TESCO has announced it is to cut the value of its Clubcard rewards scheme in a move that has provoked anger from customers.

The UK’s biggest supermarket said its Clubcard points will be worth twice their value when customers cash them in, rather than three times as they are now, from June 14.

The scheme enables shoppers to collect points for money spent at Tesco and exchange them for vouchers which can be used in store or for excursions such as restaurant meals and day trips.

In an email to current Clubcard members, Tesco’s chief customer officer Alessandra Bellini said the move would “make sure we can continue to provide you with a wide range of exciting rewards, whilst keeping our product prices low”.

A Tesco spokesperson said: “Clubcard unlocks the best value from Tesco – from thousands of exclusive deals through Clubcard Prices, to money off your groceries and fuel, or accessing double the value of your vouchers with more than 100 Clubcard Reward Partners .

“We are making a change to how members can use their vouchers with our Reward Partners, but they will still be able to unlock great value in the same range of ways as before.”

The grocer first introduced Clubcard in 1995 and promptly saw a 28% spending uplift.

The popular scheme enables points to be spent at locations including Pizza Express, Legoland and Alton Towers.

Customers took to social media to express their disappointment with the changes, pointing out it came as the cost-of-living crisis was already placing pressure on household budgets.

One shopper posted: “Tesco #clubcard now only worth x2 – gee thanks #Tesco – you really care about your loyal customers – not. Maybe time to shop elsewhere.”

A second Clubcard user wrote: “We were always grateful for the @Tesco Clubcard X4 when our kids were younger, it helped out massively on days out, we used our vouchers to buy towards Merlin passes which saved us so much money.

“We use it now for ourselves and X3 is good, but what an insult #X2 is to customers!”

Meanwhile, a third person chimed in: “Dear @tesco Just got your email re clubcard voucher exchange value changing to 2x, not 3x the value.

“Really disappointing! Not that long ago they were worth 4x the value. Are you not making enough profit already?”

One woman tweeted Tesco that its Clubcard scheme had “kept me shopping with you but now with your prices soaring and the announcement about the points changes I’ll be looking elsewhere”.

“I bet a lot will do the same. It really helped us all out. Disappointed in you Tesco,” she added.

Sainsbury’s and Boots also cut the value of their loyalty schemes recently.

From May, Boot’s Advantage Card holders will get 25% less for every £1 they spend in store, earning 3p rather than 4p.

In November Sainsbury’s Bank cut the amount of Nectar points customers could earn by 75%, from two points for every £1 spent, to one point for every £2.