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 0% Balance Transfer Fee Credit Card review November 2019
Save money when you move existing credit card debt to Tesco Bank with no interest and no transfer fees.
Finder rating: ★★★★★
Doing its job: 4.5/5
In a nutshell:
0% interest on balance transfers
Balance transfer fee
0% interest on money transfers
|Balance transfers||0% for 16 months reverting to 21.814%|
|Balance transfer fee||0% for 3 months reverting to 3.99%|
|Purchases||0% for 3 months reverting to 19.944%|
|Purchases interest-free period||Up to 56 days|
|Money transfers||0% for 16 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 in the process of clearing your credit card debt, the Tesco Bank 0% Balance Transfer Fee Credit Card helps you to do so faster – with 100% of your monthly repayment going towards clearing your debt for the first 16 months. Normally you’d incur a 2-3% balance transfer fee in order to enjoy such a long interest-free period, so if you’re transferring a larger sum, this card could save a fair bit of cash.
Another non-standard feature of the card is the option to take advantage of 0% interest on money transfers – that’s where you transfer money from the credit card to another account.
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. Try not to be tempted into using the card for additional spending however, and instead focus on clearing the balance before the 0% period expires.
As you’d expect, credit limits are tailored to the individual, and you can transfer a balance equivalent to up to 95% of your available credit limit. Tesco Bank may also offer you a shorter 0% period if your credit rating isn’t excellent.
How does this card compare with other similar cards on the market?
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 0% Balance Transfer Fee Credit Card
If you’ve compared cards and want to apply, 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.