Tesco Bank Balance Transfer Credit Card review November 2019

Transfer your existing card debt and enjoy a rate of 0% for 28 months – buying you a healthy amount of time to focus on reducing the balance.

Finder rating: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 19.944% (variable) p.a., your representative rate is 19.9% APR (variable).

28 months

0% interest on balance transfers

19.9%

Representative APR

28 months

0% interest on money transfers

£0

Account fee

Details

IssuerTesco Bank
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 28 months reverting to 21.814%
Balance transfer fee2.98% for 28 months reverting to 3.99% (min. £3)
Purchases0% for 3 months reverting to 19.944%
Purchases interest-free periodUp to 56 days
Money transfers0% for 28 months reverting to 21.814%
Cash advances24.942%
Min. credit limit£250
Max credit limitSubject to status
Additional cards available1
Incentive1 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. 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.
Minimum Age18
Minimum income£5,000
ResidencyUK residents
AvailabilityAvailable to new customers
Annual/monthly fees£0
Balance transfer fee2.98% for 28 months reverting to 3.99% (min. £3)
Money transfer fee3.99% (min. £3)
Foreign usage charge (EU)2.75%
Foreign usage charge (rest of world)2.75%
Cash advance fee3.99% (min. £3)
Late payment fee£12
Duplicate statement fee£0
Exceeding limit fee£12
Additional card fee£0
Replacement card fee£0
Dormancy fee£0

Expert review

Chris Lilly

Review by


Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.

Expert review

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 28-month 0% period – the card issuer’s longest in fact. By cutting out the interest payments, you could get debt-free sooner and more cheaply.

There is a transfer fee of 2.98% for 28 months reverting to 3.99% (min. £3) to consider, which will be particularly painful for those looking to transfer larger sums. If you don’t need 28 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 28 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 and cons

Pros

  • Earn Tesco Clubcard points on purchases.
  • 0% interest on transferred balances for 28 months.
  • 0% interest on money transfers (transferring funds from the card to an account) for 28 months.
  • No annual fee.

Cons

  • Foreign transaction fees.
  • Balance transfer and money transfer fee.

How does this card compare against other balance transfer deals?

Table: sorted by length of 0% balance transfer offer, promoted deals first
Updated November 15th, 2019
Name Product Balance transfers Balance transfer fee Purchases Rep. APR Incentive Representative example
0% for 23 months reverting to 19.9%
0% for transfers in first 3 months
0% for 3 months reverting to 19.9% p.a. (variable)
19.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 23 months reverting to 19.9%
0% for transfers in first 3 months
0% for 3 months reverting to 19.9% p.a. (variable)
19.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 20 months reverting to 19.9%
2.9% (min. £5)
0% for 20 months reverting to 19.9%
19.9% p.a. (variable)
Earn 1 point for every £1 spent at Marks and Spencer's and 1 point for every £5 spent elsewhere. 100 points = £1 reward voucher. Points will be converted into reward vouchers 4 times a year.
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 12 months reverting to 19.9%
3% (min. £3)
19.9%
19.9% p.a. (variable)
Earn Asda vouchers every time you shop - 1% cashback on all Asda spend, 0.2% on all other transactions and 10% on selected insurance products. Once £2.5 is earnt a voucher can be downloaded to spend in Asda stores.
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 29 months reverting to 19.95%
3% (min. £3)
0% for 3 months reverting to 19.95%
19.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.95% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 29 months reverting to 19.95%
3% (min. £3)
0% for 3 months reverting to 19.95%
19.9% p.a. (variable)
Earn 750 bonus Nectar points each time £35 or more spent on Sainsbury's shopping, up to ten times in your first 2 months, up to a total of 7,500 points, offer available for new customers. Earn 2 Nectar points per £1 spent on Sainsbury's shopping and fuel. Earn 1 Nectar point for every £5 spent elsewhere.
Representative example: When you spend £1,200 at a purchase rate of 19.95% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 29 months reverting to 20.93%
2.75% for 2 months reverting to 5%
20.93%
20.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 20.93% (variable) p.a., your representative rate is 20.9% APR (variable).
0% for 29 months reverting to 21.9%
3% for 2 months reverting to 5%
0% for 3 months reverting to 21.9%
21.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).

Compare up to 4 providers

Approval for any credit card will depend on your status. The APR shown represents 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.

Repayment options

When it comes to repayments, you can make manual repayments online or over the phone (0345 300 4278), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee 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 the Tesco Bank Clubcard Credit Card for 28 Months Balance Transfer Mastercard

You can apply for this card online in around 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. If you’re looking to take advantage of the introductory rate on balance transfers, you’ll be asked during the application process if you’d like to bring a balance across.

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.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.

4 Comments

  1. Default Gravatar
    Mike
    March 24, 2019

    Can you tell me which credit cards permit a monthly payment in full by direct debit? Do Tesco cards allow this?

    • AvatarStaff
      Chris
      March 28, 2019

      Hi Mike,

      Thanks for your question about Tesco credit cards. You can indeed arrange to pay your bill in-full or in-part each month by direct debit.

      You’re actually not the first person to ask, so we’ve published a full list of the cards currently available in the UK with the direct debit repayment options for each.
      https://www.finder.com/uk/pay-your-credit-card-bill-by-direct-debit

      Cheers,
      Chris

  2. Default Gravatar
    Maureen
    August 23, 2018

    Will I be accepted for a balance transfer of £5000 with Tesco?

    • AvatarStaff
      Jhez
      September 1, 2018

      Hello Maureen,

      Thank you for your comment.

      The approved credit limit is determined by Tesco and may vary subject to your individual circumstances. With Tesco, you’re allowed to transfer up to 95% of your available credit limit.

      Therefore, we can’t say that you’ll be accepted for a balance transfer of £5000 since this will depend on your approved credit limit.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

Go to site