Build your credit rating with the Tesco Foundation Credit Card! 28.9%APR & Earn Clubcard Points! - 6% lower APR than Barclays/Capital One/Aqua for a Beginners Card!
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Build your credit rating with the Tesco Foundation Credit Card! 28.9%APR & Earn Clubcard Points! - 6% lower APR than Barclays/Capital One/Aqua for a Beginners Card!

35
Found 15th Sep 2014
Not many people are aware of this but Tesco offer there own Foundation Credit Card similar to the Capital One/Aqua cards for people with little credit history.

Whats so special about this card?
The APR is 6% lower than Capitol One/Aqua Cards, earn clubcard points from purchases and the requirements are minimal to get one.

Earn Clubcard Points when you spend!

Tesco stores - 5 Clubcard points for every £4 you spend
Tesco fuel - 5 Clubcard points for every £4 you spend (excludes Esso Fuel)
Everywhere else - 1 Clubcard point for every £4 you spend

Am I eligible?

To apply for a Foundation Card you'll need to:

Earn at least £5,000 a year
Be at least 18 years of age or over (the same goes for any additional card holders)
Live in the UK or have a BFPO address
Not currently hold a Tesco Bank Credit Card
Not have applied for a Tesco Foundation Clubcard Credit Card in the last six months.

I'm not expecting this to go hot but those of you looking to build your credit rating this is a good starter card!

35 Comments

Original Poster

Please show me a better credit card for people with little / no credit. This is the best available i believe.

Banned

Does it have to be £5k from employment? I'm a jobless student, but I do receive over £5k in grants / scholarships / maintenance loans. Would this suffice? Thanks.

if people are wanting a to build their credit file they could use this:-

http://www.mycashplus.co.uk/cashplus-extras/creditbuilder.aspx

load money onto it like a mobile phone and spend as normal.
yearly cost is £59.40*, which is classed as a loan, which is re-paid over 12 months (12x £4.95)
it may sound like al lot, but when its paid you'll be in a better position to get an actual credit card
(i just used it to pay for petrol, which may need activating 1st)

you can also get £8 cashback with quidco.com/cas…rd/

*when i had one of these cards a few years back, you could choose to £1 per transaction (paying your gas, mobile phone bill and tv license would incur an additional £3 charge to the final cost), but haven't seen it on the website...

HUKDUSER94

Does it have to be £5k from employment? I'm a jobless student, but I do … Does it have to be £5k from employment? I'm a jobless student, but I do receive over £5k in grants / scholarships / maintenance loans. Would this suffice? Thanks.


hard to say really, as past CC applications ask for work details. not sure a college or university would be accepted, but you could try the MoneySavingExpert Credit Card Eligibility Checker:-

moneysavingexpert.com/cre…ds/

If you can't afford it then don't buy it .

Original Poster

philmitchell

If you can't afford it then don't buy it .



With no credit history its nearly impossible to get on the property ladder and obtain a mortgage. Cards like this are good to start building credit history, and open up a world of lower APR loads / cards and mortgages. Having a good credit file is important today it opens up a whole new world and can save you a fortune if you find yourself needing credit in the future as your eligible for lower APR products.

Pretty sure you need to say your employed and enter wage, student doesnt count though you you could risk it.

If you are going to loan money at 30% or 40%APR you should really evaluate your finances and not bother.

Others offer 0.5% cashback and capital one give £10 a year extra if you pay on time
This offers 0.25% which you may be able to double, triple or quadruple with tesco rewards. Suppose it depends how much you spend and what you spend tesco points on.


Edited by: "davidian84" 16th Sep 2014

Declined :-(

philmitchell

If you can't afford it then don't buy it .

I think we live in a culture now that people want everything without sacrificing anything. I can see the pint in building your credit score but it is so so easy to live beyond your means nowadays, that is why these payday loans are doing so well, Years ago they where classed as loan sharks, now they are thriving and its all legal as well

philmitchell

If you can't afford it then don't buy it .



Bought your home outright, never had finance for a car ?

Lucky you.

andynicol

Bought your home outright, never had finance for a car ? Lucky you.


