Tesco Bank Balance Transfer Credit Card review 2024
- Representative example:
- When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
- 0% interest on balance transfers
- 28 months
- 0% interest on money transfers
- 9 months
- Account fee
- £0
Our verdict
Transfer your existing card debt and enjoy a rate of 0% for 28 months – buying you a healthy amount of time to focus on reducing the balance.
If you're paying an arm and a leg in interest on credit card debt, this deal lets you transfer it across to Tesco Bank, to enjoy an impressive 28-month 0% period – the card issuer's longest. By cutting out the interest payments, you could get debt-free sooner and more cheaply.
There is a transfer fee of 3.19% for 28 months reverting to 3.99% to consider, which will be particularly painful for those looking to transfer larger sums. If you don't need 28 months to clear your debt, then it would be worth looking at no-fee balance transfer deals first.
As is the case with most balance transfer deals, when the 0% period's through, any outstanding debt will start to incur interest at a fairly punishing rate. Because of that you should focus on clearing the debt before that point. Divide your balance 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).
Pros
-
No annual fee
-
Over 2 years to reduce card debt
-
Earn Clubcard points on spend
-
Customers report excellent customer service when dealing with Tesco Bank
Cons
-
Applicants with low credit scores are unlikely to be eligible
-
Relatively high balance transfer fee
-
Relatively high money transfer fee
-
You may be offered an opening credit limit as low as £100
Details
Product overview
| Issuer | Tesco Bank |
| Network | Mastercard |
| Representative APR | 24.9% |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 27 months reverting to 24.9% |
| Balance transfer fee | 3.19% for 28 months reverting to 3.99% |
| Purchases | 24.9% |
| Purchases interest-free period | Up to 56 days |
| Money transfers | 0% for 9 months reverting to 24.9% |
| Cash advances | 29.947% |
| Minimum credit limit | £100 |
| Maximum credit limit | Subject to status |
| Additional cards available | 1 |
| Incentive | 5 points 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 or entertainment. |
| Potential costs | 3.9 ★★★★★ |
| Doing its job | 4.2 ★★★★★ |
| Extras | 4.3 ★★★★★ |
| Overall Finder Score | 4.1 ★★★★★ |
Fees and charges
| Minimum monthly payment | 1% or £25 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance plus any arrears; or any amount owed over credit limit plus over limit fees; or double the total interest and defualt fees plus £5 and any arrears. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 3.19% for 28 months reverting to 3.99% |
| Money transfer fee | 3.99% |
| Foreign usage charge (EU) | 2.75% |
| Foreign usage charge (rest of world) | 2.75% |
| Cash advance fee | 3.99% (min. £3) |
| Late payment fee | £12 |
| Replacement card fee | £0 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £0 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application requirements
| Minimum Age | 18 |
| Minimum income | £5,000 |
| Residency | UK residents |
| Availability | Available to new customers |
The Tesco Bank Balance Transfer Card is issued on the Mastercard network, so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
How does it compare?
Tesco Bank's card
Other popular balance transfer deals
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. Most of the data in Finder's comparison tables is provided by Moneyfacts.
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 losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of £12). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance 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 settled on the Tesco Bank Balance Transfer Card, 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. You can request a balance transfer as part of your application.
Frequently asked questions
Finder credit card scores
Our experts score balance transfer cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the balance transfer offer, the balance transfer fee, any restrictions to making a transfer, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.
