Tesco Foundation Card - limits and upgrades?

MoneySaver123 · 20 February 2019 at 11:39AM

If you’ve got a Tesco Foundation Card, would you mind sharing your current limit? I’m trying to see how high it goes. The site says limits *start* from £250-£1,500 but wasn’t sure if they go higher after a few years.

Also, has anyone upgraded so to speak? I.e. gone from a foundation card to one of Tesco’s better/mainstream cards?

[Deleted User] · 20 February 2019 at 12:13PM

It depends on personal circumstances - no one can give you an answer specific for you.

20aday · 20 February 2019 at 12:42PM

Mine came with a limit of £250.

I had one, a few years ago, and by using the card regularly, and paying it off in full and on time, they increased my limit every few months.

Of course, everyone's circumstances are different, and many factors apply.

PRAISETHESUN · 20 February 2019 at 1:49PM

Everyone's situation will be different but from experience with a Tesco Foundation card, my limit started at £250, increased to £600 after 5 months and then increased again to £900 after another 5 months. If the trend continues, I should have another increase in a few months

jester212 · 20 February 2019 at 1:56PM

I had one of these a few years back and my starting limit was £800. They gave me 2 increases in 1 year and when i closed the account my limit was £2500, albeit eye watering interest rate of 27.6%

MoneySaver123 · 20 February 2019 at 1:58PM

Thanks all. Good to know it goes over the higher £1.5k starting limit!

Anyone successful with better rate Tesco cards after building a bit of an internal score with them on the foundation?

jester212 · 20 February 2019 at 2:08PM

Yes, I opened their BT transfer card after having the foundation one for roughly a year. My starting limit was £3000 and i moved the £2500 limit from the other card over and closed the foundation card. It was quite a simple process.

MoneySaver123 · 20 February 2019 at 2:19PM

Great thank you guys. Just what I wanted to hear.

@jester212 did you have any CCJs or defaults when you applied for the better card out of interest?

jester212 · 20 February 2019 at 2:28PM

@MoneySaver123

No i had no adverse CCJ or defaults when i applied for the BT card. Originally when i had the foundation card i had one CCJ which was satisfied. The foundation card allowed my to build up a history with Tesco along with some other commitments i had, to show i could manage my finances responsibly. Once the CCJ dropped off my credit file i waited a few months and applied for the BT card.

Dandytf · 20 February 2019 at 9:45PM

Can't remember initial limit though was auto raised to 600 18 months later.
Since become my lowest credit card limit, 90% used, plane to reduce it through 2019 before starting to get serious on the biggies.
Tesco card had become my 'sandwiches' contactless card if I require to use at short notice.

[Deleted User] · 20 February 2019 at 10:19PM

Glad to read the positive experiences above!

Be aware their credit limit increases are offered BEFORE they've assessed you.

December (4 months) - Offered increase in January, as long as situation doesn't change
January - Sorry we can't offer this to you....

Phoned up and kicked off - adviser basically said it happens all the time with Foundation cardholders - Tesco send the letters THEN do the check (his words). Then rely on the "we said it wasn't guaranteed" if they want to turn you down.

My situation 100% did not get any worse (knocked £3k off a car loan between the letter and the decline letter!!) and he basically said look that's why I was upfront with you - I've seen your job title, you know your stuff, but there's no point us even discussing whether it did or didn't get worse - Tesco didn't assess it in the first place.

So I'm with the FOS at the moment.

Ironically, I got another letter today offering an increase in March, if my situation doesn't change.....:rotfl: Let's see if this one goes ahead!

The letters are generated on/around the statement date.

Tesco Foundation Card - limits and upgrades?

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