More likely Council house & Mobility car and bitter because they they can't get credit.
You don't only need a credit history for borrowing money , you need it for mobile phone contracts,gas electricity home phone and even car insurance nowadays.
I've just renewed my car insurance and paid it in full straight away but they still insisted on doing a credit search??
Edited by: "paulandpam1" 16th Sep 2014

Im in a weird position...
My credit score is low, yet i have never had any money issues.
Ive never had a loan or credit card, but i have a £17K Hire purchase, a couple of mobile contracts and things which has always been paid on time with 0 defaults or late payments
My history is spotless, yet my score is 2/5!
I have recently applied and got a mortgage, giving me my first house (£117K mortgage) and i applied for a Tesco credit card and got refused.
Im on the electoral roll, all my addresses are listed and everything is in order.
The whole system is a shambles!
I think i will end up requiring one of these cards just to build up my score, they may as well just ask me to pay the credit score agencies a bribe to increase my score.
Buying a high APR card and possibly getting myself into debt should not be a way to achieve a good credit score, the whole point in the scoring system was to show who is reliable at repaying the money they owe and who isn't.
I am VERY good at repaying money and my history shows this, yet i need to get a high APR card to prove it?!?!
I have friends with CCJ's and debt management who has lots of defaults who gets credit cards offered to him left right and centre!!
Its all backwards!

The APR is irrelevant, just make some small purchases and pay it off in full every month by direct debit. Won't cost you a penny extra.

adamck

Im in a weird position...My credit score is low, yet i have never had any … Im in a weird position...My credit score is low, yet i have never had any money issues.Ive never had a loan or credit card, but i have a £17K Hire purchase, a couple of mobile contracts and things which has always been paid on time with 0 defaults or late paymentsMy history is spotless, yet my score is 2/5!I have recently applied and got a mortgage, giving me my first house (£117K mortgage) and i applied for a Tesco credit card and got refused.Im on the electoral roll, all my addresses are listed and everything is in order.The whole system is a shambles!I think i will end up requiring one of these cards just to build up my score, they may as well just ask me to pay the credit score agencies a bribe to increase my score.Buying a high APR card and possibly getting myself into debt should not be a way to achieve a good credit score, the whole point in the scoring system was to show who is reliable at repaying the money they owe and who isn't.I am VERY good at repaying money and my history shows this, yet i need to get a high APR card to prove it?!?!I have friends with CCJ's and debt management who has lots of defaults who gets credit cards offered to him left right and centre!!Its all backwards!




as a person who is quite set up in life I agree...i find those credit refrence agencies mirky organisations..where else would your future be decided by people youve never met or authorised to act on you behalf...is there not data protection issues there? i mean talk about a big brother setup!


Edited by: "daalphamale" 16th Sep 2014

daalphamale

as a person who is quite set up in life I agree...i find those credit … as a person who is quite set up in life I agree...i find those credit refrence agencies mirky organisations..where else would your future be decided by people youve never met or authorised to act on you behald...is there not data protection issues there? i mean talk about a big brother setup!



Yes its also very bad that companies can add defaults to your account without letting you know in writing too.
I had a default on my account added in error by Vodafone around 10 years ago.
I didn't even realise it existed until i started to apply for a mortgage and it flagged up.
Luckily for me i managed to get Vodafone to remove it after proving i hadn't missed any payments and it was a genuine error on their part.
This would have cost me my mortgage if i hadn't managed to get it removed!!
Always worth checking Noddle.co.uk before applying for anything!!

Credit is a real mystery.

Applied for a mortgage with Post Office, I was currently with the Post Office on a 10% LTV deal, wanted a more expensive house, had 25% deposit and wanted to borrow 2.2 times my salary. No credit problems. REJECTED.

Went to the Halifax who showed my my credit and the ranked me the best A1 (the lady said this was hardly ever seen), happy to give me a mortgage.

All it taught me was in the future to go to Halifax if I ever needed a loan.

A lot of these Credit Cards are not done on the basis of risk but profit. It's a high APR and what they're looking for is people who borrow up to the limit but will continue to pay the minimum montlhly amount. if you've been rejected, ask yourself if this is you?

