Tesco Credit Card

natesmummy

Apologies if this had been mentioned before, I'm new to the forum!

I noticed that the're are a few posts regarding a 2% balance transfer fee on some credit cards and if anyone isn't already aware that is also the case with Tesco's credit card (up to a maximum of £45).

We applied for it last month it as I shop at Tesco every week and it seemed perfect to use it instead of a debit card to collect more clubcard points.
We're currently remortgaging (thanks to Make me Rich!) and rather than add fees to the loan I paid them in full last month, instead of the balance of another credit card. Instead I thought, I'll transfer the balance to the new Tesco card, take advantage of the 0% rate, save the interest and pay it in full next month. I've had our statement and discovered our oversight - although we did politely mention to the customer services advisor that within 3 definate information areas regarding balance transfers (on the t&c's, the initial letter and the letter accompanying the cards) there was no mention whatsoever of a fee, neither did the advisor mention the fee when the transfer was arranged on the phone. The fee is advised in the small print at the bottom of the very last page of one of the letters. Our fault I know but they have been incredibly mis-leading at marketing the service. I will be writing a letter of complaint, even though we won't be refunded I think they should make it policy to clearly advise if fees apply before you complete a transfer.

grumbler

natesmummy wrote:

I noticed that the're are a few posts regarding a 2% balance transfer fee on some credit cards

In fact majority of cards charge this fee (up to 2.5%) now. You should make some research to find a card that doesn't charge for BT. See http://www.stoozing.com/0fees.htm

natesmummy wrote:

...within 3 definate information areas regarding balance transfers (on the t&c's, the initial letter and the letter accompanying the cards) there was no mention whatsoever of a fee...

Possibly you have T&C different from those published on their website, but what I can see is: Credit Card Terms & conditions :

Charges
j
If you do not keep to any of these conditions, you may have to pay our administration charges as set out in our published tariff. The published tariff also includes details of other charges you may be required to pay. We will apply these charges to your account.

Summary box:

Charges
0% interest balance transfers subject to a handling fee of 2% with a minimum of £2.00 and a maximum of £50.00.