Credit cards Date:
Tesco Bank has increased the interest-free balance transfer period on one of its balance transfer credit cards to a joint market-leading 37 months, earning it the top accolade as a result.
Clubcard Credit Card for Balance Transfer MasterCard now has a 0% interest balance transfer period of 37 months with a fee of 2.90%, enabling it to sit near the top of the Moneyfacts charts.
As well as an interest-free balance transfer term this card also offers a three-month 0% period for purchases. Borrowers will earn 5 Clubcard points for every £4 spent in a Tesco store or on Tesco fuel, and 1 point for every £4 spent elsewhere. Money transfers are also possible and carry an annual charge of 18.941% with a 3.00% fee.
Once the initial offers expire, balance transfers will be charged at 20.626% per annum, while purchases will carry a rate of 18.9% APR.
Borrowers must be at least 18 years old and have a minimum annual income of £5,000. They should also remember that rates are representative and dependent on their credit rating.
The increase to the interest-free balance transfer term has made this deal into an eye-catching option. The added bonus of a three-month 0% interest term for purchases is also highly appealing, as is the opportunity to earn Clubcard points on spending. 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 Any products featured may be withdrawn by their provider or changed at any time.
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