Tesco Credit Card Review
| Feature | Details |
|---|---|
| Online Banking | You may examine your credit card balance, available credit, and recent transactions. |
| Payments | Options include direct debit, debit card payments, and ‘Pay by Bank’. |
| Managing Card | Report stolen/lost cards, block/ unblock orders, order replacements, and PIN reminders. |
| Credit Card Alerts | Get notifications for credit card spending. |
| Balance Transfer Card | 0% interest for 24 months, 2.75% transfer fee. |
| Low Fee Balance Transfer Card | 0% interest for 15 months, 0.99% transfer fee. |
| Low APR Credit Card | 10.9% APR representative (variable) on purchases. |
| Foundation Credit Card | Starting credit limits are £250–£1,500, monthly installments starting at £25. |
Tesco is the very largest grocery store company in the UK, and they give people the Tesco Clubcard Credit Card. They are saying that you can shop very normally and also get awards at the same time. But can it fit your wallet well? So I am giving you a Tesco credit card review and also giving you some lists of its pros, cons, and alternatives.
The Tesco Credit Card comes in two types:
- Balance Transfer Credit Card: You can also combine your credit card debt into only one loan with a very lower interest rate if you use a Tesco credit card. You can do this for, like, 24 months at a fee of 2.75% interest. And after the trial period, the card will have an APR of 24.9% on all purchases made after that.
- Clubcard Plus Credit Card: You can move your debt for free for a very short time (12 months), but it comes with more extras like a £9.50-a-month Clubcard Plus membership. When you buy something at Tesco as a member, you can get double Clubcard points. Their members can also get deals and go to events that are only open to members.
Key Features of Tesco Credit Card
- Clubcard points: When you buy something at Tesco Credit Card with your credit card, you can earn some Clubcard points, which are worth one point for every £1 spent. And you can also exchange these points for rewards that you can use in store or online.
- Payments without touching anything: Both credit cards let you pay without touching anything, which makes purchases very easy and safe.
- Manage Your Account Online: You can use Tesco Bank’s safe internet banking platform to manage your credit card online.
Advantages of Tesco Credit Card
- Offering a Balance Transfer: If you use this credit card very wisely, the introductory rate of 0% on balance transfers can be a very great way to consolidate debt and save money on interest charges.
- Membership Rewards: If you collect points by shopping at Tesco, it can save you a lot of money.
- Convenience: Managing your credit card online and using mobile payments makes shopping very easy.
Disadvantages of Tesco Credit Card
- High Interest Rates: The high APR after the introductory period can be a big problem.
- Cost Every Year (Clubcard Plus): If you do not buy anything at Tesco Credit Card very often, the cost every year of the Clubcard Plus card may outweigh its benefits.
- Limited Rewards Outside of Tesco: People who buy many things from other stores may not want to earn points mostly on Tesco purchases.
Alternatives to Tesco Clubcard Credit Card
If you are not sure about the Tesco Clubcard Credit Card, here are some alternatives :
- Balance Transfer Cards with a Lower APR: If your main goal is to consolidate your debt, look into some other credit cards that give you a longer 0% initial period on some purchases or a lower APR over time.
- Rewards Cards That Can Be Used More Than Once: If you like rewards but do not only shop at Tesco, look into other credit cards that give you good rewards in more than one area, like travel, shopping, or cashback.
- Credit cards with low interest rates: If you are a very good spender and you can also pay your amount in full every month, a credit card with very low interest rates may be a good choice because the APR is lower.
Last Lines
Some of the very good things about the Tesco Clubcard Credit Card are the Tesco Clubcard points and the introductory periods on debt transfers. But, the bad things are the high ongoing APRs and the annual fee (for the Clubcard Plus version). And before applying, you need to take a very careful look at how you normally spend money, your financial goals, and your reputation.
And also do not forget that using your credit card very wisely is very critical. And you need to stick to a budget, pay your amount in full if you can, and you also need to avoid cash advances if you want to get the most out of your credit card, including the Tesco Clubcard Credit Card.
If you need more details about the Tesco Credit Card, please visit the Tesco Bank Credit Card Management page.
You can also find some more information on more credit cards in the UK on my website.