Barclays and Tesco have announced a new fuel cashback offer to help ease motoring costs, according to multiple reports. According to reports, from Friday May 1 to July 31, customers can earn 5% cashback on fuel purchases of £5 to £200 made using an eligible personal Barclays debit card at Tesco fuel stations, with cashback capped at £10 per calendar month per customer. The offer launches just before the early May bank holiday getaway, according to reports.
The offer comes amid a surge in fuel prices driven by the conflict in the Middle East, according to multiple reports. A Barclays consumer spend report indicated that 67% of UK adults remain confident in their household finances and 71% feel able to live within their means, but fuel spending is leading an overall increase in essential spending. It is unclear how many customers are expected to take advantage of the offer.
Barclays is also offering a £200 switching deal for new customers who open a Barclays current account in the bank’s app before May 28, according to reports. The bank regularly provides cashback offers across areas of everyday spending for Blue Rewards, Premier and eligible Barclaycard customers, reports say. Vim Maru, chief executive of Barclays UK, said: "Through our partnership with Tesco, we’re able to offer savings on fuel at a time when costs are rising, helping customers make their money go that bit further.
Through our partnership with Tesco, we’re able to offer savings on fuel at a time when costs are rising, helping customers make their money go that bit further. This sits nicely alongside our £200 switcher offer for new customers wanting to open a Barclays current account.
" The impact of the offer on Tesco’s existing Clubcard fuel discounts has not been confirmed. Customers must register for cashback rewards in the Barclays app to participate, according to reports. Reports say full details of the cashback offer are available on Barclays’ website.
Esso filling stations are excluded from the offer, according to reports. Eligible cards include those linked to a Barclays basic current account, a Barclays Bank account, a Premier current account, a Student Additions/Higher Education account or a Wealth current account, reports say. According to reports, customers must be aged 18 or over and be a UK resident.
Reports say cashback is usually paid one to two working days after the fuel transaction has left the account, appearing as 'Barclays Fuel CB' on the statement. It is not yet known whether the offer is limited to certain Tesco store types, such as Express versus superstores, and additional terms and conditions may apply.