Tesco slashes value of clubcard points as Britons given deadline to maximise rewards

The scheme allows shoppers to collect points for money and exchange them for vouchers which can be used in store or for restaurant meals and day trips.

Sainsbury’s and Boots have also cut the value of their loyalty schemes.

The Clubcard shake-up, which will be enforced From June 14, has been met with disappointment from Tesco customers.

One woman tweeted that Tesco's 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".

While another said cutting the rewards by a third made them "pretty redundant tbh [to be honest], hardly a reward at all".

Tesco's chief customer officer Alessandra Bellini said the move would "make sure we can continue to provide you with a wide range of exciting rewards, whilst keeping our product prices low".

The Supermarket said they will also be extending the time period that Clubcard rewards would be valid for from six months to 12 so that shoppers can use points at the higher value ahead of the change.

The popular scheme enables points to be spent at the likes of Pizza Express, Legoland and Alton Towers.

Previously, Tesco received backlash after dropping the value of some rewards and raising others.

But the company is not the only retailer to cut its reward scheme.

From May, Boot’s Advantage Card holders will get 25 per cent less for every £1 they spend.

While in November, Sainsbury’s Bank cut the amount of Nectar points customers could earn by 75 per cent, from two points for every £1 spent to one point for every £2.

Lisa Byfield-Green, data and insights director at trade magazine Retail Week, said just like households, supermarkets were facing increased costs and were "having to decide where to invest and where to cut back".

She said Tesco's Aldi price match scheme, Clubcard prices and Low Everyday Price initiatives had "come at a cost" for the business.

"As costs spiral, Tesco has already cut jobs at its head office and reduced the number of managers in its stores. It has closed service counters and at the same time will grant shop workers their third wage increase of the year next month,” she told the BBC.