When taking out a mortgage there are many factors to consider and earning Clubcard points should be at the bottom of your list of considerations. However as Tesco Bank is offering a mortgage where you can earn Clubcard points with your monthly payments, it is worth having a look at what you would get.
How does it work?
You earn 1 point for every £4 of your monthly mortgage payment. (This applies to both the capital and interest elements – not just the interest.)
You earn 1 point for every £4 of any overpayment you make, as long as it does not fully repay your mortgage
The points will show on your account within 6 weeks of every payment made
If a Tesco mortgage turns out to be the best choice of mortgage for you, the Clubcard points earned would be a nice bonus. However the amount of Clubcard points earned is not enough – by any means – to justify choosing the Tesco mortgage over a cheaper provider.
If you are making monthly payments of, for example, £1000 you would be earning 250 Clubcard points which is exchanged at 3x face value only £7.50.
To find out more about the Tesco Mortgages, go to their home page which also contains all the headline financial and regulatory details. Information on Clubcard earning rates with Tesco mortgage can be found here.Want to earn more Clubcard or Nectar points? Click here to visit the Shopper Points home page for the latest news and offers. Come back every day for new deals or join our email list.
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