New Tesco credit card - ouch on fee

john1002

As a Tesco Bank customer we thought you’d like to know about our card with the fastest Clubcard points earn rate – the Premium Credit Card. It’s a credit card and Clubcard in one, so for every £1 you spend on your card in Tesco, you’ll not only get the usual one Clubcard point for your shopping, you will also get an extra point. So you’ll be collecting points twice as quick in Tesco.

Plus you can increase the value of your Clubcard points with Tesco Clubcard Partners and before you know it they could go towards a special night in, a family day out or a flight away. Better still, the card will also give you access to travel benefits.

It’s worth noting our Premium Credit Card has an annual fee of £150.

We’ll be back in touch soon with more information about Premium Credit Card benefits and how you can apply.

Be interesting to see if that annual fee will be worth the benefits.

John

Marchitiello

Sounds like this is a replacement for the Wolrd Mastercard they withdrew in 2013 and could well be a newer World or World Elite looking at the fee and the non defined travel benefit (probably Exchange fee, insurance and maybe Lounges access ???)

King_Of_Fools

Without further information it would seem that you would have to spend £15000 at Tesco per year before you even broke even. That is just under £300 per week!

Rich2808

Yes - I saw this and thought that sounds interesting,

And then I saw the £150 annual fee - are they having a larf.

It's Tesco not Fortnum and Mason.

chattychappy

Yes, I agree with Tesco. The fee is "worth noting".

planteria

it certainly is.. i really can't see them finding that card successful.
there would need to be some very substantial benefits to justify that fee, and their service is "basic" on their usual cards.

Ethel_2

I was absolutely gobsmacked at this.
The points given on this card are the same as I used to get with my free Tesco Card before they reduced the benefits.

Could it be a misprint and should be £15?

chattychappy

Nah.. usual business model:

1) charge fee for new product
2) justify it by a range of "benefits", eg extra miles, airport lounge access, family travel insurance, breakdown cover, legal helpline, mobile phone insurance etc etc
3) as time goes by, reduce/restrict the benefits, increase the fees
4) many leave, but a "rump" of people never get around to doing anything about it
5) launch new product for the people that left
6) go to 1)

Marchitiello

It does not looks like it will be a World Elite Mastercard, maybe just World (so like for like with the previous one but now with a £150 fee...)



plus screen capture from the website http://imgbox.com/iAAu8v4l

Marchitiello

This card is now available and full list of benefits shown on the page
http://www.tescobank.com/credit-cards/premium/

aside of the extra Clubcard point earning rate, the main benefits are:
A one time £50 off on BA Club Europe for up to 9 people
Wolrdwide Family Insurance
5000 Clubcard Point bonus when spending £5000 in any year
1% enhanced rate on Tesco Travel money

Ethel_2

Still not worth the fee. Tesco seems to have forgotten just who their target market is.