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Tesco Bank welcomes the New Year with personal loan rate sale* and new balance transfer offer

Tesco Bank is welcoming the New Year by cutting the rate on personal loans between £7,500 and £15,000, and by extending the 0% balance transfer offer on the Clubcard Credit Card to 29 months. These offers are amongst some of the most competitive on the market.

After the festive period, customers typically look to review their finances and plan for major purchases – in January and February 2013, 33% of Tesco Bank loans were taken out for refinancing purposes, with 32% for a car and 24% for home improvement. 

David McCreadie, Managing Director of Banking at Tesco Bank said,

“We know that the New Year is a time when customers review their finances, and these changes reflect our commitment to offering good value across our range of products.”

Tesco Bank is cutting the rate on loans between £7,500 - £15,000 and increasing its balance transfer offer:

Loan Value Rate
£7,500 - £15,000

4.8%APR representative (reduced from 5.1%)

Limited time offer from 30th Dec 2013 to midnight 5th February 2014

 

Clubcard Credit Card 0% interest on purchases period 0% interest on Balance Transfers (BT) period BT Fee
Balance transfer option 3 months 29 months 2.90%

 

As a thank you, Clubcard Credit Card customers receive Clubcard points on all their spending receiving one point for every £4 spent on their card.  The Clubcard Credit Card also doubles as a Clubcard in Tesco stores allowing customers to earn five points for every £4 spent, making it the perfect way to spend and earn additional points**. 

--ENDS--

For more information and media enquiries please contact:

Tesco Bank press office

+44 (0) 131 274 3630

Notes to editors:

Tesco Bank loans:

* The above interest rate is effective from Monday 30 December 2013 to midnight Wednesday 5 February 2014.  

Tesco Bank loans are convenient and have a transparent and straightforward application process. Customers can apply online and by phone, 0845 600 6016, between 8am – 8pm. Customers can save and return to online applications. The loans have fixed monthly payments and no set-up charges, the ability to choose the repayment date and the option to take a payment break at the start of the loan (subject to eligibility). Loans available to UK residents and over 18s only. Subject to status. Rates depend on circumstances and loan amount.

Tesco Bank Clubcard Credit Card:

** One Clubcard point is awarded per £4 spent in each purchase transaction (£4 minimum). Customers must have available credit. Clubcard points not received on balance transfers. 

Points exclusions apply to certain products in Tesco stores – see www.tesco.com/clubcard for more information.

The Clubcard scheme is administered by Tesco Stores which is responsible for fulfilling points.

Representative example: 18.9%APR representative (variable) -   Based on a credit limit of £1,200 - Purchase rate 18.9% p.a. (variable).Your credit limit may vary depending on your circumstances. Tesco Bank, PO Box 27028, Glasgow, G2 9FTCustomers can transfer up to 95% of their credit limit. The Tesco Clubcard Credit Card is available to over 18s and UK residents only, subject to status.

About Us:

Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Our 4,000 colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7. Tesco Bank participates in the Chartered Banker Professional Standards Board.

Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ

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