Tesco cancels Irish credit card offering

If you're already signed up, however, it's business as usual...

Tesco, Ireland, Mandate, strike, called off, unnion,

File photo | Image: RollingNews.ie

Tesco has confirmed it is no longer offering its credit card to Irish shoppers, as it further reduces the financial services it offers in the market.

The UK supermarket chain told The Irish Times it "apologises" that customers in the Republic will no longer be able to avail of the Tesco Bank card. The change came into effect on May 10th.

A spokeswoman said:

"We have stopped accepting applications while we review our products and how we can best serve our customers in the future."

Current cardholders can continue using it and will still receive Clubcard loyalty points for doing so.

The newspaper speculates that the UK's impending departure from the EU is behind the move, as Tesco Bank is authorised across the Irish Sea and relies on EU passporting rules to operate in Ireland.

The grocer entered the Irish credit card market in 2000, offering a low initial APR of 4.9% and a 0% balance transfer rate for six months. 

Its car, home and pet insurance offerings were also closed to new Irish customers in 2014. 

Irish customers now have the choice of just five domestic providers when it comes to credit card options. Nationwide confirmed it was leaving Ireland last month, with Rabobank scaling down its Irish operations recently.