Tesco Credit Card

theoc_2

In June 07 I balance transferred £1,000 to Tesco Credit Card. I had 5 late payments totalling £60.10 (£12 each). In June 08 I transferred the remainder of the balance to another card. My July statement from Tesco has added £4.48 (b/t monthly interest rate). What does this mean? I phoned them up and they said it was to do with the interest on the b/t but I don't understand what it's for. Is it worth trying to claim back the 5 late payment fees or are they justified in charging that?

YorkshireBoy

The £4.48 is 'residual interest' and covers the period from the statement date to the date your payment cleared onto your account. You'll need to pay off two consecutive statements in full, and by their respective payment due dates, to stop this interest.

Just out of interest, was the card you transferred to an existing card? Because I'll be amazed if you managed to get another 0% card with 5 late payments in the last year!

theoc_2

Yes, it was to an existing Virgin Card. The reason for the late payments was that the payment due date was a couple of days after I got paid so I had to wait until I had funds in my bank. However, I won't be doing that again!
What about claiming for the late payment fees?

NickX

theoc wrote: »

What about claiming for the late payment fees?

If you were late in making the payments and they charged you a fee as detailed in the Terms and Conditions then you have no case for reclaiming these fees. No can do, sorry !!

I know this won't help you now, but I cannot understand why you didn't request that they changed your statement date so that you could pay them just after you got paid.

Bad Luck :mad:

BaileyB

Yes next time just ask them to change the date and set up a min DD payment as well. Those 5 late payments will have a bit hit on your credit score.