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Tesco Bank credit card review: Tesco Clubcard

THE Tesco Clubcard credit card could be a very useful money-saver for any Tesco regulars but even if you prefer to buy your groceries elsewhere there are still some significant benefits if you are planning any big Tesco purchases such as white goods or gadgets.

An ordinary Tesco clubcard offers 2 points for every pound you spend. With the Tesco clubcard credit card you can collect those same points and get an extra point for every £4 spent no matter where you spend it.

Every 3 months, you'll then receive your Tesco clubcard credit card points in vouchers to spend in store.

Clubcard points can also be used to buy AirMiles at a rate of 60 AirMiles for £2.50 in Clubcard vouchers, or towards discounts on holidays, days out, magazines and a whole host of other goodies.

In other words: the world's your Tesco.

Tesco Clubcard rewards

In addition to the extra Clubcard rewards, there's also a market leading 0% deal on all purchases for 13 months from opening a Tesco clubcard credit card account.

That could help to spread the cost of any large purchases or protracted periods of high spending.

If you need to spread costs after a year the Tesco clubcard credit card is the product that keeps on giving with an additional on-going 6 month Buy Now - Pay Later deal available on selected items at Tesco Direct (Tesco.com).

Interest Rates and Fees
		Notes..
Typical APR	16.9% APR (variable)	16.9% APR - 21.9% APR. The rate you receive will depend upon an assessment of your circumstances and credit history. The typical APR is the rate most people are offered.
Introductory Purchases	0% for 13 months
Balance Transfers	0% for 9 months	Balance transfers are limited to 95% of your available credit card.
Balance Transfer Fee	2.9%
Cash Withdrawal Rate	24.942% p.a. (variable)
Cash Withdrawal Fee	3% (£3 minimum)	No cash advance fee on Tesco Travel Money (purchased online, in-store or over the phone), including all currency and non-Sterling Travellers Cheques.
Annual Fee	None	-
Foreign Transaction Fee	2.75%	0% commission on Tesco Travel Money (purchased online, in-store or over the phone), including all currency and non-Sterling Travellers Cheques. This fee will be charged if you make a purchase or cash withdrawal in a foreign currency.

Rewards
		Notes..
Reward #1	Tesco Clubcard Points	Collecting Clubcard points: - Earn 1 Clubcard point for every £4 you spend anywhere - The Clubcard credit card doubles as a Clubcard loyalty card - so you'll earn Clubcard loyalty points on all your Tesco spending too (1 Clubcard point for every £2). Redeeming Clubcard points: - 250 Clubcard points = £2.50 Clubcard voucher to spend at Tesco - 250 Clubcard points = £10 worth of Partner Reward tokens
Reward #2	Clubcard Partner Rewards	Exchange Clubcard vouchers for 4x worth of Partner Reward tokens - £10 Clubcard voucher = £40 worth of reward tokens
Reward #3	Convert Clubcard to Airmiles	Clubcard points can be converted to AirMiles at a rate of 60 AirMiles for every 250 Clubcard points.

Cardholder Services & Extras
Online Account Management		You can log in to the Tesco Finance web site and manage your Tesco Clubcard credit card account online.
Internet Fraud Guarantee		You will not be held liable for any fraudulent transactions made on the web without your knowledge or consent.
Fraud Monitoring		Tesco will actively monitor your account for any suspicious transactions and will get in touch with you if they notice anything.
Identity Protection
MasterCard SecureCode		An extra layer of security when shopping online. Register and set up a password-protected identity-check when you shop online with participating online retailers.
Purchase Protection Insurance
Purchase Delivery Insurance
Comprehensive Travel Insurance		Get 10% discount on Tesco Travel Insurance when you buy an annual policy with your Tesco Clubcard credit card over the phone.
Travel Accident Insurance
Travel Inconvenience Insurance
Assistance Abroad
Emergency Card Replacement		If your card is ever lost or stolen abroad, Tesco will replace it ASAP and you may receive a cash advance to tide you over.
Other Extras	- 24/7 customer service - Chip and PIN
Optional Extras	- Payment Protection Insurance - Card Protection Plus - Identity Protection Alert

