0% on balance transfers for 33 months (2.9% fee) @ Tesco Bank, LONGEST one and Quidco Cashback too !!
418°Expired

0% on balance transfers for 33 months (2.9% fee) @ Tesco Bank, LONGEST one and Quidco Cashback too !!

45
Found 8th Oct 2014
Got an email offer from Tesco Credit Card for 0% for 33 months on balance transfers.
Balance transfer fee of 2.9%.
0% on balance transfers for 33 months

Benefits include:

- 0% on purchases for 3 months
- Clubcard points¹ wherever you use your card -
- plus normal Clubcard points when you shop at Tesco
- 0% interest rates apply from account opening

PLUS make a balance transfer within two months of opening your account and we’ll also give you 1000 extra Clubcard points

Seems a good deal

45 Comments

Gotta be one of the longest 0% around . !

£25 through quidco too

What is the credit limit

moalibby

What is the credit limit



Will depend on your credit scoring. The better the credit, the higher the limit they're likely to offer.

Pretty good deal, works out to about 1% per year including the fee, but people always forget you do have to pay it back and that there is a minimum payment each month.

Juggling balances between cards is a bit of a mugs game. It may only be 1% but it's 1% more than I pay by not doing it.

ro53ben

Pretty good deal, works out to about 1% per year including the fee, but … Pretty good deal, works out to about 1% per year including the fee, but people always forget you do have to pay it back and that there is a minimum payment each month.Juggling balances between cards is a bit of a mugs game. It may only be 1% but it's 1% more than I pay by not doing it.



Surely better than having a balance that you are paying 14%+ interest on.

I recently applied for tesco card. 2 weeks and i still hadnt heard anything. Pboned them and they couldn't tell me its progress. I cancelled the application

I have the 19 month 0% purchase card with tesco and can't fault the service I have received so I thought I would write this for anyone interested in this card.

Are tesco harsh on first time borrowers? I have a vanquis card trying to build my credit score, but is it too risky trying for a tesco card so soon?

ro53ben

Pretty good deal, works out to about 1% per year including the fee, but … Pretty good deal, works out to about 1% per year including the fee, but people always forget you do have to pay it back and that there is a minimum payment each month.Juggling balances between cards is a bit of a mugs game. It may only be 1% but it's 1% more than I pay by not doing it.



Inflation is currently sitting around 2.4%, so any savings you have a subject to this deduction. I'd rather pay tesco 1% and let them take the inflation hit. It's certainly not a mug's game to make use of 0% cards.

SVRich

Surely better than having a balance that you are paying 14%+ interest on.



Sure, the trick is not to buy things you can't actually afford.

paulrfinlay

Inflation is currently sitting around 2.4%, so any savings you have a … Inflation is currently sitting around 2.4%, so any savings you have a subject to this deduction. I'd rather pay tesco 1% and let them take the inflation hit. It's certainly not a mug's game to make use of 0% cards.



The same Tesco bank pays me 3% to have it sat in my current account.

ro53ben

The same Tesco bank pays me 3% to have it sat in my current account.



TSB do 5%, Halifax reward card does £5 a month, and nationwide offer something close.

What do people reckon, this or the barclaycard offer? Looking to transfer about £1500 from a Lloyds cc..

ro53ben

The same Tesco bank pays me 3% to have it sat in my current account.



Oh to be rich Mr Rose

ro53ben

The same Tesco bank pays me 3% to have it sat in my current account.



yep, so why not borrow from them at 1% and save that money at 3%, or pay off some of your mortgage, or peer-to-peer savings at 6% or an ISA or some other investment.......

ro53ben

Sure, the trick is not to buy things you can't actually afford.



Well obviously but I was thinking people interested in a 0% interest deal may be thinking of using it to reduce the costs of their debt's/clear them quicker.

bazzaric

Oh to be rich Mr Rose



Ha, a very subjective comment.

paulrfinlay

yep, so why not borrow from them at 1% and save that money at 3%, or pay … yep, so why not borrow from them at 1% and save that money at 3%, or pay off some of your mortgage, or peer-to-peer savings at 6% or an ISA or some other investment.......



