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Balance transfer for existing customer - Tesco

Does anyone know if Tesco will offer a discounted balance transfer rate for existing customers? My credit isn't good enough to qualify for another card.

My main credit card debt is on a Barclaycard and interest is a whopping 29.9.

My plan is to transfer from my Barclaycard to my Tesco card as that is 18.9%, and then pay off the remaining Barclaycard balance before anything else and pay minimum + £1 on my other debts.

If I call Tesco are they likely to offer me a reduced rate balance transfer as an existing customer or not? I have made just minimum payments on my card with them and the 0% expired in March. The balance I currently owe to them will be paid today.

Many thanks

Comments

  • Maiya
    Maiya Posts: 8 Forumite
    emmatthews wrote: »
    Does anyone know if Tesco will offer a discounted balance transfer rate for existing customers? My credit isn't good enough to qualify for another card.

    My main credit card debt is on a Barclaycard and interest is a whopping 29.9.

    My plan is to transfer from my Barclaycard to my Tesco card as that is 18.9%, and then pay off the remaining Barclaycard balance before anything else and pay minimum + £1 on my other debts.

    If I call Tesco are they likely to offer me a reduced rate balance transfer as an existing customer or not? I have made just minimum payments on my card with them and the 0% expired in March. The balance I currently owe to them will be paid today.

    Many thanks

    Yes, Tesco do from time to time offer promotional balance transfer deals (which may be as low as 0% but usually incurs a one off fee, typically of about 1-3%).

    Like most credit card providers, it is usually on an invitation basis only.

    i.e. like credit, I find it's often only available when I don't really want/need it.
  • Candyapple
    Candyapple Posts: 3,384 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I found with Tesco they only offered promotional rates via a letter in the post which usually came quarterly. However as the poster above said, it's worth giving them a call to see if they have any offers for your account over the phone.

    If they don't, it's worth giving Barclaycard a call and asking them to reduce your rate as they are very good with things like that and may offer you a lifetime balance rate of 6-9%.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
  • Thanks both for your advice, will give Barclaycard a call first and see what they say.
  • Barclaycard said there's nothing they can offer me. I'm not surprised I guess as I'm up to my max and don't have a good credit rating.

    Will call Tesco and see if they can offer anything, if not i'll do it anyway!
  • Candyapple
    Candyapple Posts: 3,384 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    emmatthews wrote: »
    Barclaycard said there's nothing they can offer me. I'm not surprised I guess as I'm up to my max and don't have a good credit rating.

    Will call Tesco and see if they can offer anything, if not i'll do it anyway!

    Ah, that’s probably why then. Typical isn’t it, when you need help there are no deals around or you are not able to get them, but when you are in a better position financially, deals are abundant and they are literally throwing offers at your feet. :rotfl:

    Have you had a look at the Cap1 card? Aimed at those with a poor credit history. It may only be for 6 months, but if you use those 6 months well and throw everything at the debt, you may find in that time Tesco will send you an offer.
    http://www.capitalone.co.uk/creditcards/balance-lpo.jsf
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
  • Thank you so much, have just been accepted for that card. Don't know what my limit will be yet but will do exactly as you suggest.
  • Candyapple
    Candyapple Posts: 3,384 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Excellent! Glad I could help :)

    Don't forget to set up the direct debit for the minimum monthly payment on your new card and make any additional payments manually.

    Good luck in clearing your debt.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
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