Tesco cutting Clubcard rewards a sign of things to come, says Uswitch

With Tesco slashing its reward scheme for its World credit card customers from the 1st November and Clubcard credit card users from the 1st December, Nicolas Frankcom, money expert at Uswitch.com, says: “The days of the lucrative reward card may be numbered. 1st November marks the beginning of the end for Tesco credit card customers, with World credit card users seeing their points slashed in half when making purchases outside a Tesco store. And with Clubcard credit card customers experiencing the same fate in one month’s time, some reward cards are fast losing their perks.

“Since the EU cap on transaction fees was introduced in May, some providers appear to be cutting their losses by pulling or dramatically cutting their reward credit cards. With over six in ten Brits owning a reward credit card to benefit from free incentives, this alarming trend is a substantial blow for consumers.

“The good news is that there are still great rewards cards out there, but you have to act sooner rather than later to snap up the best deals. American Express Platinum Cashback Everyday credit card offers 5% cashback in your first three months (up to £100) and up to 1.25% cashback thereafter. Sainsbury’s Nectar Balance Transfer Credit Card is also a strong contender with an offering of two Nectar points per £1 spent on Sainsbury’s shopping and fuel plus one Nectar point for every £5 spent on your card elsewhere.”

For more information visit Uswitch.com or call 0800 093 06 07