The supermarket giant has extended the interest-free period on its top purchase credit card and now tops the best buy table.
Tesco Bank has increased the 0% introductory period on purchases on its Clubcard for Purchases credit card from 18 months to a market-leading 19 months.
This means it takes the top spot in the 0% purchases best buy table from Santander’s 123 credit card and Credit Card for Purchases.
What the Tesco Clubcard for Purchases offers
As well as a year and seven months with no interest to pay on any initial purchases, you’ll also earn Clubcard points when you spend on the Clubcard for Purchases card.
You can earn five Clubcard points for every £4 you spend at Tesco and at Tesco fuel stations (excluding Esso stations with a Tesco mini-market). You’ll earn one point for every £4 you spend elsewhere.
[SPOTLIGHT]The Clubcard for Purchases also offers a three-month 0% period on balance transfers with a balance transfer fee of 2.9% of the debt you’re transferring. But this card is designed for people who want to spread the cost of new purchases.
If you don’t pay off your spending in full by the end of the 19-month 0% period, the representative APR (the annual combination of interest and charges) is 18.9%.
You'll need a good credit rating to get hold of this card and your credit limit and APR will be based on your credit score.
Compare 0% purchases credit cards
How it compares
This is how the Clubcard for Purchases now compares to to the other top 0% purchase cards out there.
|
Credit card |
0% period |
Representative APR |
|
19 months |
18.9% |
|
|
18 months |
18.9% |
|
|
18 months |
16.5% |
|
|
Halifax Purchase Credit Card |
17 months |
16.9% |
|
Clydesdale Bank Gold MasterCard |
17 months |
18.9% |
|
Yorkshire Bank Gold MasterCard |
17 months |
18.9% |
|
16 months |
16.9% |
|
|
16 months |
18.7% |
|
|
15 months |
17.9% |
|
|
15 months |
16.9% |
|
|
15 months |
17.9% |
|
|
15 months |
15.9% |
|
|
14 months |
18.9% |
*Only available to Nationwide current account holders
If you prefer cashback to reward points, perhaps because you don't shop at Tesco, both the Santander 123 credit card and American Express Platinum Cashback Exclusive rewards spending with money. But you'll have to make do with slightly shorter 0% purchase periods. The Santander 123 card also charges an annual fee of £24, unless you're also a 123 current account customer, in which case the fee's waived.
Play your cards right
A 0% purchase card can be a fantastic tool in spreading the cost of one or more big purchases, but you should make sure you can pay off your spending in full by the end of the 0% period before you apply for one.
Whichever card you go for, make sure you make at least the minimum repayment during the 0% period, otherwise you'll lose your 0% deal and get a black mark on your credit report.
Compare 0% purchases credit cards
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