21 months 0% interest and 0% fee also available, with £31.50 topcashback:
http://www.hotukdeals.com/deals/tesco-0-interest-balance-transfers-for-first-21-months-0-fee-first-90-days-2413458

32 months 0% interest and 1.69% fee from virgin

You dont want to be spending on a card you got to transfer a balance too though.

0% interest on balance transfers for the first 40 months with a 2.69% fee

Thanks for the post. Do you know how much they charge to transfer a balance?

0% interest on balance transfers for the first 40 months with a 2.69% fee

Already posted a while back, and no good if you have a balance over £5000, at least it wasnt for me.

32 months 0% interest and 1.69% fee from virgin

Just wanted to advise, I applied for 2 new cards last week and got a Bank of Scotland one approved and delivered in just a few days. I also applied for This tesco card with a balance transfer and it was approved well over a week ago but still no sign of transfer or card, just thought I would mention in case anyone is in a desperate hurry to get a balance transferred.

21 months 0% interest and 0% fee also available, with £31.50 topcashback:
http://www.hotukdeals.com/deals/tesco-0-interest-balance-transfers-for-first-21-months-0-fee-first-90-days-2413458

Tesco will send you papers to sign and return to them.

Reminder to check the cashback sites.
£30ish topcashback applying for Tesco credit cards (certainly on that 21m zero fee one).

Now thats more like it!

Both Santander Credit Cards are 0% Interest Free Period and 0% fee at the moment too

You also get club card points with Tesco wherever you shop, albeit very tiny amounts but still will add up if you do a lot of tesco shopping :smiley:

Had a tesco credit card a few years back and closed how long does it have to be before you can open a new card to get this offer again.

You dont want to be spending on a card you got to transfer a balance too though.

Whoops thought you mentioned the 21mo 0% purchase card they offer, my bad you don't certainly don't want to spend on balance trans card

Very hot this. I swapped over to this a couple of weeks ago.

I signed up to a TSB card with 10 months balance transfer (I know, just over a years credit history n'all), they charged 2.69% then refunded £18, might be worth considering that

''You also get club card points with Tesco wherever you shop, albeit very tiny amounts but still will add up if you do a lot of tesco shopping'' .

Does anyone do a lot of shopping at Tesco anymore ?

Just a warning about cashback - I had quidco cashback tracked for this last November and am still waiting for it to be confirmed 5 months later.

Thanks OP. Just signed up and got accepted with just over £5000 credit limit, which is a lot more than I asked for. This will now save me £35 a month interest for the next 21 months!!

I thought the rules were changed so the highest cost debt gets paid off first.

If there is any unused limit after the transfers you could therefore spend on the card aswell (especially if it also offers a 0% period on purchases). Although I guess you have the added risk of mistakenly going over your limit, in which case most providers remove promotions (i.e. your 0% on BT's).

If you shop regularly at Tesco's it is worth keeping the card at the end of the period (once you've paid off your BT) for the points. Just ask them to significantly lower the limit so its inline with your Tesco spend.

Exactly, defeats the object of having a BT Card - the idea is to swap all the interest balance amounts from cards to this one that is 0% and then leave it in a drawer somewhere lol

Here's where I had a surprise the last time I dealt with Tesco and a balance transfer. What isn't mentioned is that when you take a balance transfer you NO LONGER HAVE A GRACE PERIOD on purchases to your card. I bought things each month and kept getting interest charges even though I paid both the minimum for the balance transfer and paid off all new purchases. The representative explained to me that you lose the normal grace period (?42 days?) that you usually have when making purchases. Of course this is how Tesco is making up for low rates they are getting for the actual balance trasfer.

Just sayin'

Eph

Interesting, never realised that as I haven't bothered with BT's since they introduced fee's several years back. Might look into them again now 0% fee's are back, although for me flipping between 0% purchase cards works well enough.

According to the Tesco T&Cs they will reduce the balance in relation to the transactions that attract the highest rates of interest first. So you shouldn't really have had this problem? However, that will only happen if you allow enough time for the next statement to be generated following the purchase. If you pay it off too early (i.e. via debit card manually) it will pay towards the previous statement (i.e. probably your balance transfer). Then, when the next statement is generated, it will display your purchase and it will start attracting interest at the full rate!

