Tesco credit cards
Groceries aren’t all you can pick up in your supermarket trolley. Tesco Bank offers a wide range of financial products including savings accounts, credit cards, personal loans, car insurance, home insurance and travel insurance.
Products compare favourably with those offered by high street banking rivals and Tesco Bank’s savings account, personal loan and credit card deals in particular are among current best buys.
The Tesco Clubcard Credit Card, for example, offers 0% interest on purchases for the first 15 months, and as well as 0% interest on balance transfers for nine months, although balance transfers are subject to a 2.9% handling fee. After the introductory offers finish, the credit card has a APR of 16.9%. If you don’t receive the APR, the maximum APR you will receive is 21.9%.
Apply for the Tesco credit card and you can also earn extra Clubcard points for every purchase online or instore. Clubcard is the loyalty scheme shoppers benefit from – you earn points each time you shop at Tesco.
Currently, you get two points for every pound spent in store, one point for every pound spent on petrol and one point for every re-used bag. You also earn Clubcard points for all other spending as well. For non-Tesco shopping you earn one point for every £4 you spend on the credit card. Points can be used to get money off your shopping - 100 points is equivalent to £1 - or they can be exchanged for holiday discounts, meals out or experiences.
Glossary of terms
APR
This stands for Annual Percentage Rate. Any firm that lends money is required by law to quote the APR. Introductory rates do not include arrangement fees you may be charged and also don’t reflect any higher rate of interest that your borrowings will ultimately revert to. The APR takes into account the interest on a loan plus and additional charges making it easier for you to compare products. In general, the lower the APR the better the deal.
Balance Transfer
Balance transfer rates are applied to existing card debt that is being moved from one issuer to another or a consolidation of other debts. These rates tend to be lower than standard rates and apply to the debt transferred or consolidated for a specified term or until it is repaid in full.
Credit Card
Credit cards are a form of borrowing used to purchase goods and services, to obtain cash advances and for consolidating debt.
Direct Debit
This allows an organisation to take money directly from a persons bank account
Minimum payment
The amount you must pay each month to keep your account in order
Interest-free period
The time between when you buy something on the card and the date when you must pay your monthly bill. This can be 50 days or more and is interest-free. So if you settle your bill in full every month, it's free borrowing.
Promotional Rate
A rate that is applied to your account until a given expiry date. Thereafter it will revert to the rate applicable to your account at that time.
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Representative Example: If you spend £1,200 at a purchase interest rate of 16.9% (variable) your Representative APR will be 16.9% (variable).