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Tesco Bank introduces competitive new balance transfer credit card offer

Tesco Bank has today introduced one of the most competitive balance transfer credit card offers currently available on the market, meaning customers will pay no interest on balances transferred until early-20191. From today, the Bank will now offer 0% interest on balance transfers for the first 38 months with a balance transfer fee of 2.7%.

As well as this latest offer, Tesco Bank has a range of options to help customers manage their money in 2016 and beyond:

  • For purchases that cannot be made with a credit card, such as home repairs, or as a cost-effective alternative to an overdraft or small loan, there is the option of a Money Transfer Credit Card2 from Tesco Bank. With this card, customers can transfer up to 95% of their available credit limit directly into their bank account at 0% interest for the first 35 months with a 3.94% money transfer fee.
  • Customers with limited credit experience can apply for Tesco Bank’s Foundation Credit Card3 which can help them build their credit rating. Foundation Credit Card customers also get free access to their credit report, alerts every time there is a change to their credit report and guidance on how to improve their credit rating.
  • Customers looking to refinance existing debts into one monthly payment could consider a low rate personal loan. For example, a Tesco Bank Loan of between £7,500 and £15,000 is available at a rate of 3.6%APR representative for Clubcard customers over terms of less than 8 years4.

David McCreadie, Managing Director, Banking at Tesco Bank, commented, 

“The New Year is often a time when people look at their financial health and ways to better manage their money. We offer a range of options to help customers do that, including highly competitive credit card offers and personal loans to help make the most of your money.”

Tesco Bank was recently named Best Overall Personal Finance Provider at the Moneynet Personal Finance Awards 2016. For more information on Tesco Bank’s products, please visit www.tescobank.com  

--ENDS--

For more information and media enquiries please contact:

Tesco Bank press office

+44 (0) 131 274 3630 

Notes to Editors:

1Representative example: 18.9%APR representative (variable) based on a credit limit of £1,200. Purchase rate 18.9% p.a. (variable). 0% interest rates apply from account opening. Your credit limit may vary depending on your circumstances. The Tesco Clubcard Credit Card is available to over 18s and UK residents only. Subject to status. Both new and existing Tesco Bank customers can apply. Customers can transfer up to 95% of their available credit limit. Tesco Bank, PO Box 27028, Glasgow, G2 9FT.

2Representative example: 18.9%APR representative (variable) based on a credit limit of £1,200. Purchase rate 18.9% pa (variable). 0% interest rates apply from account opening. Your credit limit may vary depending on your circumstances. The Tesco Bank Money Transfer Credit Card is available to over 18s and UK residents only. Subject to status. Both new and existing Tesco Bank customers can apply. Customers can transfer up to 95% of their credit limit. Tesco Bank, PO Box 27028, Glasgow, G2 9FT.

3Representative example: 28.9%APR representative (variable) based on a credit limit of £1,200. Purchase rate 28.9% pa (variable). Your credit limit may vary depending on your circumstances. The Tesco Bank Foundation Credit Card is available to over 18s and UK residents only. Subject to status. Tesco Bank, PO Box 27028, Glasgow, G2 9FT.

4Both new and existing Tesco Bank customers can apply. Tesco Loans are available to over 18s only, subject to status, UK residents only. The interest rate offered will depend on the loan type, the repayment term, the amount the customer wishes to borrow and their individual circumstances. More information and rates for non-Clubcard customers can be found by visiting www.tescobank.com/loans/

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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