As for credit cards, there is one card that is suitable and rewarding for many – the Tesco Bank Purchases Credit Card. Aimed at assisting the users in controlling their expenses, this card provides numerous features that are suitable for different categories of users.
The rewards/points system is perhaps one of the biggest strengths of the Tesco Bank Purchases Credit Card as cardholders are allowed to accumulate Clubcard points on nearly all purchases made. In addition to these, this card is ideal for those who wish to pay for their goods in installments due to the fact that it has a competitive interest rate.
Key information about the credit card
How does the annual fee work?
Another benefit which is very important and may be considered as one of the main advantages of the Tesco Bank Purchases Credit Card is that it does not have an annual fee. This is a very beneficial factor for the users who do not want to spend extra money and keep track of their expenses. This is something that most people can afford since the card does not have an annual fee; thus, the cardholder can enjoy the benefits of the card without having to pay extra fees.
How is the credit limit determined?
The Purchases Credit Card of Tesco Bank has a credit limit that depends on the credit score of the applicant. This entails a detailed examination of the credit worthiness of the individual or the applicant’s credit rating, income and other financial parameters. Thus, Tesco Bank employs these factors to make sure that the credit limit provided is reasonable and suitable for the cardholder to handle.
Advantages of the credit card
- Clubcard points: Resembling the previous store, one is likely to earn 5 points for every £4 they spend at Tesco when using the Clubcard, which is a great improvement compared to using the Clubcard alone.
- Low APR: the card has a low APR of 10 percent. 9% (variable) on purchases, which helps regulate spending without being subjected to high interest rates.
- Mobile and online banking: This is because with the Tesco Bank Mobile App and Online Banking services you have all the tools you need to easily manage your account.
- No annual fee: this card also does not have an annual fee, as stated earlier hence is economical.
Standout advantage
The Tesco Bank Purchases Credit Card undoubtedly has the most significant advantage in terms of the reward system. Tesco cardholders are rewarded with 5 points for every £4 they spend, and these points add up quite quickly to provide the cardholders with useful vouchers. These points can be used for buying food items, fuel, or for getting twice the value from Tesco Reward Partners.
Disadvantages
- Interest rates after 0% period: if you do not clear the balance at the end of the promotional 0% interest period, the standard variable interest rate of 10. 9% APR applies.
- Limited points outside Tesco: The points which are earned outside Tesco as compared to the points earned while shopping at Tesco may not be as appealing to all the users.
A standout disadvantage
A disadvantage of the Tesco Bank Purchases Credit Card is that the points to be earned are relatively low when the purchase is made outside Tesco. In the aspect of reward for every £8 spent, one is only given a point which may not be very motivating especially to the individuals who shop at other outlets frequently.
Who can apply for this card?
The following are the requirements to apply for the Tesco Bank Purchases Credit Card. First of all, the minimum age limit of the applicant is 18 years. The applicants must also be UK based, and must have a good credit standing.
Also, there is always the factor of getting a steady income which may increase the probabilities of approval. Each application is considered separately in Tesco Bank, where the company looks at the customer’s credit history and his/her financial situation.
How to apply for the Tesco Bank Purchases Credit Card
For the website
To apply for the Tesco Bank Purchases Credit Card through the website, follow the steps below; go to the credit cards tab and then under this choose the purchases credit card. Here you will get all information about the card and you will be directed to the application form to apply online.
The following should be done; provide true and valid personal and financial information as may be required by the company. After you submit your application, Tesco Bank will process the application and this usually takes a few minutes. If approved, you will receive more information as to how to activate the credit card and begin using it.
Through the app
Another way through which the Tesco Bank Purchases Credit Card can be applied for is through the use of the mobile application. To start with, you need to open play store on your device and download Tesco Bank Mobile Banking App. Once done, launch the application and go to the credit cards tab. Choose the purchases credit card and click on the apply now option.
At this point, you will be required to fill in your person and financial information. The user interface of the app is quite intuitive and this makes the application process a breeze. After applying the above steps, you will submit your application and Tesco Bank will review your application and provide the result of the application through the App.
At the branch
To have the feel of applying for the Tesco Bank Purchases Credit Card, one can do it in person at the Tesco Bank in store or at a branch. Any of these you can do by walking into any Tesco Bank branch or even any Tesco store that has a financial services counter.
Call the customer service and inform them that you want to apply for the purchases credit card. Since the representative will assist in the application process, they will assist you in completing the forms and any other details that you may require.
This method enables the applicants to be able to put questions across and get equally quick response from the company of their choice. Once you have filled all the information needed in the application, it will be forwarded for consideration and you will be notified of the decision that was made sometime in the future.
