Tesco Bank ups 0% balance transfer period to 34 months
Supermarket bank has increased the 0% balance transfer period on its Clubcard credit card.
Tesco Bank has increased its interest-free period on balance transfers on its Clubcard Balance Transfer credit card to 34 months.
The card still comes with a balance transfer fee of 2.9%. So if you're transferring £2,000, you'll pay a fee of £58.
Let's take a look at how it compares.
|
Credit card |
0% period on balance transfers |
Balance transfer fee |
Cost of transferring £2,000 balance |
Representative APR |
|
35 months |
2.49% |
£49.90 |
18.9% |
|
|
34 months |
2.39% |
£47.80 |
18.9% |
|
|
34 months |
2.8% |
£56 |
18.9% |
|
|
34 months |
2.9% |
£58 |
18.9% |
|
|
34 months |
3% |
£60 |
18.9% |
|
|
Bank of Scotland Platinum 34 Month Balance Transfer MasterCard |
34 months |
3% |
£60 |
18.9% |
|
HSBC Credit Card* |
34 months |
3.3% |
£66 |
18.9% |
|
33 months |
2.79% |
£55.80 |
18.9% |
|
|
33 months |
2.89% |
£57.80 |
18.9% |
*HSBC current account customers only
As you can see, this move has put Tesco Bank up towards the top of the best buy table, but there are still better deals out there. For example you can get an extra month free from interest with the Barclaycard 35-Month Platinum, and with a lower fee to boot. Indeed, you can get a 34 month deal with a lower balance transfer fee with the likes of the Barclaycard 34 month or the Halifax 34 month card too.
However, as you can’t move debt between two cards from the same provider, the Tesco card may be handy if you already have debt on a Barclaycard or Halifax card.
If you’d prefer a lower balance transfer fee and don’t mind a shorter interest-free period, then read The best low-fee balance transfer credit cards.
Remember, these cards tend to be reserved for borrowers with the best credit rating. To compare firms which offer you access to your credit report, check out our credit report comparison centre.
More on credit cards:
The best 0% balance transfer credit cards
Bank of England; “significant” jump in demand for credit cards
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