Tesco has urged its 20 million Clubcard customers to cash in their rewards over the next fortnight before they are cut from three times to two times their value.
The UK’s biggest supermarket announced in March that its Clubcard points will be worth twice their value when customers cash them in, rather than three times as they are now, from June 14.
Rewards ordered up to and including June 13 will continue to be valid for one year from the date of issue.
The popular scheme enables shoppers to collect points for money spent at Tesco and exchange them for vouchers which can be used in store or for excursions to locations such as Pizza Express, Legoland and Alton Towers.
The grocer first introduced Clubcard in 1995 and promptly saw a 28% spending uplift.
Tesco’s chief customer officer Alessandra Bellini said: “While we are making a change to how members can use their vouchers with our reward partners, we want to remind millions of Clubcard holders to redeem their vouchers at three times the value until June 13 so they can use their reward partner codes to give themselves and their families a well-deserved treat.
“We have extended the validity of redeemed codes at the 3x rate, so if swapped before the deadline, they will be valid for a year, instead of six months, to give customers even more time to enjoy them.”
Customers expressed their disappointment at the change, pointing out it came as the cost-of-living crisis was already placing pressure on household budgets.
One shopper posted: “Tesco #clubcard now only worth x2 – gee thanks #Tesco – you really care about your loyal customers – not. Maybe time to shop elsewhere.”
A second Clubcard user wrote: “We were always grateful for the @Tesco Clubcard X4 when our kids were younger, it helped out massively on days out, we used our vouchers to buy towards Merlin passes which saved us so much money.
“We use it now for ourselves and X3 is good, but what an insult #X2 is to customers!”
A third wrote: “Dear @tesco Just got your email re clubcard voucher exchange value changing to 2x, not 3x the value.
“Really disappointing! Not that long ago they were worth 4x the value. Are you not making enough profit already?”
One woman tweeted Tesco that its Clubcard scheme had “kept me shopping with you but now with your prices soaring and the announcement about the points changes I’ll be looking elsewhere”.
“I bet a lot will do the same. It really helped us all out. Disappointed in you Tesco,” she added.
Sainsbury’s and Boots also cut the value of their loyalty schemes recently.
From May, Boots’ Advantage Card holders have received 25% less for every £1 they spend in store, earning 3p rather than 4p.
In November Sainsbury’s Bank cut the amount of Nectar points customers could earn by 75%, from two points for every £1 spent to one point for every £2.