It is in any case extremely unwise to use this card for any purchases. It is not designed for purchases. You would be better to transfer your balance, set up your direct debit, cut up the card, and keep paying it off (either minimum, or whatever fixed amount of your choosing) until completion.

How longs the interest free balance transfer period?

You'd be better off with a 0.5% cashback card plus a clubcard.

I have a cashback card for everywhere else. I just use the Tesco Card at Tescos and have a very small limit so it doesn't significantly effect my credit rating.

2.69% fee.. whys this so hot?

Much better getting a zero fee for 21m then switching again.. save £26.90 per £1k

After 20m jusy get a new zero % deal

As long as you keep your credit file fine (payments on time) youll get another one

Thank you

Perfect timing

If you changed address in the last 12 months, may not get approval

4 months ago I closed my tesco credit card and paid off all balance nothing outstanding. Can i apply again ? any suggestion ?

£3 a month fee though I believe...

Interesting, just (yesterday) signed up for Virgin's 30 months @ 0% but with 0.59% fee.

Here

how does this work
im confused

i want to get around 10,000 pound interest free. is this possible.
so i need to get a credit card first? and then transfer the sum to one of these cards?

good deal. I took advantage of the 21 month offer posted on hukd last December

I think it's 23 months on the 123, 18 months on the regular
There is a fee on the 123 account, but not on the regular... I think.

Problem with these cards is their limits are too low, you use a Balance transfer card to transfer large amounts, but they always cut you off at like 1500...

They are awful slow at processing. Sometimes the don't even bother writing to you.

Thanks just got accepted and transfered over.

Top tip for saving money: get out of debt, don't just transfer it around all the time.

Ah thanks know I haven't spent it yet but I need extra cash for a house deposit . So was thinking of getting a credit card as will be cheaper then loan. Transfer the funds to my current account and pay off minimum payment on the credit card interest free. Need find such a card

If I remember rightly when we bought our house the mortgage company want proof where the money is from and won't let you use credit for it. Sorry to be the bearer of bad news

Done a transfer with tesco last month. All went super smoothly and completed in about 2 weeks. (plus cashback)

Hi everyone
Could somebody with a little sense try and solve the best way i can save here

Took a personal loan excatly 1 year ago for 5 years at £5200 at a fixed rate of 5.6 percent. Think payments are just over £98 each month. To pay of the loan now in full would cost just over £4200 with 4 years remaining.
There are now lower rate deals available.
4.6 percent up to £4999
3.5 percent £5k up to 7.5k
Would it make sense to take a new loan for 5k at 3.5 percent at 4 years Then pay the old loan off at £4200. Then use the other £800 and pay that off the new loan making the new loan drop from 5k to £4200 at 3.5 percent for 4 years and now not paying the old loan at 5.6 percent. Hope this makes sense and hopefully someone can figure out the chepest saving here.
Thank you.

Is there any negativity on credit scores doing this too often?
Asking because this would be my third balance transfer im the last 3 years ?

The user above is correct - you can't use a credit facility to fund a deposit for a mortgage (or at least, lenders don't usually allow you to do so). You'll need cold, hard, unencumbered cash.



There shouldn't be - other than the usual hit for applying for a new card. Your credit file doesn't expose the terms of your credit card agreement, so other lenders won't know you signed up for the purposes of a balance transfer. Though I guess technically speaking internal systems could easily work out that you've cleared one card and the same money has moved to a new card within the space of a month. But I wouldn't worry about it.

Some application forms however may ask you to declare whether you have used such offers: some mortgage applications, and things such as government security clearance checks. Frequently engaging in balance transfers or taking out purchases cards may suggest risky financial activity or bad spending habits, but it shouldn't impact your credit score in theory.

Voted hot but on reflection it's not that great a deal with that large fee for the transfer.

Thanks

It certainly seems to make sense, that difference between £4999 and £5000 can make a huge difference. You would need to work out the future repayments and ensure they were lower, also do not be tempted to sign up for a new 5 year deal as this defeats the object.

