Credit Cards

Tesco Low Fee Balance Transfer Card: A Smart Debt Management Tool

The Tesco Low Fee Balance Transfer Card offers low fee plus rewards on purchases. Learn more about how this card can help you manage debt while earning rewards.

Advertisement

Why the Tesco Low Fee Balance Transfer Card is a Great Option

Tesco Low Fee Balance Transfer
Tesco Low Fee Balance Transfer. Source: Tesco Bank website

The Tesco Low Fee Balance Transfer Card is an attractive option for those dealing with high-interest debt to help manage and pay off existing balances. 

It features 0% interest on balance transfers for 15 months and a low 0.99% transfer fee. 

This allows cardholders to consolidate their debt while avoiding high-interest charges. 

Additionally, users earn Tesco Clubcard points with each purchase, making the card a useful tool for saving on interest and everyday expenses.

card

Credit Card

Tesco Low Fee

Mastercard Rewards

15 months 0% interest on balance transfers with only a 0.99% fee!

You will be redirected to another website

Benefits of the Tesco Low Fee Balance Transfer Card

The Tesco Low Fee Balance Transfer Card is designed for individuals looking for cost-efficient ways to manage their debt. 

With 15 months of 0% interest on balance transfers and a low 0.99% transfer fee, repaying existing credit card debt is much more manageable. 

The card also offers **0% interest on money transfers for nine months**, enabling users to transfer money into their bank accounts without the burden of interest.

In addition, cardholders can earn Tesco Clubcard points on their purchases, whether they’re at Tesco or elsewhere. 

This combination of debt management and rewards makes the card a valuable financial tool for everyday use.

The Tesco Low Fee Balance Transfer Card is ideal for anyone looking to reduce high-interest debt while enjoying rewards for their regular spending.

 Key Features of the Tesco Low Fee Balance Transfer Card

Source: Tesco Bank

The Tesco Low Fee Balance Transfer Card stands out as a debt management tool because it allows users to transfer balances from other cards.

This allows users to focus on a single monthly payment and eliminate high-interest debt faster.

  • 0% interest on balance transfers for 15 months (with a low 0.99% fee)
  • 0% interest on money transfers for nine months (with a 3.99% fee)
  • Tesco Clubcard points earned on every purchase, whether at Tesco or other retailers
  • 24.9% representative APR for purchases after the promotional period

Key Benefits:

  • Balance Transfers: The introductory 0% interest for 15 months is ideal for consolidating debts. The 0.99% transfer fee is one of the lowest in the market.
  • Money Transfers: A separate offer of 0% for nine months on money transfers allows you to transfer money from the credit card into your bank account with a 3.99% fee.
  • Tesco Clubcard Points: As an additional perk, cardholders can collect 5 Clubcard points for every £4 spent at Tesco and 1 point for every £8 spent elsewhere. This makes it a valuable tool for managing debt and everyday spending rewards.

Advantages and Disadvantages

Advantages:

  • Long 0% period: The 15-month interest-free period on balance transfers gives cardholders significant time to pay their debts without accumulating additional interest.
  • Low transfer fees: With a 0.99% transfer fee, the Tesco transfer fee is much lower than the typical rates of 2% to 3% on other balance transfer cards.
  • Rewards programme: Earn Tesco Clubcard points on purchases that add value, turning everyday spending into future savings on groceries and other items.
  • Versatility: With 0% interest on money transfers for nine months, users can move money to their bank account when needed.

Disadvantages:

  • Limited time window: The introductory 0% rate applies only to balance transfers made within the first 90 days of opening the account.
  • Higher fees on money transfers: The 3.99% fee is relatively higher than the balance transfer fee.
  • Post-promo interest rate: After the promotional period ends, any remaining balance will be subject to the standard 24.9% APR, which could result in high-interest charges if not paid off in time.

Applying for the Tesco Low Fee Balance Transfer: a complete guide

Applying for the Tesco Low Fee Balance Transfer Card is simple, and the entire process can be completed online.

card

Credit Card

Tesco Low Fee

Mastercard Rewards

15 months 0% interest on balance transfers with only a 0.99% fee!

