Low APR but hassle to get hold of (Tesco Personal Finance)

Member Name: andycharger

Product:	Tesco Personal Finance
Date:	22/01/02 (208 review reads)
Rating:

Advantages: Low APR, Protection

Disadvantages: Getting it in the first place

If like me you have a credit card, you will know the many pitfalls of buying now and worrying about paying later.
You will also know what happens when your monthly interest is strating to be more than your actual payment. This is normally because you have a high APR on your Credit card.
APR or Annual Percentage Rate is the rate at which the Credit Card Company calculate your interest on your borrowing. The higher the APR, the higher the interest rate and the more you pay.

So what you want is a Credit card with a low APR and good benefits.

People are either lazy or complacent when it comes to their balance. Rather than move it around, they leave it in one place. The APR may be killing you when you could actually find a cheaper rate, much like a mortgage.

One of the best around at the moment is the Tesco Finance Card.
Here are my reasons for opting for the Tesco Card.

Firstly it have a very low APR on balance transfers. 1.5% APR fixed until October! Excellent. When October comes along, I will just move my balance somewhere else.
Secondly it is a Visa Card. Not a Mastercard. You may think there is no difference. Well there is. If you have ever played an online casino, you will know the probelms about getting the money refunded to Mastercard. They wont do it. They send out cheques instead. Visa users have the money refunded to the card directly.
Thirdly, are the benefits of using the card for your shopping. If you use it for buying your food, Tesco will give you extra reward points, should you collect them. You get One point for every £2 you spend on the card.

Also you have free 50 day purchase protection. If you lose,have stolen or damage an item worth over £25, Tesco have is covered as part of the card's insurance.

You also get free travel insurance if you buy your holiday on the card. Im not sure about how much is covered, I know it is accidental bodily injury and death while tra
velling, but it might still be wise to get a seperate policy to cover your belongings.

No annual fee means you wont be paying for the priviledge of owning the card. Most companies give this to you free now anyway.

Getting on could not be simpler, or so I thought...
All you have to do is pick up an application form in the supermarket. Dont worry, you wont miss them! They are bright Red and plastered all over the checkout along with leaflets on loans and insurance.
The form itself is quite indepth so be prepared to reveal a bit about your personal information. This is quite normal and afterall, they are giving you access to a load of wonga!

What I was not impressed with was the letter I got through the post. They wanted 3 Bank Staements as I have only been in my house for 6 months! Cheek!
I have been a home owner for 3 years now and they must be able to have a look at my other Credit Card records as they are all stored together in the central head office in Southend. Just a waste of my time.
Not only this but they said if I dont reply within 14 days, they will take it that I dont want the card and will not process the aplication further!
Not happy.
I sent them off and got my cards through within a week. Trouble was, my application had taken 7 weeks!
by this time the Tesco low APR deal set to June 2002 had be extended to October yet mine expires in June still and I have not had the card to use until the last couple of days.
I have enquired about this at their customer service and they have told me there is nothing they can do due to the length of time to process it.
So what will I be doing?
keeping my balance there until June and then getting it from there as quick as Possible.
Poor Show Tesco.
Nice card, shoddy rules and bad attitiude staff!

If you have not taken advantage of Egg's deal, I suggest you try them instead.

Summary: