The scheme allows Clubcard holders to double the value of their reward vouchers and Tesco claims the scheme will give shoppers £100m in vouchers.
The double value vouchers can be redeemed against non-food products in-store or online. The double reward is in addition to the existing Double Points promotion.
The voucher exchange launches on Monday (8 November) and runs until 5 December.
The Big Christmas Exchange follows the first of Tesco’s voucher exchange initiatives, which launched in August.
Carolyn Bradley, Tesco’s UK marketing director, says: “In the lead up to Christmas, this promotion provides our Clubcard members with a great way to make savings. For Tesco, it’s our way of saying a huge thank you to our customers and with the broad range of items included, we’re confident that this Big Exchange will have mass appeal.”
Tesco’s Christmas ad campaign stars Britain’s Got Talent Judge Amanda Holden alongside Mark Addy and Fay Ripley.
Separately, Tesco has launched a press campaign featuring the newly launched Samsung Galaxy Tab with the strapline: “Every Little Helps on New Technology,” positioning Tesco as the destination to buy the top-end gadget.
Tesco is also offering a credit service to help shoppers spread the cost of buying the touchscreen tablet.