You will be redirected to another website

Here’s a step-by-step guide to help you through it:

1. Check Eligibility

Before applying, use Tesco Bank’s eligibility checker.

This soft check won’t affect your credit score and will indicate your chances of approval.

2. Complete the Application

The application can be done entirely online.

You’ll need to provide personal information such as your name, address, income, and details of the credit card balances you wish to transfer.

3. Await Approval

Once submitted, you will typically receive a decision within 10 minutes. If approved, Tesco will send your card by post.

4. Activate Your Card

Once your card arrives, you’ll need to activate it either through the Tesco Mobile Banking app or by phone.

5. Complete Your Balance Transfer

After activation, you can initiate your balance transfer.

The 0% promotional rate applies only to transfers made within 90 days of account opening, so complete the transfer within that time frame.

Conclusion

If you are focused on consolidating high-interest debt and want to save money while doing so, the **Tesco Low Fee Balance Transfer Card** is an excellent choice. 

With 0% interest on balance transfers for 15 months and a low 0.99% fee, it provides a highly affordable option for managing debt. The ability to earn Tesco Clubcard points makes everyday purchases even more rewarding.

However, paying off the balance within the 0% interest window is crucial, as the **24.9% APR** that kicks in afterwards can lead to significant interest charges. 

The Tesco Low Fee Balance Transfer Card could be the perfect fit for anyone who wants to manage their debt while also earning rewards.

Recommended Alternative: Tesco Foundation Credit Card

The Tesco Foundation Credit Card is excellent for building or repairing your credit.

This card is designed for individuals seeking to build or rebuild their credit profile. 

While it doesn’t offer the same 0% interest perks, it does allow users to earn Tesco Clubcard points on all purchases, helping you accumulate rewards as you establish good financial habits.

With credit limits ranging from **£250 to £1,500**, the card encourages responsible spending. By keeping within your limit and making regular payments, you can gradually enhance your credit rating.

Key Features:

  • Credit-building tool: Ideal for individuals looking to strengthen their credit score over time.
  • Tesco Clubcard Points: Earn points on all purchases, whether inside or outside of Tesco stores.
  • No annual fee:  With no additional fees, this card is a manageable option for those looking to improve their credit.

Why Choose the Tesco Foundation Credit Card?

  • Perfect for credit-building and establishing good financial habits.
  • Earn Tesco Clubcard points on your spending, just like Tesco’s other credit cards.
  • Manageable credit limits to help control spending and improve financial responsibility.

So, if you are looking for another good alternative to a similar credit card, the Tesco Foundation Credit Card is a flexible alternative that helps you manage your finances while earning rewards.

This is a great option from Tesco Bank, and it might be what you were looking for.

If interested, click below to explore the Tesco Foundation Credit Card today and enjoy various benefits.

Read our complete review to take control of your financial future!

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!

Trending Topics

content

Sainsbury’s Balance Transfer Credit Card: A Smart Choice for Managing Debt in the UK

Sainsbury’s Balance Transfer Card: 0% interest on transfers, low fees, and Nectar points. Perfect for UK debt consolidation!

Keep Reading
content

Tesco Balance Transfer Credit Card: A Smart Way to Consolidate Debt

Consolidate your debt with the Tesco Balance Transfer Card. Enjoy 0% interest on balance transfers for 27 months and earn Clubcard points.

Keep Reading
content

Amex Preferred Gold Card: Unlock Exclusive Rewards and Travel Benefits

Earn rewards with the Amex Preferred Gold Card, packed with exclusive perks and no annual fee in the first year.

Keep Reading

You may also like

content

Barclaycard Forward Card review: up to £1,200 limit

Check out our Barclaycard Forward Card review! Enjoy 3 months of 0% interest on purchases and more! Keep reading and learn more!

Keep Reading
content

The Advantages of the Post Office Credit Card: A Versatile Tool for UK Consumers

Discover the benefits of the Post Office Credit Card, from no overseas fees to 0% interest offers for UK shoppers.

Keep Reading
content

Halifax Clarity Credit Card: The Ultimate Travel Companion

Halifax Clarity Card offers fee-free spending abroad, no annual fee, and competitive exchange rates. It is ideal for frequent travellers.

Keep Reading