TESCO Balance Tfr Fee is a Purchase?

MylesBetter

I have just taken advantage of the TESCO Credit Card balance transfer offer for 14 months. I was charged the 2.9% fee as stated in Martins CC article on best balance transfers.

I have just received my first statement and it shows the balance transfer fee as a purhcase! Purchases are only 0% interest free for 6 months on the TESCO credit card and I was not planning to make any as per Martin's advice.

Has anyone else got a TESCO credit card whose 6 month purchasing window is now up and being charged interest on the balance transfer fee?

It does seem as though this purchase goes to the back of the queue. For 8 months am I paying interest on the balance transfer fee, as it shows up on my statement as a purchase?

I will dilligently read my T&C's over Xmas unless one of you very helpful souls can point me direct to the relevant T&C and some advice thrown in would help.

Stardust77

As far as I know, the payment allocation means the fee is paid off first. Have a look on the back of your statement, there should be something about how payments are allocated and hopefully it'll make it clearer.

methusala_2

Tesco T&C state where there are 2 promotional rates of equal rate then the one that ends first will be paid first in the payment hierarchy so your purchase will be paid before the Balance transfer sum is paid

Eydon

Same happened here, but I've just had my second statement and the first payment was used to pay off the balance transfer fee with the remainder coming off the balance transferred, so everything is fine. Estimated interest next month is 0.00.

MylesBetter

Phew

Thank goodness for that.

Keeping the money on deposit for 14 months was my intention and I thought this was a bit of a way round it for TESCO. Obviousley not.

Thank you