Also its worth considering whether your credit worthy because I think the lender will see it that you have two loans and will probably assess affordability. HTH

Likewise if it is cheaper, you would also benefit paying the same amount if you could afford it and reduce the term reducing the amount of interest paid.

terrible terrible credit card provider.

avoid at all costs

thanks voted hot. 0% fees and 0% interest for 21 months approved

Not true as I closed my Tesco credit card a couple days ago and was told I can re apply straight away. Went for a virgin card though as wanted new purchase 0% not balance transfer.

cheers

Hi I have never had a credit card before as i think if i had 1 i would get myself into a lot of debt but i was thinking if i got 1 of the 0% on purchases credit cards to pay my holiday off will there be any fees at all to pay or will i have the full 21 months interest free. If that is the case how does Tesco make any money off them. I dont want to sign up for something that i will regret later thats all

Stevie19uk thank you very for your advice

They hope that you're not sensible and spend more/pay less than the minimum/don't read the t&c's properly/stay with them after the interest free period.
You have to be quite disciplined to take full advantage of offers like these.
Your fear of cards previously will stand you in good stead, plan your purchase and commit to paying off within the timescale.

a potential better offer is to take one of the MBNA (others offer this too) cards that allow you to transfer money to your bank account for a fee (usually less than 3%) and then the funds are interest fee for 3 years. Very similar to the balance transfer card but instead of a BT, you are putting the money in your account. so take that card and pay off the £4200. Now you have to repay back £4200 over the next 3 years but at 0% interest. Towards the beginning of the 3rd year you will know if you will be able to pay it off, or you can transfer that balance to another card at 0%. This is much better option as you will just pay the 3% once, and if you plan this well there will be no more interest payments on this balance...

This is exactly what I am doing right now...

If you think you'd be tempted to land yourself in debt, and regret it later, it sounds like maybe you should steer clear.

However, if used properly you could indeed pay off your holiday on a 0% purchases card and pay no interest for the 21 months - should you be accepted. Tesco will impose no such fees, however, certain companies (Airlines are notorious for it, as are ticket agents - but it depends on the company) may incur a surcharge of 1-3% for paying by credit card, whereas it would be free via debit card. So, it may cost you 1-3% more but that is fee imposed by the company (as their bank processing charges are higher for credit cards) not Tesco. You would have to check.

Once you've put your holiday on the credit card, you would make a minimum payment or greater (£25 at Tesco) each month until it is cleared. If you don't clear it within 21 months you'll incur interest, or will have to balance transfer it. So, naturally, a person who is sensible would say "My holiday costs £1000, and I get 21 months free interest. So I'm going to pay off 1000/21 = £47.60 per month, then by the end of the period it will be cleared. I will have paid zero bank levied interest for doing so.". In such circumstances, paying just the minimum would be dangerous: so you would set your direct debit up to pay the precise amount you need to each month.

The way they make money, is that they will offer you a credit limit greatly in excess of what you need. They will then hope that you keep spending on the card beyond your means. Then, when the 21 months is up, that you will start paying vast amounts of interest. Or they hope you only pay the minimum payment and incur interest on the remainder. Or, they hope you default, and so lose your promotional interest period. Don't forget: T&Cs state that one missed minimum payment entitles them to remove your 0% offer, and you will start incurring the full rate immediately!

So, should you proceed with this, I would strongly recommend - given what you've said - that you pay for the holiday on the card, then cut the card up. Don't be tempted to use it again. You'll thank me later :smiley:

Barclaycard offer this to me every month for 1.5% one-time fee, but only for 12 months, which is a bit on the short side. Lots of ways around it however :smiley:

Thanx for the reply so as long as i pay off what i owe in the 21 months i wont pay no interest what so ever that sounds quality i might give this a try if i find myself a bit stuck. will be my last resort though lol

If you think you'd be tempted to land yourself in debt, and regret it later, it sounds like maybe you should steer clear.

However, if used properly you could indeed pay off your holiday on a 0% purchases card and pay no interest for the 21 months - should you be accepted. Tesco will impose no such fees, however, certain companies (Airlines are notorious for it, as are ticket agents - but it depends on the company) may incur a surcharge of 1-3% for paying by credit card, whereas it would be free via debit card. So, it may cost you 1-3% more but that is fee imposed by the company (as their bank processing charges are higher for credit cards) not Tesco. You would have to check.

