Tesco Bank Seem to be Exiting Ireland

Discussion in 'Banking, credit cards, etc' started by CiaranT, May 10, 2017.

  1. CiaranT

    CiaranT .

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    Tesco have stopped accepting new customers for their Irish credit card product.

    No word on when or if new customer applications will recommence.

    No effect, for now, on existing customers.

    Difficult to work out whether this is short-term or the first step towards Tesco ending their credit card product here.
     
  2. CiaranT

    CiaranT .

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    The CCPC have removed Tesco's credit card product from their website.

    I bet Tesco Bank's decision to exit Ireland is due to Brexit and the removal of passporting, akin to Nationwide UK (Ireland)'s exit.
     
    MrEarl likes this.
  3. Delboy

    Delboy Frequent Poster

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    Ah well, it was good while it lasted!
     
  4. Gervan

    Gervan Frequent Poster

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    When Tesco cut their rewards programme I did an analysis of my purchases and decided even with the €30 stamp duty, it was worth my while keeping it. Otherwise, I would have cancelled the card before the April date.
    I shall be so cross if my card is cancelled before my rewards have covered this year's stamp duty!
     
    Leper likes this.
  5. Leper

    Leper Frequent Poster

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    I've been using the Tesco Visa Card for years and with their points scheme and me being one of those guys who always keeps the account in credit I found that even with the tax I was always well ahead.

    What Visa Card is best value now?
     
  6. Nordkapp

    Nordkapp Frequent Poster

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    If Tesco bank exit will they transfer the card or will they force you to go and seek a card from afresh? It was such a pain getting the Tesco card in the first place and waiting 1 year before getting an increase in credit limit
     
  7. CiaranT

    CiaranT .

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    If Tesco Bank exit Ireland they will either sell their existing credit card customers to another provider or force you to get a new credit card provider.

    Tesco Bank might be currently trying to sell their existing customer base.
     
  8. Nordkapp

    Nordkapp Frequent Poster

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  9. CiaranT

    CiaranT .

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    The Irish Times article confirms that Tesco Bank are no longer accepting Irish credit card customers. The article does not state as to whether Tesco Bank will fully exit Ireland but that seems to now be almost a forgone conclusion.

    Tesco Bank and Nationwide UK (Ireland) are clear Brexit passporting casualties. One side effect of Brexit is less banking competition for Irish customers. There could be further casualties, Investec and Leeds Building Society (Ireland) have limited time to sort out their post Brexit Irish set up.
     
  10. Nordkapp

    Nordkapp Frequent Poster

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    21 months by my calculation. Small country - no competition
     
  11. CiaranT

    CiaranT .

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    Last edited: May 17, 2017
    21 months till Brexit is scheduled to occur but banks need to get their legal structure in place long before that. Getting a new banking license or exiting takes times.
     
    Last edited: May 17, 2017
  12. MrEarl

    MrEarl Frequent Poster

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    I think Investec will stick around (although at the moment, I think they are a branch of their UK office so will clearly need to make alternative arrangements), but can't see why Leeds might. Very sad to see competition reducing and probably deserves a discussion thread of it's own.

    I'd have thought Tesco's Irish credit card business offers an opportunity for the likes of KBC or Avantcard to increase their market share (assuming it's for sale).
     
  13. Chef Harold

    Chef Harold Registered User

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    We should see some decent replacements as the German based (fintech) banks expand their offering in Ireland. N26 are already present, and Fidor seem to be ramping up their business outside Germany.
     
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  14. CiaranT

    CiaranT .

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    Yeah, I would also guess that Tesco are looking to sell their existing customer base.

    Investec as an entity will stick around, their small deposit wing is a much bigger question mark.
     
  15. MrEarl

    MrEarl Frequent Poster

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    While Deposits are highly unlikely to be making the money these days (as with every other bank), I can see it being retained as part of a bigger picture. Invesco are trying to get back to offering a range of banking services in Ireland again - incl loans, fx, deposits etc.
     
  16. CiaranT

    CiaranT .

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    Invesco and Investec are different companies :) Investec offer retail deposits.
     
  17. MrEarl

    MrEarl Frequent Poster

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    That's correct - sorry typo (I've had dealings with both... Invesco obviously do pension trustee stuff etc.) :)
     
  18. llgon

    llgon Frequent Poster

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  19. Nordkapp

    Nordkapp Frequent Poster

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    Moved to KBC in anticipation, KBC provides online viewing but they are a disaster to deal with, you have to constantly watch them
     
  20. Carnmore

    Carnmore Frequent Poster

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