In this guide

  • Our verdict
  • Details
    • Product Overview
    • Fees and charges
    • Application Requirements
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Tesco Bank Low APR Credit Card review

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Tesco Bank Low APR Clubcard Credit Card
5.0
β˜…β˜…β˜…β˜…β˜…
Finder score
Representative example:
When you spend Β£1,200 at a purchase rate of 10.941% (variable) p.a., your representative rate is 10.9% APR (variable).
Account fee
Β£0
Interest-free each billing period
Up to 56 days
Minimum credit limit
Β£100

Our verdict

If short-lived 0% deals aren't your thing and you're more interested in a low, ongoing (albeit variable) rate, this card's hard to beat.
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If you're looking to keep things simple with a straightforward, cheap credit card and you collect Clubcard points, the Clubcard Credit Card with Low APR is a very strong contender.

Because the rates are low indefinitely, you don't need to set any calendar reminders for expiring introductory deals. Just bear in mind that the rate is variable (meaning that Tesco Bank will periodically change it at their discretion) and, crucially, can be tailored to the individual applicant.

If you want to save interest on significant existing credit card debt, or if you're looking to spread the cost of a large upcoming expenditure, there are better options (at least in the shorter-term) available from both Tesco Bank and other card issuers. There are numerous 0% interest offers available, which are great while the interest-free period lasts, but usually best ditched after that point.

As with all Tesco Bank credit cards, you'll be able to earn additional Tesco Clubcard reward points on your day-to-day spending, and you'll earn these at a higher rate when you shop at Tesco.

Pros

  • Customers report excellent customer service when dealing with Tesco Bank
  • A low ongoing interest rate (variable)
  • Earn Clubcard points on day-to-day spending
  • No annual fee

Cons

  • Applicants with low credit scores are unlikely to be eligible
  • Relatively high balance transfer fee
  • Relatively high money transfer fee
  • You may be offered an opening credit limit as low as Β£100

In this guide

  • Our verdict
  • Details
    • Product Overview
    • Fees and charges
    • Application Requirements

Details

Product Overview

Issuer Tesco Bank
Network Mastercard
Representative APR 10.9%
Annual/monthly fees Β£0
Balance transfers 11.457%
Balance transfer fee 3.99%
Purchases 10.941%
Purchases interest-free period Up to 56 days
Money transfers 11.457%
Cash advances 24.942%
Minimum credit limit Β£100
Maximum credit limit Subject to status
Additional cards available 1
Incentive
5 points per Β£4 spent (Β£4 minimum) in Tesco and 1 point per Β£8 spent (Β£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, entertainment or Avios points.
Potential costs 4.5 β˜…β˜…β˜…β˜…β˜…
Doing its job 5.0 β˜…β˜…β˜…β˜…β˜…
Extras 4.0 β˜…β˜…β˜…β˜…β˜…
Overall Finder Score 5.0 β˜…β˜…β˜…β˜…β˜…

Fees and charges

Minimum monthly payment 1% or Β£25 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance plus any arrears; or any amount owed over credit limit plus over limit fees; or double the total interest and defualt fees plus Β£5 and any arrears.
Annual/monthly fees Β£0
Balance transfer fee 3.99%
Money transfer fee 3.99%
Foreign usage charge (EU) 2.75%
Foreign usage charge (rest of world) 2.75%
Cash advance fee 3.99% (min. Β£3)
Late payment fee Β£12
Replacement card fee Β£0
Duplicate statement fee Β£0
Exceeding limit fee Β£0
Additional card fee Β£0
Dormancy fee Β£0

Application Requirements

Minimum Age 18
Minimum income Β£5,000
Residency UK residents
Availability Available to new customers

The Tesco Bank Low APR Clubcard 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.

How does it compare with other low rate deals?

Table: sorted by representative APR, promoted deals first
1 - 4 of 10
Name Product Finder Score Purchases Balance transfers Annual/monthly fees Representative APR Incentive Link
The Co-operative Bank 3 Year Fixed Rate Credit Card
3.5
β˜…β˜…β˜…β˜…β˜…
8.9%
8.9%
(0% fee)
Β£0
8.9% APR (variable)
Representative example: When you spend Β£1,200 at a purchase rate of 8.9% (variable) p.a., your representative rate is 8.9% APR (variable).
Tesco Bank Low APR Clubcard Credit Card
5.0
β˜…β˜…β˜…β˜…β˜…
10.941%
11.457%
(3.99% fee)
Β£0
10.9% APR (variable)
5 points per Β£4 spent (Β£4 minimum) in Tesco and 1 point per Β£8 spent (Β£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, entertainment or Avios points.
Representative example: When you spend Β£1,200 at a purchase rate of 10.941% (variable) p.a., your representative rate is 10.9% APR (variable).
Lloyds Bank Platinum Low Rate Credit Card
3.5
β˜…β˜…β˜…β˜…β˜…
10.94%
10.94%
(5% (0% fee if transfer is completed within the first 90 days) fee)
Β£0
10.9% APR (variable)
Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Lloyds Bank credit card.
Representative example: When you spend Β£1,200 at a purchase rate of 10.94% (variable) p.a., your representative rate is 10.9% APR (variable).
Halifax Credit Card Mastercard
4.0
β˜…β˜…β˜…β˜…β˜…
10.94%
10.9%
(5% (0% fee if transfer is done within the first 90 days) fee)
Β£0
10.9% APR (variable)
Representative example: When you spend Β£1,200 at a purchase rate of 10.94% (variable) p.a., your representative rate is 10.9% APR (variable).
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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 Moneyfacts.

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 either damaging your credit score, getting hit with a penalty fee (Β£12) or losing any promotional rates as a result.

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

If you've compared cards and settled on the Tesco Bank Low APR Clubcard Credit Card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible.

Frequently asked questions

What credit limit will I get with the Tesco Bank Low APR Clubcard 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. The minimum limit offered on this card is Β£100, and Tesco Bank does not specify a maximum. 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 Low APR Clubcard 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 cash advance fee on the Tesco Bank Low APR Clubcard Credit Card is 3.99% (min. Β£3). For example, if you withdraw Β£50, you'll incur a fee of Β£3.00. Withdraw Β£250 and you'll incur a rather painful fee of Β£9.98.

The interest rate on this part of your balance will be 24.94%, which is 129% 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).

How much does it cost to use the Tesco Bank Low APR Clubcard Credit Card abroad?

Non-sterling transactions are subject to a 2.75% charge. For example, if you spend 200 euros (Β£168.83), it'll cost you around Β£4.64 in fees.

What is the minimum payment on the Tesco Bank Low APR Clubcard Credit Card?

Each month, you must pay at least 1% of your balance at that point or Β£25.00 – whichever of the 2 figures is greater. So if you had, say, Β£2,450.00 outstanding, you'd pay Β£25.00, and if you had Β£10,000.00 outstanding, you'd pay Β£100.00.

Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money, which can lead to persistent debt.

Finder credit card scores

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β˜…β˜…β˜…β˜…β˜… β€” Subpar
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Our experts score low rate credit cards to determine their value against similar products on the market. We look at a number of important factors, like exactly how low the low rate is, any perks/benefits, plus the potential costs involved with running the card both in the short and longer term.

You can read more about our scoring criteria on our credit card methodology page.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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