Tesco Credit Card

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Tesco, the full name of which is Tesco plc, is a British merchandise and grocery retailer, which tends to be one of the largest retailers in the world. Considering that this retailer is a multinational and is present in many countries, it shouldn’t be surprising that this company also tends to offer its own store branded credit cards. This article will help you find out more about the Tesco credit card, so you will be able to assess the risks, advantages and drawbacks of this credit card. Enjoy the read!

What Is Known About Tesco?

Tesco plc tends to be one of the largest retailers in the world, whereas it was founded almost a hundred years ago. The company was founded in London, England, but nowadays the company’s headquarters is located in Welwyn Garden City. The company sells grocery and merchandise products in three types of stores: superstores, hypermarkets, and supermarkets.

Across the world, Tesco has more than 6,550 stores. The number of employees who work for this company nowadays exceeds 476,000. The revenues of this company exceeded more than $77 billion in 2017. In the same year, the profit of the company exceeded $1.75 billion. You can apply for a Tesco credit card in the stores of this chain or on the company’s website, online.

Types of the Tesco Credit Card

As of the present time, Tesco has 6 different types of credit cards on offer. All of those cards are quite different in terms of their features, rewards and purposes. While some cards can be applied for by the customers with low credit scores, premium cards come (typically) with an annual fee but abound with rewards. In our article we will strive to uncover the features and specialties of every of these cards.

Tesco Credit Card

But, regardless of which card you will apply for, it is needed to point out that one should apply for a Tesco credit card only in one case: if one tends to be a regular customer of this chain of stores. Otherwise, it would be better to apply for other credit cards, as the market abounds with them and there are definitely credit cards with better conditions (such as the credit cards from the Chase bank, for example). But if you wish to get a Tesco credit card, proceed below and find out which credit card you need! You have to keep in mind, however, that you can have only 1 Tesco credit card, so make your choice wisely.

Tesco Purchases Credit Card

Annual fee: £0.

APR for purchases: 18.9% variable.

Credit card highlights:

  • $0 introductory APR period on purchases during the first 29 months.
  • 0% introductory APR period on balance transfers during the first 3 months.
  • Approval/refusal for a card within a minute.
  • You can manage this Tesco credit card with your mobile app.

This credit card tends to be the most basic Tesco credit card, but it also tends to be among the most popular credit cards from this company. One of the main benefits of the Tesco Purchases Credit Card is, indeed, the 0% introductory APR period for the first 29 months, during which you can make any purchases at Tesco in credit without having to pay interest. An extra benefit of this credit card is that you also get an ability to make balance transfers during the first 3 months for free!

There are a couple of things to warn about before you apply for this credit card. First of all, you should have a good credit history in order to get 29 months of the 0% introductory APR period – otherwise, that period may be shortened for quite much. Also, you must earn at least £5,000 per year and be a citizen of the United Kingdom in order to apply for this Tesco credit card.

On the other hand, this Tesco Purchases Credit Card, apart from allowing you to benefit from the 0% introductory APR period, also allows you to amass points. You will receive 1 point for every £4 spent in Tesco stores and 1 point for each £8 spent elsewhere. Later, you will be able to exchange them on discounts at Tesco or restaurant vouchers.

Tesco 0% Balance Transfer Credit Card

Annual fee: £0.

APR for purchases: 19.9% variable.

Credit card highlights:

  • 0% introductory APR period on balance transfers in the first 22 months.
  • 0% introductory APR period on purchases in the first 22 months.
  • 0% interest on money transfers in the first 12 months.
  • 0% fee on balance transfers in the first 3 months.
  • Can be managed via the Tesco mobile app.

While having the average APR variable of the market and a zero annual fee, this Tesco credit card appears to be among most favorable credit cards for balance transfers. During the first 90 days after opening the account, the customers will be able to make transfers without fees and interest. Once that period passes, the fee of 3% on all balance transfers will be applied – an average market fee.

Among other benefits of this credit card, one should especially stress its ability to accrue points. Similar as with the previous Tesco credit card, one earns 1 point for every £4 spent in Tesco stores and £8 spent elsewhere. Though, it is worth to point out that the APR variable is slightly higher than of the previous credit card.

Tesco Premium Credit Card

Annual fee: £150.

APR for purchases: 19.94% variable.

Credit card highlights:

  • 94% cash withdrawal APR.
  • Can be managed online.
  • You can receive rewards in points and vouchers (same stands for the cards mentioned above).
  • Travel-related benefits are available.
  • You can accrue points quite faster than with any of the previous credit cards from Tesco.

This Tesco credit card is quite expensive, whereas you have to pay an annual fee of £150. Besides, you must have an income of at least £25,000 per year in order to apply for this credit card. On the other hand, all of this can be compensated by a variety of useful features and deals you can take advantage of.

First of all, you can collect the points much faster with this Tesco Premium Credit Card, whereas you will receive 1 point for every £1 spent in Tesco stores. Later, you will be able to exchange them for vouchers, such as the vouchers from Virgin Atlantic, Avios, Café Rouge, Pizza Express, Odeon, Cineworld, and many other companies. You can amass as much as 5,000 points within a single year, if you spend £5,000.

Having this credit card also gives you worldwide travel insurance for free, if you are aged under 70. All your family members who are aged under 70 also get this travel insurance. Thus, this Tesco credit card may be a good choice for passionate, active travelers.

Tesco Low APR Credit Card

Annual fee: £0.

APR for purchases: 5.9% variable.

Credit card highlights:

  • Beneficial, market average APR.
  • 0% introductory APR period on purchases and balance transfers during the first month.
  • Can be managed via a mobile app.
  • You can amass points.

As you could expect, the main advantage of this Tesco credit card is quite a low APR. If you opt for this card, you will be able to finance your purchases thanks to a competitive APR. Actually, very few stores offer credit cards with so beneficial APR.

This credit card from Tesco also allows you to collect points. Same as with ordinary credit cards from Tesco, you will receive 1 point for every £4 spent in Tesco stores and for every £8 spent elsewhere. If you have a good credit history and you want to benefit from a low APR, this card may be quite suitable for you.

Tesco Money Transfer Credit Card

Annual fee: £0.

APR for purchases: 18.9% variable.

Credit card highlights:

  • 0% introductory APR period on balance transfers in the first 36 months.
  • 0% introductory APR period on purchases in the first 3 months.
  • 0% interest on money transfers in the first 12 months.
  • 0% fee on balance transfers in the first 3 months.
  • Can be managed via the Tesco mobile app.

This Tesco credit card is also quite a good one for making balance transfers. If you do transfer money in the first 90 days after opening the account, you will pay no fees or interest. After the introductory period ends, the balance transfer fee and money transfer fee will be equal to 2.69% and 3.94% accordingly. If you have not that good credit history, the introductory balance transfer period may be lowered up to 30 or 24 months. It can also accrue points.

Tesco Foundation Credit Card

Annual fee: £0.

APR for purchases: 27.5% variable.

Credit card highlights:

  • £1,200 assumed credit limit.
  • Good for re-building your credit history.
  • Can be managed via a mobile app.

This credit card would be suitable for frequent Tesco shoppers who have a damaged credit history. Apart from it, there are actually very few advantages of this Tesco credit card. The only and sole purpose of this card is to let you rebuild your credit history, so you should apply for this credit card only if you don’t have another option.

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