The managing director of Tesco Bank has revealed plans to align its offer more closely to the supermarket’s retail brand after ramping up Clubcard rewards for customers.
The bank announced today it would quadruple the Clubcard points earned by people using its debit card from April to one point for every £1 spent, putting rewards in line with in-store spending. It has also promised to keep its 3% interest rate for current holders until at least 2019 at a time when Tesco said rivals were reducing their rates.
Reflecting the language often used by Tesco CEO Dave Lewis, Tesco Bank said the move was an “extra little help” for customers in uncertain financial times.
MD David McCreadie said: “We realise that this is a tough and uncertain time for our customers and we want to help them have more certainty.
“We want to align ourselves more closely with the Tesco supermarket brand. We are one brand and we feel that there are a number of opportunities for us to increase the way we do that, for example by using Clubcard and its huge reach.”
The bank’s CEO Benny Higgins added: “Too often banks focus on new deals for new customers, with little consideration for rewarding existing customers.
“With our unique guarantee, we are offering Tesco customers peace of mind that they will make a return on their hard-earned money, as well as rewarding them for their loyalty by giving them a bigger thank you when shopping in Tesco.”
Tesco has built up more than 140,000 customers since it launched its current account two-and-a-half years ago.
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