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.
Tesco Bank Balance Transfer Credit Card review January 2020
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.
You say: ★★★★★We say: ★★★★★
Doing its job: 4/5
In a nutshell:
0% interest on balance transfers
0% interest on money transfers
|Balance transfers||0% for 28 months reverting to 21.814%|
|Balance transfer fee||2.98% for 28 months reverting to 3.99% (min. £3)|
|Purchases||0% for 3 months reverting to 19.944%|
|Purchases interest-free period||Up to 56 days|
|Money transfers||0% for 28 months reverting to 21.814%|
|Min. credit limit||£250|
|Max 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. 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.|
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.
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
- 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.
- Foreign transaction fees.
- Balance transfer and money transfer fee.
How does this card compare against other balance transfer deals?
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.