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Tesco Bank Money Transfer Credit Card review
This card is no longer available, but you can use this page to compare alternatives.
As of March 2020, this card has been discontinued and is no longer available. However, this information has been kept for historical purposes. You can use this page to browse the range of credit cards currently available from Tesco Bank and to compare similar cards from other issuers.
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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 money transfers
19.9%
Representative APR
28 months
0% interest on balance transfers
£0
Account fee
Details
| Issuer | Tesco Bank |
|---|---|
| Network | Mastercard |
| Annual/monthly fees | £0 |
| 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% |
| Cash advances | 24.942% |
| Minimum credit limit | £250 |
| 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. 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. |
| Travel incentive | No cash advance fee and no handling fee on Tesco Travel Money. |
Review by
Chris Lilly
chris.lilly@finder.comChris 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.
Expert review
This Tesco Bank card is one of the few dedicated money transfer cards available on the market, allowing you to transfer money from your credit card to your bank account. This can be particularly useful if your upcoming expenditure is likely to require cash payments, or payments by transfers.
As well as the 0% period for transfers of funds from the card, you can also enjoy 0% periods on balance transfers and purchases, and as with all Tesco Bank credit cards, you’ll be able to earn additional Tesco Clubcard reward points on your day-to-day spending. Naturally you’ll earn points at a higher rate when you shop at Tesco.
There is a transfer fee of 3.94% 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 the 28 months of 0% interest, then it would be worth looking at money transfer deals with shorter 0% periods but lower fees.
As is the case with most money transfer deals, when the 0% period’s through, any outstanding balance will start to incur interest at a fairly punishing rate. Because of that you should focus on clearing any debt before that point. Divide the amount you plan to transfer 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).
How does this card compare with other money transfer deals?
Table: sorted by length of 0% money transfers offer, promoted deals first
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.
Compare Tesco credit cards
Table: sorted by representative APR, promoted deals first
1 - 7 of 7
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 (£12) or losing any promotional rates as a result. If you're purely using this card to spread the cost of a major expense, you could use a fixed-amount direct debit to ensure you've cleared the debt before the 0% period expires – simply divide what you borrow (plus the transfer fee) by 28 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).
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 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.
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.
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4 Comments
March 4, 2020
I’m looking to have a money transfer credit card so that I can pay off my overdraft debt and credit card together into one, is this easy to do and is this the right thing to do?
March 5, 2020
Hi Sam,
Thanks for your comment and I hope you are doing well. To answer your question above, doing a money transfer to get rid of debt is always a good thing as this gets rid of both your debts into one account and it gives you a lower interest. It is easy to apply for this card, simply secure the online application form as it only takes about 15 minutes. Make sure you check the eligibility requirements and have the information and documents ready to make the process as easy and straightforward as possible.
Hope this helps and feel free to reach out to us again for further assistance.
Best,
Nikki
April 29, 2019
I have just arranged a balance transfer to another credit card (balance £2300), from Tesco credit card of £1300 at 0% for 20 months, I do not use the previous card. Have I made the right decision.
April 30, 2019
Hi Christina,
Thanks for getting in touch! Generally, a balance transfer that lets you access a promotional low interest rate is a good idea because it will save you money while the rate is lower than you were previously paying. You’ll generally want to make the most of that low-rate period by focusing on clearing as much of the outstanding balance as you can while it lasts. As a friendly reminder, read the eligibility criteria and consider other features and details of the card (including the T&Cs) to decide if the product is right for you!
Hope this helps!
Best,
Nikki