco minus 6.50 for going over credit limit. You also damage your credit rating going over limit...

xtradel

I have a balance on my Boi cc of just over €2000 with a credit limit of €3600. If I was to transfer over to Tesco cc to take advantage of the interest free period on transfers would the full balance be allowed and would I retain my current credit limit?