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Tesco’s balance transfer card still in charts

Tesco’s balance transfer card still in charts

Category: Credit cards
Date: 04/04/2017

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 It is now over 6 months old so the content may be out of date.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 removed the introductory 0% interest offer for purchases on its 0% balance transfer credit card. Despite this, it remains in the Best Buy chart for its sector and still attains a high Moneyfacts rating.

The basics…

The Tesco Bank Clubcard Credit Card for Balance Transfers MasterCard still boasts a competitive introductory balance transfer term of 40 months, with an introductory fee of 2.69%. It also still offers an introductory money transfer term for the same 40-month period, with a 3.94% fee. Balances and money must be transferred within 90 days.

The finer details…

After the introductory periods have ended, balance and money transfers will be charged at an annual rate of 20.626% with a 3% fee (min. £3). Purchases come with an APR of 18.9%.

As an added bonus, customers can benefit from five Clubcard points for every £4 spent in Tesco and one point for every £8 spent elsewhere, with these points being convertible to Tesco vouchers or other rewards.

Borrowers must be at least 18 years old with a minimum income of £5,000 and should remember that rates are representative and dependent on credit ratings. The card can be obtained online, by post or over the phone.

Why we like it…

While this card will now no longer be attractive to those looking for introductory offers on both balance transfers and purchases, its introductory balance transfer term of 40 months is still competitive enough to earn it a place in the Best Buys as well as a high rating.

Moneyfacts rating: Excellent

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

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