MikeLigalig.com

by Sarah Robb

The new Tesco Bank Clubcard Credit Card is the only zero fee balance transfer credit card with a 0% interest period on both balance transfers and purchases for 12 months.

It also doubles up as a Clubcard, allowing customers to receive five points for every £4 spent on their card in Tesco stores, and one point for every £4 they spend elsewhere.

Greater flexibility

David McCreadie, managing director of banking at Tesco Bank, said the no balance transfer fee offer is for customers who want “the flexibility of a great value purchase and balance transfer with the additional benefit of Clubcard points”.

“The Clubcard Credit Card has consistently featured in best-buy tables and this new offer reflects our ambition to continue to offer great value products for customers,” he added.

The news has been welcomed by industry commentators, who say it will provide people aiming to get out of debt with a means of avoiding a balance transfer fee.

Sarah Robb, credit card expert at uSwitch.com, said cards offering 0% on balance transfers can be a “lifesaver” for consumers who are “drowning in debt”.

“They give people a little extra time to pay back what they owe without accruing extra interest,” she explained. “However, you usually to have to pay for this privilege. Not having a transfer fee could remove a hurdle for those trying to break the cycle of debt.”

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