Tesco Bank Money Transfer Credit Card review

Last updated:  

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.

You say: ★★★★★We say: ★★★★★

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

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.

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

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
Data indicated here is updated daily
Name Product Money transfers Money transfer fee Purchases Annual/monthly fees Rep. APR Link Incentive Representative example
MBNA Long 0% Money Transfer Credit Card
2.99% for 2 months reverting to 5%
2.99% for 18 months reverting to 5%
22.93%
£0
22.9%
More Info
Representative example: When you spend £1,200 at a purchase rate of 22.93% (variable) p.a., your representative rate is 22.9% APR (variable).
Tesco Bank All Round Card
0% for 15 months reverting to 21.814%
3.94% for 15 months reverting to 3.99% (min. £3)
0% for 15 months reverting to 19.944%
£0
19.9%
More Info
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.
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).
Virgin Money 22 Month Balance Transfer Credit Card Mastercard
0% for 12 months reverting to 23.9%
4% for 12 months reverting to 5%
0% for 3 months reverting to 21.9%
£0
21.9%
More Info
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).
Virgin Money 20 Month Balance Transfer Credit Card Mastercard
0% for 12 months reverting to 23.9%
4% for 12 months reverting to 5%
0% for 3 months reverting to 21.9%
£0
21.9%
More Info
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).
Virgin Money 12 Month All Round Credit Card Mastercard
0% for 12 months reverting to 27.9%
4% for 12 months reverting to 5%
0% for 12 months reverting to 27.9%
£0
27.9%
More Info
Representative example: When you spend £1,200 at a purchase rate of 27.9% (variable) p.a., your representative rate is 27.9% APR (variable).
Virgin Money 16 Month Balance Transfer Credit Card Mastercard
0% for 12 months reverting to 27.9%
4% for 12 months reverting to 5%
0% for 3 months reverting to 27.9%
£0
27.9%
More Info
Representative example: When you spend £1,200 at a purchase rate of 27.9% (variable) p.a., your representative rate is 27.9% APR (variable).
Virgin Money 18 Month All Round Credit Card Mastercard
0% for 12 months reverting to 23.9%
4% for 12 months reverting to 5%
0% for 15 months reverting to 21.9%
£0
21.9%
More Info
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).
Tesco Bank Balance Transfer Card
0% for 12 months reverting to 21.814%
3.99%
19.944%
£0
19.9%
More Info
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.
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).
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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.

Compare Tesco credit cards

Table: sorted by representative APR, promoted deals first
Data indicated here is updated daily
Name Product Balance transfers Money transfers Purchases Annual/monthly fees Rep. APR Link Incentive Representative example
Tesco Bank Low APR Card
10.362%
(3.99% fee)
10.362%
(3.99% fee)
9.942%
£0
9.9% (variable)
More Info
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 1 point per £2 spent on fuel. Points are converted to Tesco vouchers which can be used towards shopping or exchanged for Partner Rewards.
Representative example: When you spend £1,200 at a purchase rate of 9.942% (variable) p.a., your representative rate is 9.9% APR (variable).
Tesco Bank Purchases Card
0% for 3 months
(2.9% fee)
0% for 3 months
(3.94% fee)
0% for 18 months reverting to 19.944%
£0
19.9% (variable)
More Info
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.
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).
Tesco Bank All Round Card
0% for 15 months
(1.99% fee)
0% for 15 months
(3.94% fee)
0% for 15 months reverting to 19.944%
£0
19.9% (variable)
More Info
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.
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).
Tesco Bank Balance Transfer Card
0% for 22 months
(2.98% fee)
0% for 12 months
(3.99% fee)
19.944%
£0
19.9% (variable)
More Info
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.
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).
Tesco Bank Foundation Card
27.542%
(3.99% fee)
39.941%
(3.99% fee)
27.542%
£0
27.5% (variable)
More Info
Collect 1 Tesco Clubcard point per £4 spent (£4 minimum) in Tesco and 1 Clubcard point per £8 spent (£8 minimum) outside Tesco in each purchase transaction.  Must have available credit to collect Clubcard points. Clubcard points are turned into Clubcard vouchers every 3 months or sooner using Faster Vouchers. Clubcard vouchers can be used in Tesco or with Clubcard Reward Partners to get even more value on dining out, hotel stays and travel.
Representative example: When you spend £1,200 at a purchase rate of 27.542% (variable) p.a., your representative rate is 27.5% APR (variable).
Tesco Bank Clubcard Plus Credit Card Mastercard
21.814%
(3.99% fee)
21.814%
(3.99% fee)
0% for 24 months reverting to 19.944%
£7.99 per month
37.7% (variable)
More Info
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 1 point per £2 spent on fuel. Points are converted to Tesco vouchers which can be used towards shopping or exchanged for Partner Rewards.
Representative example: When you spend £1,200 at a purchase rate of 19.944% (variable) p.a. with a fee of £7.99 per month, your representative rate is 37.7% APR (variable).
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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.

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.

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4 Comments

  1. Default Gravatar
    Sam
    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?

    • Avatarfinder Customer Care
      nikkiangco
      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

  2. Default Gravatar
    Christina
    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.

    • Avatarfinder Customer Care
      nikkiangco
      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

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