Tesco Bank Balance Transfer Credit Card review 2025
- Representative example:
- Representative 24.9% APR variable. Based on assumed borrowing of £1,200. Rate of interest 24.9% p.a. (variable).
- 0% interest on balance transfers
- 34 months
- 0% interest on money transfers
- 9 months
- Account fee
- £0
Our verdict
Transfer your existing card debt and enjoy a rate of 0% for 34 months – buying you a healthy amount of time to focus on reducing the balance.
If you're paying an arm and a leg in interest on credit card debt, this deal lets you transfer it across to Tesco Bank, to enjoy an impressive 34-month 0% period – the card issuer's longest. By cutting out the interest payments, you could get debt-free sooner and more cheaply.
There is a transfer fee of 3.45% to consider, which will be particularly painful for those looking to transfer larger sums. If you don't need 34 months to clear your debt, then it would be worth looking at no-fee balance transfer deals first.
As is the case with most balance transfer deals, when the 0% period's through, any outstanding debt will start to incur interest at a fairly punishing rate. Because of that you should focus on clearing the debt before that point. Divide your balance by 34 to see what you'll need to repay each month, and try not to use the card for any further spending (despite the fact that you'd earn Clubcard points for doing so).
Pros
-
No annual fee
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Over 2 years to reduce card debt
-
Earn Clubcard points on spend
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Customers report excellent customer service when dealing with Tesco Bank
Cons
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Applicants with low credit scores are unlikely to be eligible
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Relatively high balance transfer fee
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Relatively high money transfer fee
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You may be offered an opening credit limit as low as £100
Details
Product overview
| Issuer | Tesco Bank |
| Network | Mastercard |
| Representative APR | 24.9% |
| Annual/monthly fees | £0 |
| Balance transfers | 24.94% |
| Balance transfer fee | 3.45% |
| Purchases | 24.942% |
| Purchases interest-free period | Up to 56 days |
| Money transfers | 29.947 |
| Cash advances | 29.95% |
| Minimum credit limit | £100 |
| Maximum credit limit | Subject to status |
| Additional cards available | 1 |
| Incentive | 5 points per £4 spent (£4 minimum) in Tesco and 1 point per £8 spent (£8 minimum) outside Tesco. Must have available credit to earn points. Points are converted to Tesco vouchers or can be exchanged for Partner rewards to receive money off a variety of restaurants or entertainment. |
| Potential costs | 5.7Standard |
| Extras | 9.9Excellent |
| Overall Finder Score | 9.8Excellent |
Fees and charges
| Minimum monthly payment | Greater of: 1% of the underlying balance plus the month's interest and any applicable fees and charges; £25; or the outstanding balance. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 3.45% |
| Money transfer fee | 3.99 |
| Foreign usage charge (EU) | 2.75% |
| Foreign usage charge (rest of world) | 2.75% |
| Cash advance fee | 3.99 |
| Late payment fee | 12 |
| Replacement card fee | £0 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £0 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application requirements
| Minimum Age | 18 |
| Minimum income | £5,000 |
| Residency | UK residents |
| Availability | Available to new customers |
The Tesco Bank Balance Transfer Credit Card is issued on the Mastercard network, so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
Approval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Defaqto.
Repayment options
You can make manual repayments through Tesco Bank's app by logging in to your online banking or over the phone (0345 300 4278). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of 12). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 34 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
| Minimum amount | |
|---|---|
| Fixed amount | |
| Fixed percentage | |
| Full amount |
How to apply
First, you can use Finder's eligibility checker to find out if you'd be likely to get approved for the Tesco Bank Balance Transfer Credit Card. This won't impact your credit score. If it's good news, you can then proceed to Tesco Bank's online application, which takes 10–15 minutes to complete. You can request a balance transfer as part of your application.
Tesco Bank and Finder Awards
Our Finder Awards celebrate brands that truly stand out in their field, creating innovative personal finance products and providing outstanding service to their customers. Tesco Bank is one of these brands and was named our 2024 Credit Cards Customer Satisfaction Award winner!
Frequently asked questions
What credit limit will I get with the Tesco Bank Balance Transfer Credit Card?
If Tesco Bank offers you this deal, it will specify a personalised credit limit based on Tesco Bank's assessment of your situation. Once you've had the card for a while and shown Tesco Bank you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the Tesco Bank Balance Transfer Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The interest rate on this part of your balance will be 29.95%, which is 20% more than the standard purchase rate (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
What should I do with my old credit card after transferring the balance to the Tesco Bank Balance Transfer Credit Card?
Transferring a balance doesn't automatically close your old account. In most cases, you'll want to close the old account(s) straightaway, especially if they have an annual/monthly fee or if you might be tempted to use them in the future. There is an argument that you should keep the old account open to help your credit score. That's because doing so keeps your "credit utilisation ratio" lower (that's a measure of how much credit you're using compared to what's available to you) and helps the average age of your credit accounts. However, unless you're just about to apply for a new mortgage, it's probably fair to say that most people would prefer to have no more bank accounts open than was truly necessary.
How much does it cost to use the Tesco Bank Balance Transfer Credit Card abroad?
Non-sterling transactions are subject to a 2.75% charge (which is very standard). For example, if you spend 200 euros (£175.75), it'll cost you around £4.83 in fees.
Can I request an additional Tesco Bank Balance Transfer Credit Card?
Yes, you can request one more. There's no fee for additional cards. Plus, with additional cards, you could be able to earn Clubcard points at a faster rate. Bear in mind that card debt accrued by additional cardholders is the sole responsibility of the account holder – not the additional cardholder.