If I took this out, my credit history would show that I use a CC and pay it off in full. Basically all Tesco would do for me is give me 200 Tesco Points a month and give me a months interest free credit. Hardly going to make much cash from me.

I have to admit I'm a rewards person regarding CC's, the Amazon one is stopping so I've dug out my old Tesco one and am starting to use it again.

adamck

Yes its also very bad that companies can add defaults to your account … Yes its also very bad that companies can add defaults to your account without letting you know in writing too.I had a default on my account added in error by Vodafone around 10 years ago.I didn't even realise it existed until i started to apply for a mortgage and it flagged up.Luckily for me i managed to get Vodafone to remove it after proving i hadn't missed any payments and it was a genuine error on their part.This would have cost me my mortgage if i hadn't managed to get it removed!!Always worth checking Noddle.co.uk before applying for anything!!



yea took out a phoneline deal with the post office years ago..but cancelled within the cooling off period....I heard nothing more until I went to get a mortgage about 5 years later and my financial advisor said I was turned down to have a look at my credit record.... it turns out get this I had 2 years missed payments to the post office! The never cancelled the credit agreement and updated my credit file...what i find amazing is why wasn't I informed of this? You can hardly move in this country with legislation for one thing or another yet these people operate ina vacum...the dont seem to have to answer to anyone for their mistakes or otherwise..

I meant to to say a good card tro get is the capital one 200 pound credit card as a starter. It gives free access to equifax...so if your credit file changes you get an email to say it has changed.




Edited by: "daalphamale" 16th Sep 2014

I have moved to a rented house, unemployed (disabled), single mother and insist on not being on the Electoral Roll for personal reasons.
I have one CCJ against me for a credit card debt which is recent.
I have had no problem at all getting phones, broadband and mobile deals at a very cheap rate, the online answer came back so fast I am sure no checks were actually carried out.

Its really made me believe that the system totally is corrupt and companies simply decide decisions on what they might earn from you!!!!

adamck

Yes its also very bad that companies can add defaults to your account … Yes its also very bad that companies can add defaults to your account without letting you know in writing too.I had a default on my account added in error by Vodafone around 10 years ago.I didn't even realise it existed until i started to apply for a mortgage and it flagged up.Luckily for me i managed to get Vodafone to remove it after proving i hadn't missed any payments and it was a genuine error on their part.This would have cost me my mortgage if i hadn't managed to get it removed!!Always worth checking Noddle.co.uk before applying for anything!!


That website you mentioned Noddle.co.uk is very good but I've never heard of it before.
I've just used it and am pleased with the results plus it was free.
Thank you.

All this talk of the Post Office - its probably worth mentioning for those who don't realise that in reality you are usually dealing with Bank of Ireland (UK) when looking at a "Post Office" financial product.

I wasn't aware of the Foundation card, but it seems reasonably competitive in that segment. I've always thought they're presentation of spending benefit of 5 Clubcard points for every £4 you spend at Tesco stores is a little misleading though (a bit like they're "Buy 1 Get 2 Free" nonsense).

premierfella

All this talk of the Post Office - its probably worth mentioning for … All this talk of the Post Office - its probably worth mentioning for those who don't realise that in reality you are usually dealing with Bank of Ireland (UK) when looking at a "Post Office" financial product.I wasn't aware of the Foundation card, but it seems reasonably competitive in that segment. I've always thought they're presentation of spending benefit of 5 Clubcard points for every £4 you spend at Tesco stores is a little misleading though (a bit like they're "Buy 1 Get 2 Free" nonsense).



yet another bank that has shut the stable door after the horse has bolted...they lent money to every nut with a plan in ireland..now there are stuffed like many others
Edited by: "daalphamale" 16th Sep 2014

You are too good at repaying money, they would prefer you to have large debts for a long term, as it earns them more!!

