Tesco launches 0% credit card with no balance transfer fee
The supermarket bank's new card offers 10 months to pay off your debt absolutely free.
Tesco has launched a new 0% balance transfer credit card offering 10 months with no interest to pay on your debt and no balance transfer fee to pay.
The new Clubcard credit card with No Balance Transfer Fee now offers the longest interest-free balance transfer period without a fee to pay.
Barclaycard also offers a fee-free Platinum card, but its 0% period is only six months.
The Clubcard credit card with No Balance Transfer Fee also has a 10-month 0% period on purchases and offers Clubcard points on your spending. However, if you’re trying to clear your debt then you should probably avoid spending too much, if at all, on it, unless you’re really disciplined.
Top 0% period and low fee combinations
If you need longer than 10 months to pay off your debts, there are a number of credit cards offering a decent combination of lengthy interest-free periods and low balance transfer fees.
|
Credit card |
0% period |
Balance transfer fee |
Fee paid on £2,000 transfer |
Representative APR after 0% period ends |
|---|---|---|---|---|
|
15 months |
0.55% |
£11 |
15.9% |
|
|
15 months |
0.65% |
£13 |
17.9% |
|
|
17 months |
0.9% |
£18 |
18.9% |
|
|
Halifax 28-Month Balance Transfer MasterCard |
28 months |
1.5% |
£30 |
18.9% |
|
Bank of Scotland Platinum 28-Month Low Balance Transfer Fee MasterCard |
28 months |
1.5% |
£30 |
18.9% |
|
Lloyds Bank Platinum 28-Month Low Balance Transfer Fee MasterCard |
28 months |
1.5% |
£30 |
18.9% |
*Nationwide current account customers only
If you want the maximum 0% period possible, then Barclaycard's Platinum card offers 33 months with no interest to pay for a 2.99% fee.
Note that you will need a good credit score to get hold of any of the cards mentioned so far.
If your credit rating isn't so great, you could look at the Barclaycard 14-month Platinum card, which offers a year and two months with no interest to pay in return for a 2.9% balance transfer fee.
Play your cards right
Before you apply for a 0% balance transfer credit card, you should do some sums and make sure you'll be able to pay off your debts by the end of the 0% period. There's no point going for a shorter 0% period to save on the balance transfer fee only to discover that you've still got debt at the end of it.
And always, always make the minimum repayment each month. If you don't, you'll lose your 0% deal and get a black mark on your credit report.
More on banking and borrowing:
The best 0% balance transfer credit cards
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