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May 8, 2014

Tesco Bank unveils Foundation Clubcard credit card to help people improve credit ratings

Tesco Bank has rolled out a new credit card known as Foundation Clubcard for those customers who are trying to build their credit rating and do not have access to mainstream deals.

By Verdict Staff

Tesco Bank has rolled out a new credit card known as Foundation Clubcard for those customers who are trying to build their credit rating and do not have access to mainstream deals.

The supermarket’s banking arm said that its new Foundation Clubcard credit card offers customers the additional benefit of receiving Clubcard points on their shopping.

The lender said that the customers, who wish to apply, must be 18 years or older and have annual minimum income of £5,000.

Tesco Bank banking managing director David McCreadie said, "We understand that some customers can find it difficult to access credit if they have a limited credit history."

"The Foundation credit card can help these customers build their credit rating which may help them access lower APR products in the future."

In a bid to enable its customers to avoid any additional charges, Tesco Bank is sending text message alerts to remind them to make a payment.

Additionally, cardholders can also receive a text message to alert them when they are close to reaching their credit limit.

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