• Join Date: Oct 2016
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    Protecting our customers from crypto scams
    07-07-21 , 12:22


    Hi everyone, we’re making a change to our Credit Cards I wanted to let you all know about. Customers won’t be able to use their card to buy cryptocurrency, or to invest in cryptoassets from 14 July 2021.

    While interest in cryptocurrency is at an all-time high, the market is largely unregulated and more people are falling victim to scams involving cryptocurrency.

    We’ve made the decision to protect Tesco Bank customers from these scams. The most effective way of doing this is to block credit card payments to companies dealing in crypto purchases or trading activities.

    If you have any questions or feedback you can post in the comments below, send Tesco-Bank a private message, contact us on Facebook or Twitter, or call us on 0345 300 4278

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    Sign up for our Beta here

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  • Join Date: Aug 2021
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    05-08-21 , 16:33

    How very authoritarian of you. We are not children who need our spending habits scrutinised by corporations. I will be cancelling my credit card immediately.
  • Join Date: Aug 2021
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    06-08-21 , 09:56

    Quote Originally Posted by RossM View Post

    We’ve made the decision to protect Tesco Bank customers from these scams. The most effective way of doing this is to block credit card payments to companies dealing in crypto purchases or trading activities.


    This is pathetic from Tesco. The decision shows that Tesco are uneducated, ignorant and lazy and don't understand cryptocurrencies. How does stopping us using legitimate exchanges protect us from scams? It will actually drive people into the arms of scammers who will offer to help find other ways of investing.

    Why doesn't Tesco block users from making payments to banks such as HSBC and Barclays as they have been found guilty of illegal and fraudulent activities?

    This won't stop me investing in crypto because I will use other methods to move "my own money" around.
  • Join Date: Oct 2016
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    06-08-21 , 10:14

    @M81162 Hi, this article is not in relation to moving money between accounts and is in relation specifically using a Tesco Bank Credit card to invest in cryptocurrency's.
  • Join Date: Aug 2021
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    06-08-21 , 13:26

    @RossM As I said what gives Tesco the right to tell me where I can and cannot invest? Tesco don't understand cryptocurrencies.
  • Join Date: Aug 2021
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    14-08-21 , 19:39

    You are my credit card provider. Nothing more. You have absolutely zero right to tell me what I can or cannot invest in as long as what I am doing breaks no laws. And guess what, investing in cryptocurrencies breaks no laws. All you are doing is making your business less relevant. Do you imagine that adults will let you treat them this way? What will happen is that people will simply close their accounts and find places that serve their financial needs.
    The hubris of this decision is astonishing.
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    15-08-21 , 10:41

    Hi @IAMANADULT, sorry to hear about your disappointment surrounding this. We'll feed back all your comments to our Customer Insight team to review.

    Sign up for our Beta here

    If you need to ask a question about a Tesco Bank product, you can make a post in Help & Support here

    Also, feel free to Introduce Yourself and have fun in Off-topic too!


  • Join Date: Aug 2021
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    very shortsighted!
    16-08-21 , 02:59

    I don´t think this move has anything to do with protecting customers from scams, rather that every bank has invested in a new Crypto themselves and wants to protect their own assets!! They can´t bear to see customers succeed themselves. The agreement nationwide/worldwide to reveal Bank/central Bank Crypto is not ready they are panicking and using authoritarian measures to shut we their customers down.
    Agree with other customer on review of Tesco card usage.
    Last edited by NicolaRiley5; 16-08-21 at 03:02. Reason: add a sentence
  • Join Date: Aug 2021
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    16-08-21 , 17:55

    I suggest that we all vote with our sterling and take our business elsewhere. Revolut, Metro, there are a few others that do not treat their customers like children and let them make their own financial decisions.
  • Join Date: Oct 2021
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    17-10-21 , 17:01

    Yeah definitely, I assume we will no longer have the ability to use our cards for gambling websites.
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