Tesco Bank extends 0% credit card deal to 29 months

31 December 2013

tesco bag The banking balance transfer war is on and Tesco Bank have politely thrown themselves into the fray by extending their 0% deal on their credit card to 29 months.

This squares up to Barclaycard and MBNA who are offering 29 months with balance transfer fees of 2.79% and 2.89% respectively however, Tesco is charging marginally more with a 2.9% fee.

Andrew Hagger from Moneycomms said: "I don’t expect this will be the last move in the balance transfer war and I would be surprised if there’s not a 30-month deal on the table by this time next week."

”Although the potential interest savings are greater the longer you borrow at 0%, if you know that you can pay the balance off sooner it makes sense to opt for a shorter term deal, as they often come with a much lower balance transfer fee."

If you're looking to pay off a debt on a credit card, this is a great time to shop around as all the finance companies try and woo you into their arms. It gives you a long time to try and clear your balance, which is always good (but, do check the small print as you could end up paying more than you need to as balance transfer fees go from 0.75% to 2.90%.)

TOPICS:   Banking   Credit Cards

1 comment

  • Funda
    It's amazing how banking has evolved today. Financial services such as interest-free credit finance solutions are now being marketed online. This includes personal loans and business loans as well. If banks fail to impress their clients, offering different services such as business loans or personal loans with lower interest rates can attract more clients. Offering credit finance solutions which are interest-free is even better.

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