The Tesco Clubcard MasterCard is obviously worth a look if you want to boost your Clubcard points.
The earning rate is not hugely generous, at just 1 Clubcard point per £8 spent. This is calculated on a ‘per transaction’ basis which means that an £8.00 transaction gets you 1 point and a £16.00 purchase gets you 2 points. However, a £15.99 transaction also gets you just 1 point. Any transaction of £7.99 or less earns nothing! It has an impact on your earnings if you put through lots of small transactions. However, on larger transactions, this is not a major issue.
1 point per £8 means you are getting 0.125p per £1 back. If you are getting 3x the face value of your points via a good Boost deal, you will be turning that into 0.375p per £1 which is better.
You receive double this rate when shopping in Tesco where you earn 1 point for every £4 spent. If Tesco makes up a large percentage of your monthly spending then it makes the credit card look a lot more attractive.
The best balance transfer deal in the UK
There is one area in which the Tesco Clubcard MasterCard excels.
It currently offers one of the longest balance transfer deals of any UK credit card, with 40 months of 0% interest.
There are various versions of the Tesco Clubcard credit card. This version (click) is the one which offers 0% interest for 40 months on balance transfers. You can transfer a balance from an existing credit card and pay 0% interest for 40 months – that means the middle of 2020! The maximum transfer is 95% of your credit limit and there is a 2.69% fee.
You can also transfer money, up to 95% of your credit limit, into your bank account. This will also be interest free for 40 months. The fee for this is 3.94%.
You need to make transfers within 90 days of taking out the card to guarantee these terms.
The representative APR on this card is 18.9% variable on new purchases.
If you are interested in this offer, you need to apply via this page of the Tesco Bank website.
If you want to check your credit record before applying for a new card, click here for a free 30-day trial of Equifax’s online credit report service. Note that a monthly fee of £14.95 will be charged if you do not cancel during the 30-day free trial period.
PS. If you don’t need a balance transfer, you should take a look at this different version of the Tesco Clubcard credit card which offers 0% interest on purchases for up to 28 months. Representative APR 18.9% variable.Want to earn more Clubcard or Nectar points? Click here to visit the Shopper Points home page for the latest news and offers. Come back every day for new deals or join our email list.
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