adamck

Im in a weird position...My credit score is low, yet i have never had any … Im in a weird position...My credit score is low, yet i have never had any money issues.Ive never had a loan or credit card, but i have a £17K Hire purchase, a couple of mobile contracts and things which has always been paid on time with 0 defaults or late paymentsMy history is spotless, yet my score is 2/5!I have recently applied and got a mortgage, giving me my first house (£117K mortgage) and i applied for a Tesco credit card and got refused.Im on the electoral roll, all my addresses are listed and everything is in order.The whole system is a shambles!I think i will end up requiring one of these cards just to build up my score, they may as well just ask me to pay the credit score agencies a bribe to increase my score.Buying a high APR card and possibly getting myself into debt should not be a way to achieve a good credit score, the whole point in the scoring system was to show who is reliable at repaying the money they owe and who isn't.I am VERY good at repaying money and my history shows this, yet i need to get a high APR card to prove it?!?!I have friends with CCJ's and debt management who has lots of defaults who gets credit cards offered to him left right and centre!!Its all backwards!

Here we go, 'if you cant afford it don't buy it'. This same argument comes up time and again. If you prefer to live your life with no credit that's your choice. All those people you see laying about airport floors have no means to pay for a room. A credit card can be a lifesaver in an emergency.

Why take £1000 out of savings to fix your car, pay an emergency tradesman or buy a big ticket item, losing interest, when you can have a card with 18 months interest free credit in your pocket? Not everyone has savings to fall back on either so can be a lifesaver. Better using a credit card with 0 or low interest than resorting to payday loan companies or begging family.

I have been trying to get credit card for last 3 years and unsuccessful but I applied for this one and been accepted with £900 credit.
Thanks very Hot for me.

HUKDUSER94

Does it have to be £5k from employment? I'm a jobless student, but I do … Does it have to be £5k from employment? I'm a jobless student, but I do receive over £5k in grants / scholarships / maintenance loans. Would this suffice? Thanks.



you have no income, yet you want to open a credit account? smart.

adam_holcombe

you have no income, yet you want to open a credit account? smart.



Indeed it is. i had credit cards as a student and were great

Been looking for one since some time, applied and approved. Many Thanks OP.

Original Poster

HUKDUSER94

Does it have to be £5k from employment? I'm a jobless student, but I do … Does it have to be £5k from employment? I'm a jobless student, but I do receive over £5k in grants / scholarships / maintenance loans. Would this suffice? Thanks.



This is the wrong product for you, you want a student credit card / current account. 0% APR until you graduate

Try Aqua or Vanquis for No Credit.. This companies will accept all credit ratings...

I'm getting a loan to fund a car, funnily enough Halifax had me as Grade C which is like 15.9% APR.(I actively put spare funds into my Share ISA - also with Halifax hence why having no funds).. I was told halifax work of what's in your current account.. So I opted to stop putting money into shares, and leave it in my current account. It's now Grade A1 which is 5.9%. Much better. Consequently, my Credit Rating on Noddle is 4/5, but often it changes to a 3/5 - yet I've done nothing extra... They just pick and choose.

torchboy

Try Aqua or Vanquis for No Credit.. This companies will accept all credit … Try Aqua or Vanquis for No Credit.. This companies will accept all credit ratings...



Can't stand these two companies. My credit score was 900+ when I checked last month and I still get them trying to persuade me to take a card from them. They have no chance.

DealJourno

Can't stand these two companies. My credit score was 900+ when I checked … Can't stand these two companies. My credit score was 900+ when I checked last month and I still get them trying to persuade me to take a card from them. They have no chance.



It is only for those who are under 550 .... If your score is 900+ get the best out of barclaycard

DealJourno

Can't stand these two companies. My credit score was 900+ when I checked … Can't stand these two companies. My credit score was 900+ when I checked last month and I still get them trying to persuade me to take a card from them. They have no chance.



I keep getting these joke providers trying to get me to take an astronomical apr card with them when I can get long interest free/ low apr cards, currently with Tesco. That one too with the advert "you have to be part of an elite group to obtain a credit card". An elite group of people who can manage their finances?

I was once turned down for a card with Sainsburys. Had to be because they knew they would make nothing from me in interest

HUKDUSER94

Does it have to be £5k from employment? I'm a jobless student, but I do … Does it have to be £5k from employment? I'm a jobless student, but I do receive over £5k in grants / scholarships / maintenance loans. Would this suffice? Thanks.

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