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Tesco Bank launches market-leading 0% interest purchase credit card

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Written by: Paloma Kubiak
20/09/2016
Tesco Bank has launched a new credit card giving 0% interest on purchases for up to 28 months, pipping competitors’ offerings to make it a market-leading product.
Tesco Bank launches market-leading 0% interest purchase credit card

The new card is only available direct from TescoBank.com and it offers 0% interest on purchases for up to 28 months, meaning customers can spread the cost of purchases over the period without paying any interest on top – though remember to pay the minimum amount required each month.

It has pipped the next best 0% purchase credit cards currently on offer, which are 27 months from Sainsbury’s Bank and Post Office Money, according to MoneyComms data.

Tesco Bank said the new card offers loyal customers the “fastest way to collect Clubcard points on their spending” as they’ll earn one point for every £4 spent in Tesco (minimum £4 spend and some exclusions apply) and one point for every £8 spent elsewhere.

Available to both new and existing Tesco Bank customers, it comes with a rate of 18.9%APR representative (variable), based on a credit limit of £1,200, while the purchase rate is 18.9% p.a (variable).

However, it’s important to note that depending on your individual circumstances, your credit limit and APR may vary. Tesco says some customers who apply may be given a 0% interest period of 25 or 22 months instead of the market-leading 28 month deal.

David McCreadie, managing director at Tesco Bank, said: “At Tesco Bank, we know that customers are always looking for that extra little help when managing their money, and we are committed to offering great value credit cards that reward loyalty. By offering our best ever 0% interest introductory period on purchases we can help shoppers spread the cost of major purchases and collect even more Clubcard points.”

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