Credit Card (UK)
Tesco Bank Foundation Credit Card review: build your credit score
Read this Tesco Bank Foundation Credit Card review to learn the details on how this card can help you build your credit score.
Tesco Bank Foundation Credit Card: earn Clubcard points on purchases
This Tesco Bank Foundation Credit Card review is worth checking if you need to build your credit score.
Besides the fact this card was designed for bad-credit applicants, it offers points on purchases at no annual fee.
|Credit Score||Bad or poor|
|APR||29.9% APR (variable and representative)|
|Fees||Balance Transfer fee: 3.99%;|
Money transfer fee: 3.99%;
Foreign transaction fee: 2.75%;
Cash advance fee: 3.99% (minimum £3);
Late payment fee: £12;
Exceeding limit fee: £12;
Duplicate statement fee: £0;
Additional card fee: £0;
Replacement card fee: £0;
Inactivity fee: £0
|Rewards||1 Tesco Clubcard point per £4 spent (£4 minimum) at Tesco plus 1 Clubcard point per £8 spent (£8 minimum) outside of Tesco|
In fact, this Mastercard was awarded as the ‘Best Credit Builder Credit Card 2021’ by customers. So, continue reading to learn if it suits your needs.
How does the Tesco Bank Foundation Credit Card work?
Tesco Bank offers a credit card for those who have bad credit but are willing to build their creditworthiness.
Essentially, the card provides a good credit limit with low monthly repayments, and it reports to major credit bureaus. Thus, if you maintain your account in good standing, you will be able to improve your credit score.
Also, Tesco allows you to track your score with monthly updates through the Tesco Bank CreditView, provided by TransUnion.
Credit limits range from £250 to £1,500, with the possibility to increase once maintaining the account in good standing, as well.
Whether you use your credit card in or out of Tesco, you will be rewarded as follows:
- 1 Tesco Clubcard point per £4 spent (£4 minimum) at Tesco;
- 1 Clubcard point per £8 spent (£8 minimum) outside of Tesco.
Unfortunately, there is no welcome bonus.
In addition, this Mastercard offers online and mobile banking features, as well as the possibility of prequalification through an eligibility checker with no harm to your credit score.
All you need to do is fill out a simple form. Plus, you must be at least 18 years old and living in the UK with a regular income.
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Tesco Bank Foundation Credit Card benefits
As described above in this Tesco Bank Foundation Credit Card review, this card is suitable for those who need to build credit.
Besides the fact that it doesn’t charge an annual fee and offers points on purchases, Tesco allows you to track your credit reports, so you can stay ahead and in control of your creditworthiness.
- It helps you build credit;
- It was awarded as the ‘Best Credit Builder Credit Card 2021’ by customers;
- It provides online and mobile banking;
- It allows you to track your credit;
- It offers points on purchases;
- It doesn’t charge an annual fee.
- It could offer introductory APR periods.
How good does your credit score need to be?
Since Foundation Credit Card allows you to build credit, you will be able to apply for it with less-than-perfect credit.
How to apply for a Tesco Bank Foundation Credit Card?
As shown on the Tesco Bank Foundation Credit Card review, this card might be useful for building credit and establishing good and healthy financial habits.
So, learn how to apply for a Tesco Bank Foundation Credit Card.
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