Newspaper article The Journal (Newcastle, England)

Tesco

Newspaper article The Journal (Newcastle, England)

Tesco

Article excerpt

Tesco launched its personal finance range in 1997 with three products. Since then the number has grown to 16, including travel policies and life cover, a mortgage, loans and credit cards.

WHAT IT COSTS

Loans: The typical interest rate is 6.5pc on personal loans between pounds 7,500 and pounds 25,000 for online applications, rising to 7.6pc for sums under pounds 7,500.

On a pounds 5,000 loan with payment protection over three years at 7.6pc the monthly repayment would be pounds 172.99.

Direct Line charges 5.9pc APR on the same amount ( pounds 167 a month with payment protection ( and Nationwide, currently charging 6.7pc, would cost pounds 167.06.

Lloyds TSB charges 8.9pc for the same amount, a monthly repayment of pounds 179.19, NatWest 10.1pc (pounds 186.34), HSBC 13.9pc (pounds 197.02) and Barclays 14.9pc (pounds 199.78).

Credit Card: The Tesco credit card has a typical interest rate of 15.9pc, with a 0pc interest period until November 1, 2005 on purchases and balance transfers. …

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