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Tesco aims credit card at sole traders

Tue, 04 Jul 2006

Tesco Personal Finance has launched a new credit card designed for sole traders.

The company states that the 2.5 million sole traders in the UK will be provided with great value by the credit card.

With an interest free period of up to eight weeks, an interest rate of 13.9 per cent and a fuel scheme, Tesco claims that the credit card is "innovative" and "unique".

The fuel scheme offers free litres of petrol for business spend on the credit card, with Tesco estimating that the UK's sole traders could drive 379 million miles for free by using the card for everyday business expenses.

Colin Robertson, head of Tesco business card says: "We understand the business pressures sole traders face and wanted to offer a card that could help.

"We have offered a fuel reward scheme as they told us the cost of petrol is placing an increasing demand on their finances."

Robertson adds that many of the company's existing credit card customers are sole traders and over months of consultation the business credit card was devised that "gave them something back".

Recent research from Morgan Stanley shows that many UK credit card customers are using cards for everyday purchases.

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