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 (May 2021)
As a reminder, there are various ways of earning Avios from UK credit cards. Many cards also have generous sign-up bonuses.
There are two official British Airways American Express cards:
You can also get generous sign-up bonuses by applying for American Express cards which earn Membership Rewards points, such as:
Click here to read our detailed summary of all UK credit cards which earn Avios. This includes both personal and small business cards.
Do you have a small business? Until 20th May 2021, you can receive a special sign-up bonus worth 29,900 Avios with the Capital On Tap Business Rewards Visa credit card. This offer is exclusive to Head for Points readers. Click here to learn more.
(Want to earn more Avios? Click here to visit our home page for our latest articles on earning and spending your Avios points and click here to see how to earn more Avios this month from offers and promotions.)