Tesco ‘Bonus card’ to reward borrowers
Tesco have announced a new addition to their personal finance product range, with their second credit card offering - the Bonus Credit Card.
The card is aimed at a type of credit card user that Tesco calls borrowers, or those who carry a balance from month to month.
The new card will credit customers’ accounts with a refund of a single month’s interest charges every year on the anniversary of their account opening.
Tesco say that this system is the first that will specifically benefit people who use their card as a form of borrowing rather than clearing their balances, or taking advantage of cashback or reward programs.
Other features of the card, at the time of writing, include a competitive standard rate of 12.9%, plus 0% on both balance transfers and purchases until 1st January 2007.