Tesco shoppers set to benefit from new 25-month balance transfer card
Tesco Bank has today announced a new 0% 25 month period for balance transfers on its Clubcard Credit Card. Michael Ossei, personal finance expert at** Uswitch.com, says:** “Tesco’s decision to increase the balance transfer period on its Clubcard Credit Card to 25 months shows that it means business in the credit card market. Tesco shoppers stand to gain the most from the card as it offers generous loyalty points for every pound spent – but the offer of 0% for over two years is strong in its own right.
“Today’s launch suggests that a revival of competitive balance transfer deals could be on the cards. Six years ago the longest 0% balance transfer offer lasted 12 months. Today, this has almost doubled, with Tesco becoming the third provider this year to launch a balance transfer card with an interest-free period of more than two years.
“Competition in the credit card arena is fierce and this move places Tesco Bank head to head with Barclaycard and Halifax, both also offering a 25 month 0% period. But Tesco has a unique advantage over its rivals – it is able to tap into a base of over 16 million loyal Clubcard customers. With clear insight into consumer shopping habits, Tesco is gearing all of its financial products and services around what the customer wants. With this in mind, I would not be surprised to see Sainsbury’s Bank step up its credit card offering, using its base of Nectar customers.
“While Barclaycard has always been seen as the frontrunner in the balance transfer space, supermarkets and high street brands are now finding their footing. Market leading rates and products could soon become the norm for these new players as they start using data and customer insights to develop more appealing financial products for their customers. But for the moment, with Tesco now at top of the best buy tables, we wait to see how long it will take for Barclaycard to fire back with a new leading deal of its own.”
FOR MORE INFORMATION
Charlotte Nunes
Phone: 020 7148 4664
Email: charlotte.nunes@uswitch.com
Twitter: @uswitchPR
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