Tesco Personal Finance Credit Card

From LoveToKnow Creditcards

The Tesco personal finance credit card is available for United Kingdom residents. Applicants choose whether to apply for a card that earns points or a card that pays back interest annually.

UK Finance

UK Credit Card

This card is not available in the United States, and is designed for residents of the UK. Tesco is not the only choice for people living within this geographic location, but it is a popular choice. The interest rates offered by Tesco are competitive, and the balance transfer options are quite attractive.

Tesco is well known as a retailer, but the credit cards available through this company feature a MasterCard insignia which allows cardholders to use the cards for purchases with other merchants.

Tesco Personal Finance Credit Card Options

Potential applicants should review the available credit card options before deciding on which type of credit card to apply for. Tesco offers two popular choices to applicants.

Clubcard Credit Card

The Tesco Clubcard Credit Card allows cardholders to collect points with purchases. The number of points rewarded is based on the amount of purchases made with the card. Extra points are accumulated when the card is used for purchases through the Tesco network. The points can be redeemed for vouchers, which are used for airline miles, discounts on Tesco merchandise, and other promotions.

Additional notable features of the Tesco Clubcard Credit Card include:

  • Zero percent interest charges for an introductory period of time on:
    • Balance transfers
    • Purchases at Tesco
    • Purchases at merchants other than Tesco
  • ”Buy Now, Pay Later” programs available at Tesco when the card is used for the purchase
  • Optional insurance programs for added cardholder protection

This card features a variable interest rate, which becomes effective after the introductory period. Potential applicants should note that there is a balance transfer fee associated with this card, so be sure to examine the total cost of the fee as opposed to the potential savings associated with choosing a different credit card for balance transfers.

Bonus Credit Card

The Tesco Bonus Credit Card has some of the same features as the Clubcard Credit Card:

  • Introductory zero percent interest charges for:
    • Balance transfers: 13 months
    • Tesco purchases: 13 months
    • Other purchases: 3 months
  • “Buy Now, Pay Later” program for Tesco purchases
  • Optional insurance products are also available with this card

The Bonus Card, however, typically features a slightly lower interest rate than the Clubcard Credit Card. Additionally, instead of offering reward points for purchases, the Bonus Card allows cardholders the opportunity to receive an annual interest payment back as a bonus. Cardholders who have their cards for over a year and who are in good standing are eligible for this interest payment bonus.

Apply for a Card

Applications for Tesco personal finance credit cards are available online, but this is not an automated system that accepts applications twenty-four hours a day. Applicants can submit applications online from 8:00 a.m. to 11:45 p.m. You also have the option of calling to request a card: 0845-300-3511.

Other Tesco Financial Products

Tesco does not solely deal in merchandise and credit cards. Other Tesco financial products include:

  • A wide range of insurance products:
    • Auto insurance
    • Home Insurance
    • Life insurance
    • Health insurance
    • Dental insurance
    • Travel insurance
  • Loans:
    • Personal loans
    • Mortgage loans
  • Savings accounts:
    • Personal savings accounts
    • Savings accounts for children

Many of these products are offered through a partnership with other corporations. Visit the Tesco website for information regarding Tesco credit cards or other financial products offered through this company. Tesco offers a discount on some products when they are purchased online. Current cardholders can also visit the Tesco website to check on their account status and to request assistance with their accounts..

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Comments

Dave, whether you can pay your mortgage with your Tesco credit card depends on the regulations set by your mortgage lender. Contact your lender directly and ask about the possibility of paying your mortgage monthly using your card.

-- Contributed by: Tamsen Butler

HI, i have tesco clubcard and am wondering whether i can pay my mortgage withit, as a regular payment and then clear the balance each month?

-- Contributed by: dave

Peter,

You can cancel your direct deposit with M&S by contacting their customer service and completing the appropriate forms which they can give you. Tesco customer service should then be able to help you set up a new direct deposit. It may take several billing cycles for each change; so be sure that the M&S direct deposit has stopped before you set up the Tesco. If you don't wait you could end up having direct deposits into both accounts in the same month.

Thanks for your question.

-- Contributed by: SusanWeber
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