I don't want a balance on my Tesco credit card. I prefer to get the Clubcard points by using it and paying it off in full each month. With a requirement to pay back 3% of the outstanding balance each month, it's hardly a long term savings plan. Let's not forget that any interest from savings is taxable and can't be offset against interest from loans.

What mortgage?

SVRich

Well obviously but I was thinking people interested in a 0% interest deal … Well obviously but I was thinking people interested in a 0% interest deal may be thinking of using it to reduce the costs of their debt's/clear them quicker.



Oh, for sure. I just hate these low interest deals as they encourage many people to get into serious credit card debt. Been there myself once upon a time. Had a lovely house full of nice electronic gadgets, sofas etc. all paid for on the never never and juggling between cards at 0%. Worked great until we lost one of two household incomes and could no longer afford the minimum payment. Not a place I would ever advise anybody to go to.

can i just clarify something;
0% on purchase different from 0% transfer?
ie a card has 10months 0% on purchase
and 15months 0% transfer
does that mean what i buy with the card, i have 10months to pay off and what i transfer to the card from another card i have 15months to pay off?
ive had purchase cards before, but never really looked in to transfer cards so im not too sure what the difference is.

If using for both transfers and purchases, read the small print carefully. Historically, they have been a bit sly in this area.

e.g. you transfer £1000 from another card at 0% and then make £100 of purchases.

The £1000 will attract no interest, but you may be paying full rate of interest on the £100.

You pay them £100 and they reduce the transfer amount to £900, you're left with £100 at full interest rate.

You pay another £100 and they reduce the transferred amount to £800, you're still left with £100 at full interest rate.

The T's&C's are often clear that any payments will pay off the lowest rate of interest first.

In this case, they are offering 0% on both, but the purchases deal will end first. Payments will only likely count against the balance transfers until it is cleared.

Be careful out there.

ro53ben

Oh, for sure. I just hate these low interest deals as they encourage many … Oh, for sure. I just hate these low interest deals as they encourage many people to get into serious credit card debt. Been there myself once upon a time. Had a lovely house full of nice electronic gadgets, sofas etc. all paid for on the never never and juggling between cards at 0%. Worked great until we lost one of two household incomes and could no longer afford the minimum payment. Not a place I would ever advise anybody to go to.



For various reasons my CC debt is higher than I would like and not just due to buying stuff I don't really need but it is a lot better than it was and thanks to 0% deals it has come down a lot quicker and cost me a lot less, hopefully gone before too long.



ro53ben

If using for both transfers and purchases, read the small print … If using for both transfers and purchases, read the small print carefully. Historically, they have been a bit sly in this area.e.g. you transfer £1000 from another card at 0% and then make £100 of purchases.The £1000 will attract no interest, but you may be paying full rate of interest on the £100.You pay them £100 and they reduce the transfer amount to £900, you're left with £100 at full interest rate.You pay another £100 and they reduce the transferred amount to £800, you're still left with £100 at full interest rate.The T's&C's are often clear that any payments will pay off the lowest rate of interest first.In this case, they are offering 0% on both, but the purchases deal will end first. Payments will only likely count against the balance transfers until it is cleared.Be careful out there.



Are they still allowed to do this? I thought they had to pay of the highest interest first, Barclaycard do. Although I have have just been using them to pay off debt so I can't be sure.

ro53ben

If using for both transfers and purchases, read the small print … If using for both transfers and purchases, read the small print carefully. Historically, they have been a bit sly in this area.e.g. you transfer £1000 from another card at 0% and then make £100 of purchases.The £1000 will attract no interest, but you may be paying full rate of interest on the £100.You pay them £100 and they reduce the transfer amount to £900, you're left with £100 at full interest rate.You pay another £100 and they reduce the transferred amount to £800, you're still left with £100 at full interest rate.The T's&C's are often clear that any payments will pay off the lowest rate of interest first.In this case, they are offering 0% on both, but the purchases deal will end first. Payments will only likely count against the balance transfers until it is cleared.Be careful out there.



