Tesco is currently trialling a new method for people to pay for their shopping.
The supermarket giant is introducing a card that carries a prepaid amount of money, and shoppers would not be able to go over this limit.
Referred to as Clubcard Pay, the card would be geared towards those looking to avoid overspending as it only allows you to spend the funds previously loaded onto it.
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The new payment method, which is hoped will help shoppers budget, has already been launched discretely online ahead of a proper rollout planned for September.
As the Manchester Evening News reports, Clubcard Pay allows you to add money from an existing bank account, coming with a contactless Visa debit card.
The card also comes with a special "round up" feature, which would round up the shopper's spend to the nearest pound and deposit the difference into a savings account.
The feature, which those who struggle to save money may find particularly useful, can be opted out of.
The savings account pays 0.1% AER variable interest - which isn’t a top player, given some of the best easy-access accounts right now pay 0.5% - and you can withdraw your money without incurring a penalty fee.
Finally, if you’re a Tesco shopper, you’ll earn extra Clubcard points for the first 100 days of opening Clubcard Pay - and it also acts as your physical Clubcard, meaning you won’t need to swipe both cards in stores.
You'll collect two points for every £1 spent in Tesco in the first 100 days before this drops back to one point per £1 - the same as with a regular Clubcard.
Your money that you preload or save, up to £85,000, is protected by the Financial Services Compensation Scheme.
But as this is a prepaid card, you won’t be able to get an overdraft on it and you can’t pay out direct debits on it.
It’s also expensive to use abroad - Tesco charges a 2.75% foreign exchange fee on all Clubcard Pay debit card transactions made outside of the UK.
Tesco Clubcard members who are UK residents and aged 18 or over can apply for the card.
However, the supermarket group told MoneySavingExpert, who first reported on the new product, that it'll only accept up to around 20,000 applications until September.
MSE also notes how, as this is a trial card, the core features could change when it launches fully in September.
