Back in May, we covered the announcement that Tesco Bank had decided to pull out of the mortgage market.
It was recently announced that Lloyds Banking Group had bought the ‘book’ in a £3.8bn deal. It paid 2.5% over the face value of the outstanding loans.
It seems that Tesco Bank is being more than fair with compensation to mortgage holders who will no longer be able to collect Clubcard points on their mortgage payments.
For customers on a fixed rate or tracker mortgage, they will receive – in one chunk – all of the Clubcard points they would have earned over the remaining term of their fix or tracker deal.
For anyone on a standard variable rate, they will receive a one-off payment equivalent of 12 months of Clubcard points. This is generous, given that the customer could then immediately remortgage.
The reader who sent me details was in line for a payout of 23,000 points, worth 55,000 Avios.
How to earn Avios from UK credit cards (March 2024)
As a reminder, there are various ways of earning Avios points from UK credit cards. Many cards also have generous sign-up bonuses!
In February 2022, Barclaycard launched two exciting new Barclaycard Avios Mastercard cards with a bonus of up to 25,000 Avios. You can apply here.
You qualify for the bonus on these cards even if you have a British Airways American Express card:
There are two official British Airways American Express cards with attractive sign-up bonuses:
You can also get generous sign-up bonuses by applying for American Express cards which earn Membership Rewards points. These points convert at 1:1 into Avios.
Run your own business?
We recommend Capital On Tap for limited companies. You earn 1 Avios per £1 which is impressive for a Visa card, along with a sign-up bonus worth 10,500 Avios.
You should also consider the British Airways Accelerating Business credit card. This is open to sole traders as well as limited companies and has a 30,000 Avios sign-up bonus.
There are also generous bonuses on the two American Express Business cards, with the points converting at 1:1 into Avios. These cards are open to sole traders as well as limited companies.
Click here to read our detailed summary of all UK credit cards which earn Avios. This includes both personal and small business cards.