The campaign, which started yesterday, will see 15 million Clubcard holders being able to cash in on the scheme with vouchers worth twice their face value.
The retail giant is hoping that the promotion will bring in a million new customers to take advantage of the deals on toys, baby items, alcohol, clothes, and cosmetics.
A TV campaign also launched yesterday to promote the deals with actress Fay Ripley and Full Monty actor Mark Addy.
Points will be collected in the same way, but consumers must redeem their double value vouchers at Clubcard desks or online.
Marketing and commercial director Richard Brasher said: "With customers going to greater lengths to search out bargains it is even more important for Tesco to say thank you when they choose to shop with us."