Payments & Payment Details
		Notes..
Credit Limit	£250 minimum	Credit limit is subject to status.
Interest Free Period	Up to 51 days	For purchases if you pay your balance in full and on time and you have paid the previous month's balance in full and on time. There is no interest free period on cash advances, money transfers or on balance transfers outside of the introductory period.
Minimum Monthly Payment	3% (£5 minimum)	You must repay the greater of: - 3% of the outstanding balance (excluding Tesco 'Buy Now, Pay Later' offers), OR - £5.
Allocation of Payments	Interest on special offers (excluding Tesco 'Buy Now, Pay Later') » Other Interest, Fees & Charges » Special Offers » Balance Transfers, Purchases & Promotional Cheques » Cash Advances & Money Transfers » Tesco 'Buy Now, Pay Later' Special Offers shown on any statement	-
Default Charges	£12	This is how much you will be charged for late payments, returned payments and if you go over your credit limit.

Card Details
		Notes..
Online Application	Yes: Instant Decision	Instant decision, in most cases. Remember: always ensure you meet the application requirements before applying, as getting rejected can affect your credit score.
Card Type	Classic	-
Payment Company	MasterCard	The company who provides the payment technology and infrastructure to allow you to use this credit card. Retailers and ATM machines displaying the 'MasterCard' logo will accept this credit card.
Card Issuer	Tesco Finance	The bank who issues this credit card. Tesco Personal Finance plc PO Box 5747 Southend on Sea SS1 9AJ
Card Advertiser	Tesco Finance	The company who advertises and promotes this credit card.

Review Continued...

The Tesco Clubcard credit card's headline deals are easily spotted, with Clubcard points on all your spending plus that market-leading 0% deal on all purchases for 13 months.

13-month 0% purchases

The Tesco Clubcard credit card offers an introductory 13-month 0% period on purchases.

This 0% deal will apply to any purchase and is not limited to Tesco spending.

In addition, Tesco Clubcard credit card holders can access an exclusive 'Buy Now - Pay Later' deal at Tesco Direct, offering 0% for up to 6 months on selected items - with no monthly payments required, no deferred interest charges and no early repayment penalties.

The way Tesco will allocate payments you make to the account is well set up for the Buy Now - Pay Later deal with these purchases being repaid last - so you'll never end up paying them off inadvertently early just because you continue to use the credit card.

Payments will be applied towards 0% deals first though, so it may be advisable to avoid using this card for a balance transfer if you also intend on spending on it as higher rate balances will become trapped behind cheaper balances and the 0% periods are not the same length.

Buy Now, Pay Later

If you use your Tesco Clubcard credit card to make selected purchases at Tesco Direct (which basically means the website), then you can get a buy now pay later deal of up to 6 months.

Any 'Buy Now - Pay Later' balances are shown separately on your credit card statement, and do not affect your minimum repayments or payments made towards other promotional or standard rate balances until such time as the BNPL period finishes, when the balance is rolled into your normal credit card balance.

This is a really good way to buy selected larger items and not have to pay for them straight away. Unfortunately, it is not available on all items, and there seems to be no single list on the website that gives all products currently in this category. You need to search through the products you want until you come to one that's being offered in the BNPL scheme.

Who should have this card

If you are a Tesco-aholic, this is the card for you. It's the fastest way to earn Clubcard points, and thereby get the maximum discount off your shopping simply for changing the plastic you pay with.

If you're planning any large purchases or heavy spending, then you'll also benefit here too. The Tesco Clubcard credit card offers a very length 13-month 0% offer on all purchases - which you'll also earn Clubcard points on too.

Summary

The Tesco Clubcard credit card is aimed squarely at Tesco customers and anyone looking at doing some serious shopping over the next couple of months.

For regular Tesco shoppers this card could become a very useful addition - or even as the main card - in your wallet. It even doubles up as a Clubcard loyalty card - so you can ditch that additional piece of plastic.

Apply Online for Tesco Clubcard credit card »