Tesco launches new credit card

Tesco has launched a new attack on the UK financial arena with the release of a credit card which carries 0% interest on purchases for the first 13 months as well as a nine-month interest-free balance transfer deal. This is by far and away the most attractive credit card on the market at the moment and that is before considering the deal on Tesco club card points!

As well as the very attractive interest rates on purchases and balance transfers, the card will double as a Tesco club card with double points earned for those who use their credit card to pay for their groceries. While the UK financial arena is still in disarray with regards to liquidity in the marketplace, it seems that Tesco is now willing to take the plunge and attempt to grab headlines in the credit card industry. Whether other credit card providers in the UK will look to better the deal on offer from Tesco remains to be seen but at worst there are hopes we will see an increase in competition.

When you consider that credit card rates in the UK are routinely in excess of 20% then the competition introduced by Tesco today will be well received.