In this article, we review the Tesco Bank Purchase credit card, which offers up to 20 months interest-free on purchases, as well as having introductory offers on balance and money transfers.
Key facts about the Tesco Bank Purchase credit card
Best for: Those looking to spread the cost of a large purchase over an extended period.
Introductory offer: Interest-free for up to 22 months on purchases.
Representative APR: 20.9% variable.
Fees: No annual fee.
Perks: Collect 5 Tesco Clubcard point for every £4 spent at Tesco and for every £8 spent elsewhere.
Pros of the Tesco Bank Purchase credit card
- The card has a competitive introductory offer on purchases, coupled with a shorter offer on balance and money transfers.
- It has the added benefit of allowing people to collect Tesco Clubcard points with most purchases made with the card.
- The APR stacks up well against similar cards, although it is worth paying the balance in full each month to continue to benefit from interest-free spending after the introductory offer has come to an end.
Cons of the Tesco Bank Purchase credit card
- Although it can offer up to 22 months, you may be offered a shorter interest-free period depending on your credit score.
- There is a 2.99% balance transfer fee and 3.99% money transfer fee during the introductory period, reverting to 3.99% for both after that time.
- The credit limit could be as low as just £100.
How to manage your payments on the Tesco Bank Purchase credit card
Cardholders can manage their account through the Tesco Bank mobile banking app.