April 2, 2006

By Peter Kenny

Tesco plan to launch a new credit card this Wednesday, April 5th 2006. This new credit card is designed to help people who pay interest on their outstanding credit card balance every month.

This welcome move is to help consumers struggling to pay their debt off much quicker than before. The card works very simply by giving back a whole months interest each year. This repayment will probably take place on the anniversary of the credit card account.

The Tesco credit card already comes with a healthy offer of 0% balance transfers and purchases until September 1st, on average an offer of 6 months. The APR of the credit card is 16.9 per cent, however, the most apealling part of the credit card is that with every purchase you make you receive “Tesco Club Points” which can be redeemed against your weekly shopping.

The new Tesco Bonus credit card will have the option of 0% on all balance transfers until January 1st 2007, after this period the APR reverts to 12.9%. There is no promotional period on purchases for the “Bonus” card however you will still be able to collect “Tesco Club Points”

After a number of credit card companies raising their interest rates, cutting their promotional offers and scaling back on benefits, this is a very welcome move by Tesco and they must be applauded for their attempt to help consumers cut their debt.

For more information click here Tesco credit card