Tesco Bank credit cards, loans and savings to be bought by Barclays – here's what you need to know

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Comments

  • Bridlington1
    Bridlington1 Posts: 2,355 Forumite
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    This one may not end well for me. I received a lifetime ban from Barclays in 2022 and currently hold a credit card with Tesco. Whilst there's no changes for Tesco customers now, I'm wondering if my Barclays lifetime ban will eventually spread to Tesco as a result of the take over? If so then I would most likely see them closing my credit card.
  • Volcane
    Volcane Posts: 307 Forumite
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    I can’t say “how” I received them as such, I just did. Tbh I just assumed these were the normal rates until now. I suppose they are tailored to individuals and the public will never know the algorithms.
    Best Regards,

    V
  • WillPS
    WillPS Posts: 3,402 Forumite
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    This one may not end well for me. I received a lifetime ban from Barclays in 2022 and currently hold a credit card with Tesco. Whilst there's no changes for Tesco customers now, I'm wondering if my Barclays lifetime ban will eventually spread to Tesco as a result of the take over? If so then I would most likely see them closing my credit card.
    Too soon to tell - could honestly go the other way too, you get moved over and that forces the marker on your profile to be removed.

    Another possibility, although not seen in Barclays' takeover playbook previously, is that they keep the Tesco Bank operation somewhat separate to the main Barclays platform.

    Either way, it could also be several years away.
  • pochisoldi
    pochisoldi Posts: 261 Forumite
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    Expect a bodge fest as they move the Tesco Bank products onto Barclays IT.
    Their current IT is creaking. I could probably raise 10 complaints, then receive compensation between £25 to £50 for each one, with the issue left unresolved.
    Their complaints department only exists to ensure that the "closed within 8 weeks" box is ticked, with the underlying issues never actually fixed. My latest complaint has been ongoing for just shy of 4 months, and they still haven't fixed it, however the compensation received thus far makes them far more profitable than any other cashback/rewards scheme..
  • WillPS
    WillPS Posts: 3,402 Forumite
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    Expect a bodge fest as they move the Tesco Bank products onto Barclays IT.
    Their current IT is creaking. I could probably raise 10 complaints, then receive compensation between £25 to £50 for each one, with the issue left unresolved.
    Their complaints department only exists to ensure that the "closed within 8 weeks" box is ticked, with the underlying issues never actually fixed. My latest complaint has been ongoing for just shy of 4 months, and they still haven't fixed it, however the compensation received thus far makes them far more profitable than any other cashback/rewards scheme..
    Are you saying Tesco Bank's IT is creaking or Barclays' is? I think the truth is both have weird characteristics.
  • FredTrump
    FredTrump Posts: 383 Forumite
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    Expect a bodge fest as they move the Tesco Bank products onto Barclays IT.
    Their current IT is creaking. I could probably raise 10 complaints, then receive compensation between £25 to £50 for each one, with the issue left unresolved.
    Their complaints department only exists to ensure that the "closed within 8 weeks" box is ticked, with the underlying issues never actually fixed. My latest complaint has been ongoing for just shy of 4 months, and they still haven't fixed it, however the compensation received thus far makes them far more profitable than any other cashback/rewards scheme..
    You sound like an ideal candidate for getting your banking relationship terminated. 
    Not a great loss given it's Barclays but none the less.
  • FredTrump
    FredTrump Posts: 383 Forumite
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    This one may not end well for me. I received a lifetime ban from Barclays in 2022 and currently hold a credit card with Tesco. Whilst there's no changes for Tesco customers now, I'm wondering if my Barclays lifetime ban will eventually spread to Tesco as a result of the take over? If so then I would most likely see them closing my credit card.
    I would wait and see rather than jumping ship now unless it been reported externally e.g. CIFAS.
  • pochisoldi
    pochisoldi Posts: 261 Forumite
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    FredTrump said:
    Expect a bodge fest as they move the Tesco Bank products onto Barclays IT.
    Their current IT is creaking. I could probably raise 10 complaints, then receive compensation between £25 to £50 for each one, with the issue left unresolved.
    Their complaints department only exists to ensure that the "closed within 8 weeks" box is ticked, with the underlying issues never actually fixed. My latest complaint has been ongoing for just shy of 4 months, and they still haven't fixed it, however the compensation received thus far makes them far more profitable than any other cashback/rewards scheme..
    You sound like an ideal candidate for getting your banking relationship terminated. 
    Not a great loss given it's Barclays but none the less.
    I (infrequently) complain, the bank doesn't fix the issue, and pays me money to go away.  If I complained about every single item (like a recent fees statement that says I paid £65 over 12 months for Barclays Blue rewards, when in reality I only paid £60), it would be like a second job. I mean if your bank can't get their figures right, it tells more about the bank's incompetence, than my patience.

  • pridehappy
    pridehappy Posts: 338 Forumite
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    I hope they don’t transfer products in the future - I’m not a fan of Barclaycard for multiple reasons. I’ve had a Tesco Bank Credit Card for years but heard worse things about Barclay’s as a whole, plus their environmental policies leave a lot to be desired…
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