Martin Lewis warns Tesco, Sainsbury's, Asda shoppers to 'ditch it'

James Rodger

15 June 2024 at 2:59 am·2-min read

Martin Lewis says Tesco, Asda and Sainsbury’s shoppers need to avoid supermarket credit cards. In a warning to Tesco Bank customers, as well as those with Asda and Sainsbury's credit cards, Mr Lewis - the ITV regular and BBC Sounds star - explained prepaid cards are worse than leading firms.

Mr Lewis urged shoppers to consider switching to major lenders, after an email from a fan who said: “We use credit cards for everything and clear them every month. At the moment we use supermarket points since the loyalty points can generally be cashed in for a higher value token. Is there a better way to make more cashback?”

Martin added: “Well if you’re using the supermarket points let it be Tesco points you’re converting into Tesco Clubcard deals, they can be quite lucrative.” The HyperJar card offers no monthly fee plus up to 2% cashback until 31 October, MSE has explained.

It says: "Newbies who sign up for a full HyperJar account, order a physical card and spend at least once using the physical or virtual card before 21 June will get up to 2% cashback on purchases until 31 October (spending using the physical card earns 1% cashback, while using the virtual card via Google or Apple Pay earns 2%).

"Cashback is paid on the 30th of the following month. To spend on the card you'll first need to load money onto it from another account. This is always free if you're loading £10+ but you can only load it with less than £10 once a month for free – it's 50p every time thereafter. If you're transferring money back out to your bank, that's free four times a month, and will cost you 50p each time after that.

"Once you've loaded up the account, you can spend from it as you would a normal debit card, earning cashback as outlined above. However, there are some exceptions, and not all purchases will qualify for cashback – for example: paying off credit cards, buying gift cards, gambling, and cryptocurrency transactions."

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