By: Peter Stephens | Updated: 16th December 2020.
Tesco’s Balance Transfer Card gives successful applicants 22 months of 0% interest on balance transfers. That’s very near the longest on the market. There is a 2.98% balance transfer fee to be paid, but that’s typical of 0% offers of this length. The card also offers 12 months 0% on money transfers, with a 3.94% fee, and Tesco Clubcard points, making it a very well-rounded offer.
0% interest for 22 months on balance transfers in the first 90 days
0% interest for 12 months on money transfers in the first 90 days
KEY SCORES:
If you are looking for a balance transfer credit card with a generous 0% interest period that also offers rewards, the Tesco Balance Transfer Credit Card could be appealing. It has a 22-month balance transfer period, during which time a 0% interest rate is applicable.
It also has a money transfer offer, while Tesco Clubcard points could make it more appealing as an everyday credit card. Although there are transfer fees and foreign exchange fees, the card stacks up relatively well when compared to rival offerings.
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The 22-month balance transfer period offered by the card is competitive. Although it may be possible to find a somewhat more generous period from other balance transfer credit cards, you’re unlikely to find a significantly longer 0% interest period.
The money transfer offer is also attractive in terms of its length and could make the card more appealing versus its peers. Likewise, the rewards that are on offer from the Tesco Balance Transfer Credit Card help it to stand out versus peers, and may mean that it is useful as a primary credit card for many consumers.
While the card’s balance transfer, money transfer and foreign exchange fees may reduce its appeal, they are comparative to those of other balance transfer credit cards. Although it may be possible to find credit cards with lower fees, their 0% interest periods for balance transfers and money transfers may be shorter as a result. The card’s lack of an annual fee may make it more appealing than other balance transfer cards.
Before applying for the Tesco Balance Transfer Credit Card, it is worth double-checking that you meet the eligibility criteria. These include having a good credit history, having an annual income of at least £5,000 and not holding more than one other Tesco credit card.
The advertised interest rates and balance transfer period are representative. This means that they must be offered to the majority of successful applicants, with the remainder potentially receiving different terms. Therefore, it may be the case that you receive a shorter balance transfer period, for example, than the 22 months advertised.
Applications for the credit card can be made online. A decision as to whether an application has been successful is usually available within 10 minutes.
Various details will be required when applying for the card. They include your previous address history, details of your employment, as well as information on current balances on other credit cards or personal loan information should you be seeking to take advantage of the balance transfer or money transfer offers respectively.
If you are looking for a balance transfer or money transfer credit card with a long 0% interest rate period relative to those of many other cards, the Tesco Balance Transfer Credit Card could be a good option. The fact that the card offers Tesco Clubcard points increases its appeal and could make it a worthwhile credit card to use every day as opposed to just using it for the 0% interest rate period on balance transfers and money transfers.
As with many balance transfer credit cards that have long 0% interest periods, fees apply to debt that is transferred onto the card. The foreign transaction fee is also fairly standard across non-travel credit cards. However, the card is still relatively appealing despite its various fees. It could help to reduce your interest costs on existing debt, while providing rewards for everyday spending without charging an annual fee.
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