A new credit card has been introduced by Tesco, which allows customers to transfer their debts to this card without any fees and interest for a whole year. 0% interest also allows customers to purchase goods from the store and online within the 12 month period without any interest. Alongside all these features, clubcard points will also be added whenever a purchase is made with the new credit card.
The Tesco Clubcard With No Balance Transfer Fee is rather unique as no other card in the financial market allows 0% and no fee for a whole year. Clubcard points are common with customers who shop regularly at the store, using the credit card will benefit those who have frequent visits to Tescos as every £4 spent on Tesco petrol will allow 5 extra clubcard points as well as one point for every £4 spent elsewhere within Tesco.
As mentioned, the new card is one of its kind in terms of its features. For customers who want more than 12 months 0% interest, a different package is available which allows 16 months without any interest as well as 9 months 0% purchases for a fee of 2.9%. The new card can seem beneficial for those who wish to transfer their debts onto the card in order to prevent the build-up of debt or to simply slow the growth of interest.
Using this new card can be ideal for those who wish to take advantage of what it offers, what should be noted however is that any payments due should be paid off within the 12 month period, as anything which exceeds the time limit specified at agreement will incur interest charges. The rates of interest are usually quite high for such cards. Missed payments can also affect individual credit scores. Although there are several different cards offering different rates, not all are suitable for everyone, therefore it is best to find a deal which is appropriate for each person’s situation.