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 Money Transfer Credit Card review January 2020
A card that puts you in control – letting you transfer funds to another account without incurring interest.
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.
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?
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.