Why would you choose a credit card with a high-interest charge when you have the 0% Interest Tesco Bank credit card? If you’ve got outstanding balances or you plan to make a large purchase, read on.
The 0% Interest Tesco Bank credit card is easy to apply for, and it takes less than 10 minutes to receive a decision. You can also keep track of your spending using a user-friendly mobile app.
This balance transfer credit card comes with the longest 0% interest period. Let’s find out everything you need to know to benefit from this great offer.
Fees and Interest
The Tesco Bank credit card comes with a variable APR of 19.9% to 26.9%, depending on your creditworthiness. The introductory APR rate is 0% for 18, 15, or 12 months after you open the account. This period also depends on your eligibility.
There is no introductory rate for cash withdrawals and cash transactions. They are charged at an annual rate, which ranges from 24.942% to 32.938%.
For balance and money transfers, there is a 0% introductory rate for 90 days, followed by an APR between 21.81% and 30.46%.
It is important to remember that all the introductory rates with this card will be withdrawn if the minimum payment is not made by the due date. There is a minimum credit limit of £100 and a maximum credit limit, which is established according to the application.
The Tesco Bank credit card with 0% interest does not come with any annual fees. However, there is a 3.99% fee for cash withdrawals with a minimum allowed of £3. For cash transactions, the bank charges 3.99% with no minimum charge.
For balance transfers, the fee is 2.9% during the first 90 days, followed by an increase to 3.99% afterward. Money transfers come with a 3.94% handling fee for the first 3 months, followed by 3.99% thereafter.
In terms of foreign transactions, there is a 2.97% fee. Default fees include £12 for over the limit and £12 for late payments.
If you would like to find out about loans for people with bad credit, take a look here for some excellent options that can help you out.
How to Apply
Before you apply for Tesco Bank credit card, it is necessary to ensure that you are eligible. You need an annual income of a minimum of £5,000 and good credit history.
You also need to be at least the age of majority, 18 years old, and a UK citizen or resident.
Another criterion is that you should not already have more than 1 Tesco Bank credit card. Lastly, you should not have applied for a Tesco credit card in the past 30 days.
If you think you meet all the criteria above, then you need to collect all the papers for your application. You will be asked for address history in the past three years, your bank account number and sort code, details of your yearly income.
If you want to transfer a balance to Tesco Bank, you will also need other credit cards’ information.
Once you have all the required documents, head to the Tesco Bank website and click on “Apply Now”. Then, fill in the form with the required information detailed above and submit your application.
Usually, it takes less than 10 minutes to receive a reply to your application.
Bank Contact Details
Tesco Bank can be contacted at their address PO Box 34, Newcastle Upon Tyne, NE12 2GF.
They also have a detailed FAQ page on their website.
However, if you prefer to talk to a representative over the phone, all you need to do is call the customer service team on 0345-300-3511.
Features and Benefits
The main highlight of Tesco’s purchases credit card is that it comes with 0% interest for the first 18 months after you open the account.
You are automatically enrolled in the Tesco Clubcard program, which earns you points wherever you pay with the card and the usual points for Tesco shopping.
Tesco is not only a retail giant, as they have successfully expanded on the financial market. Their offerings are competitive, allowing their customers to tap into a whole universe of opportunities.
The 0% interest Tesco Bank credit card is an offer that shouldn’t be missed!
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.