A couple of weeks ago, I wrote this article about the Tesco Premium Credit Card.
I suggested that the card did not have much of a future given the closure of Tesco Direct in three weeks, because the main feature – 5000 bonus Clubcard points if you spent £5000 annually across all Tesco businesses – would now become trickier. I know some people relied on putting large household purchases through Tesco Direct in order to hit the £5000 target.
It seems that Tesco Bank agreed with me. The Tesco Premium Credit Card is being withdrawn from the market for new applicants. I don’t know if it is being closed to existing cardholders too.
If you were on the fence about applying, the application form might still be live if you click here. There is a 5,000 Clubcard points bonus (worth 12,400 Avios or 12,500 Virgin miles) for signing up. I have been told that it will be gone by the end of today, if it hasn’t gone already.
Whilst this was definitely a niche product – and one I struggled to get excited about – it does have potential. It may have suffered from poor marketing, because the free travel insurance benefit would have been valuable for a lot of mainstream card users who will not have Amex Platinum, HSBC Premier etc. At a lower fee (say £50) or with a different benefits package, it may have worked well for a lot of HFP readers as a strong points earner.
I have updated our core ‘best credit card’ articles, all of which are listed on this page of HFP, to reflect this change.
(Want to earn more miles and points from credit cards? Click here to visit our dedicated airline and hotel travel credit cards page or use the ‘Credit Cards Update’ link in the menu bar at the top of the page.)