Tesco Bank launches new 0% period on balance transfers

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Tesco Bank has introduced a new 0%, 22 month period, for balance transfers on the market-leading Tesco Clubcard Credit Card.

Tesco Bank Logo

Tesco Bank Logo

Today, Tesco Bank has introduced a new 0%, 22 month period, for balance transfers on the market-leading Tesco Clubcard Credit Card. This outstanding new balance transfer period is available with a highly competitive fee of 2.9% and gives customers the additional value of 0% interest on purchases for six months.

As a thank you for their loyalty, Tesco Bank gives Clubcard Credit Card customers Clubcard points on all of their spending - receiving one point for every £4 spent on their card. The Clubcard Credit Card also doubles as a Clubcard in Tesco stores allowing customers to earn five points for every £4 spent, making it the perfect way to spend and earn additional points.*

David McCreadie, Managing Director of Banking at Tesco Bank, commented:
“Tesco Bank aims to offer customers great value financial products and excellent customer service. The Clubcard Credit Card has consistently topped purchase offer best-buy tables and our new balance transfer further enhances this product for Tesco customers.

“We are committed to serving our customers fairly over the long-term. As a ‘thank-you’ we reward our customers’ loyalty through Clubcard and last year customers exchanged over £100 million worth of Clubcard points from their credit cards. This makes the Clubcard Credit Card unique in terms of both value and reward.”

Ends

For media enquiries please contact:
Adam Treslove, Tesco Bank, adam.treslove(at)tescobank(dot)com, 0131 479 1345
Risha Parmar, Fishburn Hedges, risha.parmar(at)fishburn-hedges(dot)co(dot)uk, 020 7839 4321

Notes to Editors:

  • One Clubcard point is awarded per £4 spent in each purchase transaction (£4 minimum). Must have available credit.

Clubcard points not received on balance transfers.

Points exclusions apply to certain products in Tesco stores – see tesco.com/clubcard for more information.

The Clubcard scheme is administered by Tesco Stores which is responsible for fulfilling points.

The Clubcard Credit Card currently offers 2 options to customers:

  • 0% on Balance Transfers for 22 months (2.9% Fee )with 0% on purchases for 6 months from account opening,
  • 0% on purchases for 16 months with 0% on balance transfers for 9 months (2.9% fee) from account opening.

Customers can transfer 95% of their credit limit.

Representative example: 16.9%APR representative (variable) - Based on a credit limit of £1,200** - Purchase rate of 16.9% p.a. (variable).

**Your credit limit may vary depending on your circumstances. The Tesco Clubcard Credit Card is available to over 18, UK residents only, subject to status.

Tesco Bank is the UK's largest supermarket bank:

  • Our customers hold 6.5 million accounts and policies with us.
  • We opened for business in 1997 and since 2008 have been owned by Tesco PLC.
  • We now have over 3000 staff based in Edinburgh, Glasgow and Newcastle.
  • For the year ending February 2012, Tesco Bank made a baseline profit of £203m - up 29% from the year before.

Our aim is to be the financial services provider of choice for Tesco customers by giving them good service, great value and by rewarding their loyalty for shopping at Tesco.
Tesco Bank offers a popular range of simple personal banking products.

Tesco Bank Clubcard Credit:

  • Is consistently market leader for purchases: The Tesco Clubcard Credit Card gives customers a choice of a market leading 0% on purchases for 16 months from account opening or 0% balance transfer for 22 months (2.9 % fee) from account opening an APR of 16.9%,
  • Gives Clubcard points anywhere you spend, additional Clubcard points in Tesco stores, and more than twice as many points than a standard Clubcard on fuel at Tesco Petrol Filling stations (excludes Esso Fuel) .
  • Has been a Which? recommended provider since 2010.

Tesco Bank products and services are available online at tescobank.com and by telephone from our UK-based service centres.
We aim to be a valued part of the communities we operate in.

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Adam Treslove