Credit cards Date:
Tesco Bank has extended the 0% interest term on balance transfers for one of its credit cards and reduced the introductory balance transfer fee by 0.20%. As a result, it has earned the highest Moneyfacts rating and sits comfortably towards the top of the Moneyfacts charts.
Clubcard Credit Card for Balance Transfers MasterCard now has a 38-month interest-free term for balance transfers with an introductory fee of 2.70%, which enables it to sit just behind the market-leader of its sector. In addition, the card offers borrowers a three-month 0% interest term for purchases and also allows money transfers, which are charged at 20.626% per annum with a 3.00% fee (min £3.00).
As an additional incentive, Clubcard holders will be able to earn 5 points for every £4 spent in Tesco or on Tesco fuel, while 1 point will be earned for every £8 spent elsewhere.
Balances must be transferred within 90 days in order to qualify for the interest-free 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.
Borrowers must be at least 18 years old and have a minimum annual income of £5,000. Applications can be made online, by post or by phone. Borrowers should remember that rates are representative and dependent on their credit history.
By extending the interest-free period on balance transfers as well as reducing the introductory balance transfer fee, this deal has cemented its position towards the top of the charts. Borrowers looking to pay-off outstanding credit card balances while also having a little flexibility to spread the cost of further purchases will be intrigued by this update, which also offers Clubcard holders the additional incentive of Clubcard points for purchases. This is an outstanding product that fully deserves the highest Moneyfacts rating.
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 Any products featured may be withdrawn by their provider or changed at any time.
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