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Tesco Bank
29.9% variable APR, credit limits from £200 to £1,500, ideal for building credit if you have poor or limited credit history. Collect Clubcard points as you spend.
Introducing the Tesco Bank Foundation Credit Card
The Tesco Bank Foundation Credit Card is tailored for individuals seeking to build or repair their credit score. It features a representative variable APR of 29.9% and manageable starting credit limits ranging from £200 up to £1,500. Monthly repayments can start from just £25, making it a versatile option for those wanting to manage finances responsibly while improving their credit profile. Additionally, this card rewards your everyday purchases with Clubcard points – both inside Tesco stores and with other retailers. Eligibility is designed to suit those who may be new to credit or are working on building up their financial profile.
How to Apply: Step-by-Step Guide
To start your application, check your eligibility online first—this step won’t impact your credit score. Ensure you have your personal and financial details on hand for a smooth process. Next, complete the full application, at which point Tesco Bank will conduct a credit check. If approved, your card and PIN will be posted directly to you. Just activate your card as instructed, and you’re ready to use it while tracking your progress online.
Benefits of the Foundation Credit Card
One standout advantage is that you can earn Clubcard points on nearly every spend, including extra points at Tesco and even on fuel. Another significant benefit is the regular review for potential credit limit increases, provided you keep up with your payments and stay within the card’s limit. This can further help build your credit profile.
Potential Drawbacks to Consider
The main consideration is the relatively high 29.9% APR, which means carrying a balance could become costly. Additionally, people with a very poor credit history may not be approved. Credit limits may be on the lower end for some, so bigger purchases might not always be possible initially.
Our Verdict
The Tesco Bank Foundation Credit Card offers a solid option if your goal is rebuilding or establishing credit. The pairing of credit building with reward points makes it appealing for loyal Tesco shoppers. As long as you pay your balance on time and stay within your limit, this card can help lay a good financial foundation.
