Looking for a credit card that helps you reduce debt while rewarding your everyday spending?
The Tesco Low Fee Balance Transfer Card offers 0% interest for 15 months on balance transfers, with a low 0.99% transfer fee.
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This balance transfer card is ideal for anyone looking to consolidate high-interest debts and manage repayments in a more manageable way. Not only does it help you save on interest, but it also gives you the chance to collect Tesco Clubcard points on your everyday purchases. So, you can pay down your debt while earning rewards for future spending.
This balance transfer card is ideal for anyone looking to consolidate high-interest debts and manage repayments in a more manageable way. Not only does it help you save on interest, but it also gives you the chance to collect Tesco Clubcard points on your everyday purchases. So, you can pay down your debt while earning rewards for future spending.
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Key Benefits of the Tesco Low Fee Balance Transfer Card
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If you’re juggling multiple debts or paying high interest on other credit cards, the Tesco Low Fee Balance Transfer Card offers compelling benefits to help you get back on track.
In the sections below, we’ll examine the pros and cons of this card and determine whether it meets your financial needs.
Advantages and Disadvantages of the Tesco Low Fee Balance Transfer Card
To help you make a fully informed decision, let’s break down the key pros and cons of this card:
Pros:
- 0% interest for 15 months on balance transfers, giving you ample time to pay down existing debts.
- Low balance transfer fee of 0.99%, which is significantly lower than the average market rate.
- Earn Tesco Clubcard points on your everyday spending, helping you save on future Tesco purchases.
- Manageable repayment terms: With flexible online account management via Tesco’s app or website, you can stay on top of your repayments easily.
Cons:
- Limited to a 90-day transfer window: The 0% interest offer is only available for balances transferred within the first 90 days of opening your account.
- Higher fees on money transfers: While the balance transfer fee is low, the 3.99% fee on money transfers is relatively higher.
- High post-promotion interest rate: After the 0% period, the card has a 24.9% APR (variable), which could result in high-interest costs if you don’t manage to pay off the balance during the promotional period.
- Foreign transaction fees: The card charges 2.75% on foreign transactions, so it’s not the best option for international travel or spending abroad.
When you apply for the Tesco Low Fee Balance Transfer Card, you can request to transfer balances from other credit cards as part of your application. Once approved, you have 90 days to complete the transfer to take advantage of the 0% interest for 15 months offer. There’s a 0.99% fee on each balance transferred, and Tesco Bank allows you to transfer up to 95% of your credit limit.
Yes, the card lets you earn 5 Clubcard points for every £4 spent at Tesco, and 1 point for every £8 spent on purchases elsewhere. These points can be converted into vouchers for use at Tesco stores or with Tesco’s reward partners, making it a rewarding option for those who shop regularly at Tesco.
Once the 15-month 0% interest period ends, any remaining balance will start accruing interest at the card’s standard APR of 24.9% (variable). If you’ve transferred a balance and haven’t paid it off in full by this time, it’s essential to factor in the cost of interest going forward to avoid significant fees.
Conclusion: Is the Tesco Low Fee Balance Transfer Card Right for You?
The Tesco Low Fee Balance Transfer Card offers a solid option for anyone looking to consolidate debt, save on interest, and simplify their finances.
Its 0% interest for 15 months on balance transfers and low 0.99% fee make it one of the best balance transfer cards available in the UK.
The bonus of earning Tesco Clubcard points on your spending is a great incentive for those who frequently shop at Tesco.
However, it’s essential to ensure that you can pay off your transferred balance before the 0% period ends, as the standard 24.9% APR can quickly add up if you don’t clear the debt in time.
Additionally, if you plan to use the card for international purchases, be aware of the foreign transaction fees.
Overall, this card is perfect for anyone who wants to reduce their debt while reaping the benefits of Tesco’s rewards programme.
Looking for a Better Option to Build Your Credit? Consider the Tesco Foundation Credit Card
If you’re someone who is still building your credit history, or if you’ve had trouble getting approved for credit in the past, the Tesco Foundation Credit Card may be a better fit for you.
Specifically designed for people looking to improve or establish their credit score, this card offers:
- Credit-building opportunities: It’s easier to be approved, even if you have a limited or poor credit history.
- Earn Tesco Clubcard points: Just like with other Tesco credit cards, you can earn points on your everyday spending.
- Manageable limits: With an initial credit limit between £250 and £1,500, the Tesco Foundation Credit Card helps you manage your spending responsibly.
Start building your credit today with the Tesco Foundation Credit Card and work towards a stronger financial future while still earning rewards on your spending.
Tesco Foundation Card: great for a poor credit
Discover the benefits of the Tesco Foundation Credit Card—build credit, earn rewards, and enjoy no annual fees. Read our full review now!
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