Tesco plans to launch its new co-branded card nationally in the first week of June.
The card, being developed in conjunction with NatWest Bank (MW April 19), will be called Clubcard Plus.
It is being presented to Tesco’s board this week, and is similar to a debit card, but is being dubbed a payment card.
Under the system, it is understood that cardholders pay a standing order into a NatWest deposit account. Members of the Clubcard Plus scheme will have instant access to payment for their weekly groceries at Tesco, and other Clubcard outlets such as B&Q and Lunn Poly.
They can also earn interest on any outstanding money they have in their account.
Safeway is believed to be planning the launch of a similar card scheme using its ABC loyalty card, which it introduced into all its stores last autumn. The company refused to comment.
Meanwhile, Sainsbury’s denies launch of a co-branded loyalty and credit card is imminent, although it is believed such a scheme is being developed.
Tesco is giving extra Clubcard points on more than 70 products, including many own-label brands.