Tesco Credit Card Review | www.tescobank.com
To cover the range, we have Purchases that delivers 0% for 21 months plus 0% on transfers for 3 (with a 2.9% fee). The Balance Transfer includes 0% on transfers for 37 months (2.9% fee) plus 0% on purchases for 3. The No Balance Transfer Fee is self explanatory and also covers 0% on transfers for 21 months plus 1 month purchase. The standard rates on these 3 noted releases is 18.9% APR. Then we have Low APR edition that has a standard rate of 7.8% as well as a 3 month purchase bonus added. The Foundation is targeted at those looking to rebuild and its attached rate is 28.9% APR.
28.9% is the current cheapest subprime rate available on the market after just edging out Aquis at 29.8%. Customers are started off at £250 with no upper limit disclosed. There is also 0% on purchases/transfers for the opening month only. The Tesco Foundation credit card can be applied for quickly though www.tescobank.com with a decision coming back at you in just a minute. You can choose between their classy Radial and Strawberry designs. A login is provided, they offer a mobile app, text alerts and you can collect Clubcard points on your spending. Customer support for those with cards runs 24/7 (they even operate on Christmas Day).
The only thing we aren’t too sure on really is just who can qualify. Such info is not shared, with them just asking that their applicants must be earning a small annual income of £5000+ and that they are new to borrowing or haven’t used it much. There is no such note on defaults, CCJs etc. From checking media articles discussing the launch, it was generally stated that poor credit was their target audience. We’d assume that they are probably extra picky that is also seen at Barclaycard through their Initial. Higher acceptance rates would be likely seen at Capital One and Vanquis. Aqua are a little more stricter than the 2 majors.
Tesco Foundation @ 28.9% APR
Promotion: 0% on purchases and transfers for 1 month
Sent to You: In a few weeks.