Money transfer card gets top rating | Product News - Moneyfacts

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Money transfer card gets top rating

Money transfer card gets top rating

Category: Credit cards
Date: 14/12/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Tesco Bank has launched a new 35-month 0% interest money transfer credit card, earning it the top accolade thanks to its eye-catching rate and terms.

The basics…

Clubcard Credit Card for Money Transfers MasterCard offers borrowers 0% interest for 35 months for both money transfers and balance transfers, with a fee of 3.94% and 2.70% respectively. It also offers a six-month interest-free term for purchases.

The finer details…

Transfers must be made within 90 days of an account being opened in order to qualify for the interest-free deals. After the initial offers expire, both money transfers and balance transfers will be charged at an annual rate of 20.626%, while standard purchases will attract a charge of 18.9% APR.

Clubcard holders can benefit from added Clubcard points when using their card: 5 points can be earned for every £4 spent in store or on Tesco fuel, while 1 point can be earned for each £8 spent elsewhere.

Borrowers must be at least 18 years old with a minimum annual income of £5,000 to be eligible. Applications can be made online, by post and by phone. Borrowers should remember that rates are representative and dependent on their credit history.

Why we like it…

Borrowers who are looking for a cost-effective way to transfer money and/or transfer their credit card debts are likely to welcome this new deal. Offering an impressive 35-month interest-free term for money and balance transfers, borrowers can take advantage of a long-term period in which to clear their balance and transfer money without interest adding to the bill. The six-month interest-free purchase term is also a welcome bonus that gives this deal a little extra shine. 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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

 
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