Get 0% for 15 months on purchases and Tesco Clubcard points every time you spend with this new offer.
Product Details
Tesco Bank - Tesco Clubcard Credit Card (Purchase)
View product details
What's the deal?
The Tesco Clubcard credit card now offers a market leading 0% on purchases for 15 months so you can spread the cost of your spending for longer without paying any interest.
The card also offers 0% balance transfers for 9 months, subject to a 2.9% handling fee. Unlike many balance transfer offers you can take advantage of the 0% balance transfer deal at any point during the 9 months you get interest free giving you more flexibility.
What's more, the Tesco Clubcard credit card also rewards you with 2 Clubcard points for every £4 you spend at Tesco and 1 Clubcard point for every £4 you spend anywhere else.
Who would it suit?
The Tesco Clubcard credit card is best suited to anyone looking to spread the cost of a large purchase without paying interest on their borrowing.
It's available to anyone over the age of 18 with an annual income of £5,000 or above. You will, however, need to have a good credit rating and a recent credit history free from defaults, arrears, CCJs or missed payments in order to get approved.
What's the catch?
While it's not a catch per se, the 16.9% representative APR applied to any amount left on the Tesco Clubcard credit card once the 0% balance transfer and 0% purchase deals end is reasonably high. As such, you should aim to pay off everything you owe completely before interest is charged.
The best way to do this is to treat the credit card like a loan and work out how much you need to pay off each month.
You should then set aside this amount in a high interest savings account each month so that you can pay off the balance once the time comes and avoid any interest charges whatsoever.
Remember you'll have 15 months to pay off your interest free purchases but only 9 months to pay off a balance transfer.
You'll need to continue making the minimum repayment of 1% of your balance, or £25 each month throught.
What's the alternative?
At the moment the 0% for 15 months on offer from the Tesco Clubcard credit card is the longest interest free deal out there.
It is, however, matched by the M&S credit card which also offers 0% for 15 months on purchases and rewards you for your spending to the tune of 1 reward point for every £1 you spend at M&S and 1 point for every £2 you spend everywhere else.
If you would prefer M&S Rewards to Tesco Clubcard points and don't need the 0% balance transfer benefit then this may be a better option for you.
If you do want to make a 0% balance transfer as well as new purchase it's worth comparing your options before you take up the offer that comes with the Tesco Clubcard credit card.
There are a number of credit cards on the market that offer longer 0% balance transfer periods with a lower balance transfer fee than the Tesco card. These are definitely worth considering as they could save you a substantial amount.
You can compare your options alongside the Tesco Clubcard credit card's 0% balance transfer offer in our 0% balance transfer comparison table.
We have done our very best to make sure that the information included in this Deal is accurate. However, sometimes offers can be withdrawn or changed at the last minute so please do check that you're able to redeem this Deal before parting with any money, or going out of your way to take advantage of the offer.
