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Credit card provider Tesco Personal Finance has created a new partnership with insurance provider Fortis, it has been revealed.

The collaboration will create more than 1,500 new jobs.

It is also hoped millions of UK householders and motorists will benefit from the deal, as both parties intend to introduce better products and maintain high levels of service.

A new entity called Tesco Insurance will also be created to underwrite and manage claims. Credit card provider Tesco Personal Finance will own 49.9% of the entity, while Fortis will have the remaining 50.1%.

Tesco is currently offering a card called the Clubcard credit card, with a typical rate of 16.9% APR variable.

The credit card allows users to collect ClubCard points on their shopping, with one ClubCard point earned for every £4 spent on the card anywhere in the world.

Users pay 0% interest on all purchases for 12 months from the date on which the account is opened and 0% on balance transfers for six months from the same date, with a 2% fee on all balances transferred in the first four months.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9%
** 16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable). **
	Virgin Credit Card
	20 months	3 months	16.8%
** 16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable). **
	Barclaycard Platinum with BT
	22 months	3 months	17.5%
** 17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable). **
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