Supermarket chain Tesco Ireland entered the financial services market this week with the introduction of a 15.9 APR Visa card. This compares quite favourably to other credit cards on offer, claims Tesco.

A low introductory rate of 4.9 APR is offered for purchases and balance transfers until January 1st, 2001.

Initially, the company will send details to 160,000 Tesco club card members. Non-members may also apply for the card using FreeFone 1800 555 743. In the autumn, the new card will be rolled out around the State using the Tesco supermarket network.

The credit card is offered through Tesco Personal Finance, a joint venture between Royal Bank of Scotland and Tesco UK. The company was founded in 1997 and this is its first venture overseas.