Credit cards Date:
Tesco Bank has reduced the 0% introductory balance transfer and purchase terms on its low APR credit card, but also significantly dropped its standard purchase rate, causing it to move straight to the top of the Moneyfacts charts in its sector.
The Tesco Bank Clubcard Credit Card with Low APR MasterCard now has an introductory 0% balance transfer and purchase term of one month. The standard purchase rate after the introductory period has ended, however, has been reduced to 5.9% APR, making it by far the lowest in its sector.
After the introductory periods have ended, balance transfers will be charged at an annual rate of 8.14% with a 3% fee, and standard purchases, as stated, will be charged at 5.9% APR. Money transfers, which have no introductory period, come with an annual rate of 7.84% and a 3% fee. As an added bonus, customers can enjoy a generous rewards scheme, with five Clubcard points awarded per £4 spent in Tesco stores and on Tesco fuel, and one point per £8 spent elsewhere.
Borrowers must be at least 18 years old with a minimum annual income of £5000, can apply by post, online or over the phone, and should remember that rates are representative and dependent on credit ratings.
Despite the decrease in introductory periods, the rate drop on standard purchases is significantly beneficial and should make it highly appealing to new customers, particularly loyal Tesco shoppers. It is certainly enough for the card to keep its outstanding Moneyfacts rating and move to the top of the charts in its sector.
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 Any products featured may be withdrawn by their provider or changed at any time.
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