Tesco announces changes to Clubcard scheme in April
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Inflation in the UK has hit 10.1 percent for the second time this year as households come under pressure from the sharpest annual rise in food prices for more than 40 years. Soaring prices for food and drink were the biggest driver behind the latest cost of living increase, with an annual rise of almost 15 percent, the fastest annual jump since April 1980, as the price of bread and cereals, meat, milk, cheese and eggs shot up.
Gail Goldie, chief banking officer at Tesco Bank spoke exclusively with Express.co.uk about how shoppers can make the most of rewards schemes and save up to 50 percent on their favourite foods at a time when everything is getting so much more expensive.
Well over half (56 percent) of UK consumers have been turning to reward and loyalty points, in a bid to combat the rising cost of living, according to new research from Tesco Bank.
This need to maximise points is also translating into how people spend at the tills. Just under half (49 percent) of the 3,000 people surveyed by Tesco Bank, say the cost of living crunch means they are increasingly using loyalty points or rewards to pay for goods and services.
Ms Goldie said: “Right now, it’s all about how we make our money stretch a little further at the tills. And for lots of shoppers that means making the most of the rewards and loyalty points they have built up over time. These points can help to buy experiences, meals out or simply cut the cost of the weekly shop.
“And while we are seeing some people still head home with their favourite brands, there has been a clear shift in buying habits, across a real range of goods. People have an eagle eye on the deals and are looking for ways to cut down the cost of any shopping they do.
“This just shows how important personalised and tailored offers, rewards, points and loyalty schemes are. Shoppers are looking for value for money but also, for retailers that recognise loyalty and will help them make the most of rewards.”
500 Tesco Clubcard points can be turned into a £5 voucher to use in Tesco (or triple the value with any of Tesco’s reward partners).
She added: “This is, and continues to be, a major cost-saver for customers shopping with their loyalty points.
“In addition, the savings customers can access from using a Clubcard to access special Clubcard Prices is significant, including getting up to 50 percent off on thousands of food/ household products.”
For more information, people can visit the Tesco website.
Ms Goldie has suggested some tips to help people make the most of rewards schemes
Look out for extra deals
Most loyalty or reward schemes will offer a promotion when people sign up so look out for these and make the most of them. Clubcard Pay+ from Tesco Bank also rewards shoppers with double points when shopping at Tesco for the first three months after opening their account.
People can exchange their Clubcard vouchers for codes to spend with Clubcard Reward Partners where they get up to three times the voucher value. People could spend these with hundreds of Reward Partners, including days out and restaurants.
People can also spend their vouchers on groceries at Tesco to get money off their weekly shop or money off their Tesco Mobile phone contract.
She said: “Lots of retailers will offer a reward or loyalty scheme so make sure you are signed up with retailers that you often shop with. And not just for your grocery shopping, think about where you buy clothes, household goods, cosmetics etc. These can help you build up points, which in turn can help you save money.”
There are lots of different benefits, from discounted items and money off at the till, to offers on meals out and tickets for days out.
Unlock favourite brands
If someone has brands that they love, keep an eye on the discounts or offers that are available to them. There might be a special deal for customers signed up to reward schemes.
Check what has been built up over time
Ms Goldie continued: “Don’t forget to spend the points you have built up. Points can be used towards purchases for birthdays, Christmas, one-off treats for loved ones – or indeed yourself!
“Keep an eye on your points total and check if there are any deadlines to spend these instore or online.”
Share the knowledge
She encouraged Britons to share their tips and tricks with their friends and loved ones. Making everyday finances and m budgets stretch that bit further is a real priority right now so people need to make sure they are sharing any insights, deals or offers with their friends and family.
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