There are pluses and minuses about all credit cards, the Tesco Bank Foundation Credit Card might be for you great if you want rewards and to rebuild your credit rating. The Tesco Bank Foundation Credit Card is a great option if you’re after generous benefits and favourable rates.
With every use of the card, you can collect Tesco Clubcard points for travel money redemption and more. You can also track your credit score and allow automatic payments to improve your rating over time.
Are you interested in learning more about the benefits and details of the Tesco Bank Foundation Credit Card? Continue reading to find out more about this card and how you can apply for your very own today.
What are the Benefits of the Tesco Bank Foundation
Tesco Bank provides products and services that can help customers be smarter with money. In addition to low-rate loans, Tesco Bank also offers credit-building cards for convenience and reliability. In this article, we’re going to discover more about the Tesco Bank Foundation Credit Card and the benefits that come with it.
The highlight of this credit card is the credit-building feature. By allowing a longer grace period and automatic repayments, you can definitely polish your score. Text and email alerts are also helpful in keeping up with your payments. Cardholders can also use the Tesco Bank app to track spending and report unauthorized transactions if there are any.
Another reason to choose this credit card is the fast and secure payments it provides with the help of Mastercard. Transactions are recorded and you can easily review these any time you want. The Tesco Bank Foundation Credit Card also supports digital payments, like Apple Pay. The contactless feature also lets you pay for services in a single tap, permitting that purchases are above £30.
Tesco Bank makes banking a satisfying experience because of its generous reward system. Cardholders can collect 1 Clubcard point for every £4 spent in Tesco and 1 Clubcard point for every £8 spent in other types of transactions. You can use these points to redeem rewards and purchase travel money to save on trips and other exciting products.
What’s the Catch?
Wow, a fexible credit card that accepts lower credit ratings and offers rewards? It sounds too good to be true.
While the deals and offers are 100% legitimate, there are some other details to consider before signing up for this card. Though this card hosts a variety of perks, it also comes with a substantially high APR. An interest rate of 27.5% to 39.9% variable is much higher than the industry average. If this card isn’t used appropriately, cardholders could rack up some serious charges in interest. However, it could be argued that a high-interest rate is how the bank protects itself when accepting poor credit applicants.
What are the Fees of a Tesco Bank Foundation Credit Card
- Annual Fee – £0
- Purchase Interest Rate – 27.5% to 39.9% variable
- Balance Transfer Rate – 27.5% to 39.9% variable
- Over limit Fee – £12
- Late Payment Fee – £12
- Foreign Exchange Fee – 2.75% of the transaction
- Cash Advance Fee – 3.99% or a minimum of £3
If you want to rebuild your credit score and need something to use for everyday purchases Tesco Bank Foundation Credit Cardmight be a good option for you. This credit card offers top-tier benefits and perks.
How to Apply for a Tesco Bank Foundation Credit Card?
Applying for this credit card is easy and hassle-free with the online application. To qualify as a cardholder, applicants must be at least 18 years old, a UK resident, and employed with a minimum annual income of £5,000.
In addition, interested parties should not have a closed credit card account due to missed repayments. Those with poor credit ratings are free to apply, but the bank has the right to turn down an applicant if he or she doesn’t meet the criteria. You can apply for a Tesco Bank Foundation Credit Card by visiting the Tesco Bank website.
If successful in your application, you will receive a decision within 10 minutes. The default credit limit is £1,200, but applicants can be given a different limit depending on personal circumstances. The minimum credit limit is £250.
How to Contact Tesco Foundation Credit Card
2 South Gyle Crescent
Edinburgh, EH12 9FQ.
Telephone: 0800 323 4060
Note: There are risks involved when applying for and using a credit card. Please see the bank’s Terms and Conditions page for more details.