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Tesco tops tables for a matter of hours before Barclaycard retaliates with 26-month balance transfer card

Michael Ossei, personal finance expert at** Uswitch.com, says:** “The battle in the credit card market is heating up as Barclaycard launches a new 0% 26-month balance transfer card just hours after Tesco announces its 0% 25-month deal.

“While the 3.5% fee is hefty, Barclaycard’s market-leading deal signals that it means business in the credit card arena. Six years ago the longest 0% balance transfer offer lasted 12 months. Today, this has more than doubled, with Barclaycard becoming the first provider ever to launch a balance transfer card with an interest-free period of 26 months.

“While Barclaycard has fought back to retain its stranglehold, 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 remains the frontrunner in the balance transfer space for the time being, 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.”

FOR MORE INFORMATION

Charlotte Nunes

Phone: 020 7148 4664

Email: charlotte.nunes@uswitch.com

Twitter: @uswitchPR

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