That's not how it works. If both have the same interest rate, the one whose offer expires first, will be where the payments are allocated.

Taz1529

Are tesco harsh on first time borrowers? I have a vanquis card trying to … Are tesco harsh on first time borrowers? I have a vanquis card trying to build my credit score, but is it too risky trying for a tesco card so soon?



If you only have Vanquis I wouldn't bother even trying. Though it's not that risky, the worst thing they could do is say no!

Who underwrites this card? i.e. if you already have a natwest, barclaycard, mbna card etc. would you still be eligible for a Tesco card?

is there a tesco banking app ,my current 0% card will run out in 6 months but I don't mind transferring now in anticipation of my car insurance renewal next month

Dal22

Who underwrites this card? i.e. if you already have a natwest, … Who underwrites this card? i.e. if you already have a natwest, barclaycard, mbna card etc. would you still be eligible for a Tesco card?



RBS

Hammer2006

RBS



Incorrect. This is underwritten by Tesco bank. Owned by Tesco.

pimpchez

is there a tesco banking app ,my current 0% card will run out in 6 months … is there a tesco banking app ,my current 0% card will run out in 6 months but I don't mind transferring now in anticipation of my car insurance renewal next month



Yes, it works well.

SVRich

Are they still allowed to do this? I thought they had to pay of the … Are they still allowed to do this? I thought they had to pay of the highest interest first, Barclaycard do. Although I have have just been using them to pay off debt so I can't be sure.



Not looked at these deal in years, I learned to avoid them. Either way, both borrowing types are 0% for the first 10 months, so it's up to them which they clear first. You'll likely be left with the payments balance after 10 months, having cleared only transferred balances.

AnonAnk

That's not how it works. If both have the same interest rate, the one … That's not how it works. If both have the same interest rate, the one whose offer expires first, will be where the payments are allocated.



Hopefully you're right and things have changed, I'm just warning people in case. Always best to check the small print.

Damn!! applied and was approved for the 19 month 0% 24hrs ago!!

ro53ben

Incorrect. This is underwritten by Tesco bank. Owned by Tesco.



Do we know which is correct? Is this an RBS card under the hood or are Tesco their own bank entity?

en.m.wikipedia.org/wik…ank

Tesco Bank is a retail bank in the United Kingdom which was formed in 1997, and which has been wholly owned by Tesco PLC since 2008. The Bank was originally formed as part of a 50:50 joint venture between The Royal Bank of Scotland and Tesco, the UK's largest supermarket. Tesco later acquired the RBS shareholding, which resulted in the bank becoming a wholly owned subsidiary, and now operates under its own banking license under the Financial Services Compensation Scheme.[3]

ro53ben

Hopefully you're right and things have changed, I'm just warning people … Hopefully you're right and things have changed, I'm just warning people in case. Always best to check the small print.



They are required to take highest Apr first now, rather than lowest

theukcardsassociation.org.uk/ind…asp
All credit card companies apply your payment to the highest interest bearing part of your balance first. This means that ...

en.m.wikipedia.org/wik…ank

Tesco Bank is a retail bank in the United Kingdom which was formed in 1997, and which has been wholly owned by Tesco PLC since 2008. The Bank was originally formed as part of a 50:50 joint venture between The Royal Bank of Scotland and Tesco, the UK's largest supermarket. Tesco later acquired the RBS shareholding, which resulted in the bank becoming a wholly owned subsidiary, and now operates under its own banking license under the Financial Services Compensation Scheme.[3]

Hmm might have a go as my Nationwide one I got from here last time has just run out.

Thanks!
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