Tesco Bank All Round Clubcard Credit Card review 2022
A good all-rounder which offers interest free periods on balance transfers, purchases and money transfers.
You say: ★★★★★We say: ★★★★★
Doing its job: 4/5
In a nutshell:
0% interest on balance transfers
0% interest on purchases
0% interest on money transfers
|Balance transfers||0% for 12 months reverting to 22.94%|
|Balance transfer fee||1.99% for 12 months reverting to 3.99%|
|Purchases||0% for 12 months reverting to 22.94%|
|Purchases interest-free period||Up to 56 days|
|Money transfers||0% for 12 months reverting to 29.94%|
|Minimum credit limit||£100|
|Maximum credit limit||Subject to status|
|Additional cards available||1|
|Incentive||1 point per £4 spent (£4 minimum) in Tesco and 1 point per £8 spent (£8 minimum) outside Tesco, must have available credit to earn points. Card can also be used as a Clubcard to collect standard points at 1 point per £1 spent on shopping and an enhanced rate of 1 point per £1 spent on fuel. Points are converted to Tesco vouchers which can be used towards shopping or exchanged for Partner Rewards.|
|Travel incentive||No cash advance fee and no handling fee on Tesco Travel Money.|
Chris Lilly is a publisher at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
If you’re looking to take a break from interest on an outstanding card balance, but need a card that you can also use for upcoming purchases (or even transfers from the card to another account), this card is worth a closer look.
As with all Tesco Bank credit cards, you could even earn a few Clubcard points along the way – and you’ll earn these at a higher rate when you use the card at Tesco.
It’s a solid all-rounder… but for a limited time only. After the card’s 0% periods have expired, it’s likely to be time to shop around for a better value or more rewarding deal. If you only need a credit card to do one thing (like spread the cost of an upcoming large purchase, save money on interest or earn reward points), then a more specialised card from Tesco or another issuer might be more suitable.
Pros and cons
- Customers report excellent customer service when dealing with Tesco Bank
- A year of 0% interest on balances transferred to focus on reducing your card debt
- A year to spread the cost of purchases
- A year of 0% interest on funds you transfer out from the card
- No annual fee
- Relatively high money transfer fee
- You may be offered an opening credit limit as low as £100
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 (£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 for this Tesco credit card
If you've compared cards and settled on the Tesco Bank All Round 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 All Round Clubcard Credit Card?
If Tesco Bank is able to offer you this deal, the offer will specify a personalised credit limit based on Tesco Bank's assessment of your situation. The minimum limit offered on this card is £100 and Tesco Bank does not specify a maximum. Once you've had the card for a while and shown Tesco Bank that you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the Tesco Bank All Round 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 All Round Clubcard Credit Card is 3.99% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250, and you'll incur a rather painful fee of £9.98.
The interest rate on this part of your balance will be 29.94%, which is 31% 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 All Round Clubcard Credit Card abroad?
Non-sterling transactions are subject to a 2.75% charge. For example, if you spend 200 euros (£171.81), it'll cost you around £4.72 in fees.
What is the minimum payment on the Tesco Bank All Round Clubcard Credit Card?
Each month you must pay at least 1% of your balance at that point or £25.00 – whichever of the 2 figures is greater. So if you had, say, £2,450.00 outstanding, you'd pay £25.00, and if you had £10,000.00 outstanding, you'd pay £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.