Tesco Bank Low APR Credit Card review
- Representative example:
- When you spend £1,200 at a purchase rate of 10.941% (variable) p.a., your representative rate is 10.9% APR (variable).
- Account fee
- £0
- Interest-free each billing period
- Up to 56 days
- Minimum credit limit
- £100
Our verdict
If short-lived 0% deals aren't your thing and you're more interested in a low, ongoing (albeit variable) rate, this card's hard to beat.
If you're looking to keep things simple with a straightforward, cheap credit card and you collect Clubcard points, the Clubcard Credit Card with Low APR is a very strong contender.
Because the rates are low indefinitely, you don't need to set any calendar reminders for expiring introductory deals. Just bear in mind that the rate is variable (meaning that Tesco Bank will periodically change it at their discretion) and, crucially, can be tailored to the individual applicant.
If you want to save interest on significant existing credit card debt, or if you're looking to spread the cost of a large upcoming expenditure, there are better options (at least in the shorter-term) available from both Tesco Bank and other card issuers. There are numerous 0% interest offers available, which are great while the interest-free period lasts, but usually best ditched after that point.
As with all Tesco Bank credit cards, you'll be able to earn additional Tesco Clubcard reward points on your day-to-day spending, and you'll earn these at a higher rate when you shop at Tesco.
Pros
- Customers report excellent customer service when dealing with Tesco Bank
- A low ongoing interest rate (variable)
- Earn Clubcard points on day-to-day spending
- No annual fee
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 | 10.9% |
| Annual/monthly fees | £0 |
| Balance transfers | 11.457% |
| Balance transfer fee | 3.99% |
| Purchases | 10.941% |
| Purchases interest-free period | Up to 56 days |
| Money transfers | 11.457% |
| Cash advances | 24.942% |
| 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, entertainment or Avios points. |
| Potential costs | 4.5 ★★★★★ |
| Doing its job | 5.0 ★★★★★ |
| Extras | 4.0 ★★★★★ |
| Overall Finder Score | 5.0 ★★★★★ |
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 | 3.99% |
| 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 Low APR Clubcard Credit 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 low rate 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 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 settled on the Tesco Bank Low APR Clubcard Credit 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.
Frequently asked questions
Finder credit card scores
Our experts score low rate credit cards to determine their value against similar products on the market. We look at a number of important factors, like exactly how low the low rate is, any perks/benefits, 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.
