Credit cards Date:
Tesco Bank has extended the length of the 0% interest balance transfer term on its already competitive balance transfer credit card, pushing it right to the top of the Moneyfacts charts as a result.
Tesco Bank Clubcard Credit Card for Balance Transfers MasterCard now has a 40-month interest-free term for balance transfers, a joint market-leading offer. It comes with a lower introductory balance transfer fee of 2.69% and a three-month 0% interest term for purchases.
Money transfers, which will be charged at 20.626% per annum with a fee of 3.00% (min £3.00), are also permitted.
Balances must be transferred within 60 days in order to qualify for the introductory deal. Once the initial offers expire, balance transfers will be charged at 20.626% per annum, while standard purchases will be charged at 18.9% APR.
In addition to the interest-free deals, borrowers can also earn five Clubcard points for every £4 spent in Tesco stores, with one point awarded for every £8 spent elsewhere.
Borrowers must be Clubcard holders and at least 18 years old with a minimum annual income of £5,000. Applications can be made by post, phone and online. Borrowers should remember that rates are representative and dependent on their credit rating.
This deal certainly stands out thanks to its new lengthier interest-free term for balance transfers, and borrowers are likely to notice the improvement. In addition to this eye-catching deal, this card also boasts a three-month 0% interest purchase period as well as a tempting Clubcard point scheme, which all add up to make this an outstanding product.
Moneyfacts rating: Outstanding
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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