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Our Business Credit Cards are closing

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Our Business Credit Cards are closing

Our Business Credit Cards are closing

Our Business Credit Card was designed for small businesses and sole traders and was available for new customers from 2006 to 2009. Although we stopped taking new applications, we have continued to service these accounts and continued to offer our Business Credit Card customers cashback rewards on their spending. In recent years, our focus has been to provide competitive personal Banking and Insurance products. We have recently undertaken a review of our range of products and have decided to close our Business Credit Cards.

What does this mean if I’m a current Business Credit Card customer?

On 16th December 2019, you and your additional cardholder(s) will no longer be able to make transactions or withdraw cash. You do not need to pay off your outstanding balance by the 16th December. As long as you make at least your minimum payment on time every month, you can pay off the balance as normal.  We’ll continue to add interest and fees to your account until you have paid off your balance in full.  

How do I find out my outstanding balance?

If you have a balance on your account, you’ll receive a monthly statement.  Your balance and payment details (how much you have to pay and when) are on the front of this statement. You’ll no longer be able to access Online Banking or our Mobile App so if you previously received your statements electronically, we’ll send you paper statements to let you know what your balance is and how much you have to pay and when. Your statements will be available to view, download and print from your Online Banking at any time until 16 December.

What should I do if I’m concerned that I can’t repay my balance?

Please contact us to discuss your options; this may include arranging a repayment plan that’s affordable for you. If you need further help managing your money, you can find more information at tescobank.com/help/financial difficulty.

What if my account is in credit when my account is closed?

Please contact us on 0345 300 4278* to arrange for the balance to be paid back to you.

Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.

I have recurring transactions. What do I need to do?

If you, or any of your additional cardholders, have set up regular payments from your credit card account (such as subscriptions), please make sure you cancel the payments and make other arrangements before 16th December 2019. From then on, we won’t authorise the payments, and you may experience disruption to your services.  You can cancel recurring payments by contacting us, or the payee directly.

What if I need copy statements for my tax return?

You can download these via Online Banking or Mobile App until 16th December 2019.

I’ve paid an annual fee, will this be refunded?

As a gesture of goodwill we’ll refund any annual fees you’ve paid this year, including annual fees for additional cardholders.  The refund will be made directly to your credit card account between 12th and 14th November 2019.

Note:  since all annual fee refunds will be paid by 14th November 2019, this means if your annual fee is due after 14th November, you’ll receive your refund before you actually pay your fee.

Will I be able to take out another Tesco Bank credit card?

Because of this change, we now only offer lending products for personal use. You can apply for a Tesco Bank credit card for your personal use, provided you don’t already hold more than one Tesco Bank credit card.  Please note, you can’t transfer a balance between Tesco Bank credit cards. You can find more information on our products at tescobank.com.