Tesco Bank Money Transfer Credit Card review November 2019

A card that puts you in control – letting you transfer funds to another account without incurring interest.

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 fee3.94% for 28 months reverting to 3.99% (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

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
Updated November 15th, 2019
Name Product Money transfers Money transfer fee Purchases Rep. APR Incentive Representative example
0% for 28 months reverting to 21.814%
3.99% (min. £3)
0% for 3 months reverting to 19.944%
19.9%
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).
0% for 28 months reverting to 21.814%
3.94% for 28 months reverting to 3.99% (min. £3)
0% for 3 months reverting to 19.944%
19.9%
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).
0% for 24 months reverting to 22.93%
2.99% for 24 months reverting to 5%
22.93%
22.9%
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).
0% for 23 months reverting to 23.9%
4% for 23 months reverting to 5%
0% for 20 months reverting to 21.9%
21.9%
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).
0% for 20 months reverting to 27.9%
4% for 20 months reverting to 5%
0% for 17 months reverting to 27.9%
27.9%
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).
0% for 20 months reverting to 23.9%
4% for 20 months reverting to 5%
0% for 3 months reverting to 21.9%
21.9%
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).
0% for 20 months reverting to 23.9%
4% for 20 months reverting to 5%
0% for 3 months reverting to 21.9%
21.9%
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).
0% for 18 months reverting to 27.9%
4% for 18 months reverting to 5%
0% for 3 months reverting to 27.9%
27.9%
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).

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 Money Transfer Mastercard

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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2 Comments

  1. 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.

    • AvatarStaff
      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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