Claim your Tesco Bank Credit Card refund

Who are Tesco Bank?

Back in 1997, Tesco Personal Finance was formed as the result of a joint venture between Tesco plc and Royal Bank of Scotland plc. Eleven years later, Tesco bought the RBS share and changed the brand name to Tesco Bank. According to the dedicated Tesco Bank website, the brand has 5.2 million customer accounts, a lending balance of £ 6.4 billion, and £5.7 billion in customer deposits. In terms of the brand’s current service offering, customers can select from a range of personal banking and insurance products as well as credit cards and pet insurance.

What’s the current situation?

Tesco Bank made headlines during the second week of February 2023 when Sky News reported that Goldman Sachs was being lined up to advise on the future of the Tesco Banking arm. According to City insiders, the review was at a very initial stage and may not necessarily lead to a formal sales process. Within the article, it was highlighted that a banking analyst suggested that the Tesco Bank sale could be worth more than £1bn based on its book value.

Unlike other lending giants, Tesco Bank has received client unaffordability claims, some of which are upheld and lead to customer compensation.

For example, in November 2022 , Tesco Personal Finance PLC trading as Tesco Bank was advised by the FCA on how to handle a client’s unaffordable lending complaint by following the below actions:

• Rework Mr. B’s account to ensure that from the time of the credit limit increase to £2,300 (November 2016) onwards interest is only charged on balances up to the total credit limit of £1,300, (being the credit limit in place before that date) to reflect the fact that no further credit limit increases should have been provided. All late payment and over limit fees should also be removed; and
• If an outstanding balance remains on the account once these adjustments have been made Tesco Bank should contact Mr. B to arrange an affordable repayment plan for this account. Once Mr. B has repaid the outstanding balance, it should remove any adverse information recorded on Mr. B’s credit file from November 2016 onwards for his account.

OR

• If the effect of removing all interest, fees, and charges results in there no longer being an outstanding balance, then any extra should be treated as overpayments and returned to Mr. B, along with 8% simple interest per year on the overpayments from the date they were made (if they were) until the date of settlement. Tesco Bank should also remove any adverse information from Mr. B’s credit file from November 2016 onwards.

Don’t Delay. Check Now.

Don’t miss out on £100’s or even £1,000’s in compensation you could be entitled to. Checking only takes 5 minutes, so why not do it now?