Once you've put your holiday on the credit card, you would make a minimum payment or greater (£25 at Tesco) each month until it is cleared. If you don't clear it within 21 months you'll incur interest, or will have to balance transfer it. So, naturally, a person who is sensible would say "My holiday costs £1000, and I get 21 months free interest. So I'm going to pay off 1000/21 = £47.60 per month, then by the end of the period it will be cleared. I will have paid zero bank levied interest for doing so.". In such circumstances, paying just the minimum would be dangerous: so you would set your direct debit up to pay the precise amount you need to each month.

The way they make money, is that they will offer you a credit limit greatly in excess of what you need. They will then hope that you keep spending on the card beyond your means. Then, when the 21 months is up, that you will start paying vast amounts of interest. Or they hope you only pay the minimum payment and incur interest on the remainder. Or, they hope you default, and so lose your promotional interest period. Don't forget: T&Cs state that one missed minimum payment entitles them to remove your 0% offer, and you will start incurring the full rate immediately!

So, should you proceed with this, I would strongly recommend - given what you've said - that you pay for the holiday on the card, then cut the card up. Don't be tempted to use it again. You'll thank me later :smiley:

Thanx for that much appreciated its gave me something to think about

[quote=sebs]terrible terrible credit card provider.
avoid at all costs[/quote

You just made a sweeping statement without any tangible explanation to back it up. How does this help anyone here?

If you are after a money transfer card I think Virgin do a 0% for 32 months with a 1.69% fee direct from their site.

Ta

there you go - this would be the best way to reduce interest in this case then...

Thats fantastic people. Really appreciate all the right advice here.
Thanks alot everyone

Do you need to have a Santander bank account to get the 123 credit card?

You are correct, the payments go to the highest interest generating item first. BUT the thing is there no longer a grace period so you will ALWAYS pay interest for the amount of time you have between the purchase and the payment. It's best, if you can, to do what you suggested and cut the card up.. unfortunately that doesn't stop my online purchases etc. :' D

eph

Ah! Sneaky sneaky aren't they :wink:

Yeah cut it up... And don't write down the details! Haha!

whe. i spend on this do i get club card points on every purchause

Yes, but the idea of using this card is for Balance Transfers only really, not for purchases due to the interest rate... that is, of course, unless you just want to use it for that and pay off your bill in full every month then it'll serve you well if you're a Tesco customer :smiley: My Dad has one and they just put the shopping on it and pay it off each month, me I transfer other balances to it ... 40 months is a great period for an interest free loan !!!

​yep i pay off my card each month might as well get some tesco point thanks for the infomation

Sorry, how do Tesco answer the application? email or post?

Do Tesco bank ever do offers like this for existing card holders?

Barclays send me a letter monthly trying to offer me 0% on purchases, transfers, or cash transfers but never had anything from my disused Tesco card..

If your card is "disused" then you're no longer an existing card holder - as long as your credit rating is good then apply for it (if that's the kind of card you want)! Don't forget if you need cash and you have a credit card that facilitates that transfer then do it and use the Tesco to pay off the other one ;-) So, effectively if your credit limit on THIS card was, say, £3000 and you had another card that permitted cash transfers (Barclaycard are good for that) then simply make the required transfers and you'll effectively have a £3000 ZERO % loan for just over 3 years - Can't grumble at that :smiley:

How to transfer money from another credt card to Tesco card? I can't figure it out.

I know, I called them because I did a money transfer by mistake thinking it was a Balance Transfer - the place they put the link is NOT where you would expect it to be lol.
On your main account page (Online banking overview) - Under your Current Balance and Limit press the blue "Manage Account" button. Then when the next page loads look in the middle and there are three blue hyperlinks (clickable) - one says "Transfer a balance from another card" - click that.... when the next page loads just fill in the Credit Card number, the amount, tick the box and click continue - sorted!!!! :smiley:

Thank you so much :smiley:

You're welcome :smiley:

I want to borrow 2000 to buy a car. if I get this card, can I transfer 2k to my Barclay's account and take out the money and buy the car?? if I pay back 200 a month how much will I have paid back ? thanks in advance for any help

Good deal