By: Kate Anderson | Updated: 27th December, 2018
On Tesco Bank's Secure Website
If you are looking for a credit rebuilder card that offers you more than just access to credit, the Tesco Bank Foundation Card does just that. It offers free access to Noddle Premium services and Tesco Clubcard benefits, as well as a comparatively low APR and manageable credit limits.Read full review >
|Representative rate||27.5% APR (variable)|
|Interest rate on purchases||27.5% p.a. (variable)|
|Assumed credit limit||£1,200|
Are you looking for a credit rebuilder card that offers you more than just access to credit? The Tesco Bank Foundation Card does just that, with free access to Noddle Premium and Clubcard benefits as well as a comparatively low APR and manageable credit limits.
This card is the full package, with a reasonable credit rebuilder APR, access to support services from Noddle and the ability to earn Clubcard points.
The Tesco Bank Foundation Card is very much built to help those who have a history of bad credit really get their finances under control and understand how best to manage their borrowing. With additional support services from an outside company and a comparatively low APR, it lays a clear path towards improved credit scores.
I worked on the front line of personal-finance best buys for over eight years at one of the world’s largest research companies, Nielsen. I reported daily on the developments of the 2008 financial crisis and beyond, keeping up with the changing financial landscape and providing insights to all the major banks in the UK. I know the key players in the market and the tactics behind how they behave. All of which I will apply to highlight the best deals and give honest reviews to help you in your search.
There are strings attached to any offer, and the Tesco Bank Foundation Card is no different. Here are a few aspects to be aware of.
The Tesco Bank Foundation Card seems to offer above and beyond for a credit rebuilder card. It is right alongside its rivals in terms of APR and credit limits, but has the added benefits of Clubcard reward points and credit advice services from Noddle. It may ask a bit more of card holders in terms of monthly payments, but if you can be sure you can achieve those you will have a much greater chance of benefiting in the long run.
The card requires that you are 18 years old or over and a UK resident with an annual income of at least £5,000. While designed for those with a history of bad credit, the bank does say you will be more likely to be accepted if you haven’t received any CCJs in the past 18 months or had an account closed in the past year due to missed repayments.
You can apply online and will receive a decision in under 10 minutes. The bank does require you to provide your address history for the past three years, details of your annual income and monthly take-home pay, and a bank account number and sort code.
If you are looking for a credit rebuilder card and are in the market for a little something extra, then the Tesco Bank Foundation Card is definitely one to consider. Whether it is right for you depends on whether you are confident that you can successfully make a minimum payment of £25 a month. If so, then you could potentially unlock free credit improvement services from Noddle, Clubcard reward points and access to a higher credit limit in the near future.
The Motley Fool receives compensation from some advertisers who provide products and services that may be covered by our editorial team. It’s one way we make money. But know that our editorial integrity and transparency matters most and our ratings aren’t influenced by compensation. The statements above are The Motley Fool’s alone and have not been provided or endorsed by bank advertisers. The Motley Fool has recommended shares in Lloyds, Tesco and Barclays.