Britain’s Tesco Bank has agreed to sell its Irish credit card portfolio to Avantcard, a Spain-based consumer finance company.
Upon completion of the transaction, around 27,000 credit card accounts are set to be transferred from Tesco Bank to Avantcard.
Cardholders will be able to continue using the existing cards until they receive a new card, which is applicable to the Tesco Clubcard reward points as well, reported Irish Times.
Tesco offers a variety of credit cards with different features such as Purchases Card without interest payment for 28 months, Balance Transfer Fee Card with zero balance transfer fee, Premium Card focussed on reward points and Foundation Card to allow improvement of credit rating.
The deal follows Tesco Bank’s decision to cease accepting applications for its credit card services from Irish customers in May last year.
Avantcard managing director Chris Paul said: “Avantcard’s strategy is to be a leading consumer finance provider in Ireland by 2020, and this will be achieved through ongoing product innovation, continuing investment and strategic partnerships.”