Tesco Credit Card - Watch repayment date

The_exBanker

Please watch your repayment dates.

I have been in banking since 1972 and over the years have used many credit cards in all their shapes and forms. I have always paid my bill not one week or 4 days before due date but 3 days before as I have ALWAYS known that the money left my account on say Wednesday and would be credited to the account of the credit card company on the Friday - i.e 3 business days.

I have just noticed to my amazement that for the past 2 months Tesco (who use Royal Bank of Scotland) have charged me interest and furthermore my payment sent as above has been credited one day late - i.e using the case above on the following Monday after the Friday I expected.

So I contacted Customer Services and asked why. They stated I had got my payment late and that they tell people it should be paid at the Bank 4 days before i.e. on the Tuesday. When the Supervisor was called they suggested I had paid the funds in after 3 o'clock. When I asked him what was the difference between 11.45 am when I paid the funds in and if I had paid them in at 3.15 he realised his error and back peddled saying I must pay them in 4 days before chanting it like some mantra. THIS OF COURSE IS ABSOLUTE RUBBISH - and I am going to my bank tomorrow (LloydsTSB ) to put a trace on my 2 payments to see which day they were delivered to RBS - I know the answer it will be the correct day i.e Friday. What Tesco are doing is holding onto my credit for 24 hours and then charging me interest to boot. A nice little earner on the unsuspecting public. Incidentally I didn't get a late payment charge - should I be grateful or should I watch it because they might add this too ! Perhaps I wasn't late after all.

I will kepp you all posted as to what happens - be rest assured if they fight me I will go to the Sunday Financial pages - what they are doing is a rip off and no wonder Tesco's profits are so high. :mad:

Bossyboots

My payments from abbey to my Tesco credit card using online banking arrive in my account two days later. I have to send the instructions before 5.30 p.m. for it to go the same day otherwise it goes the next. I always make sure it goes four days ahead just to be sure and so that I have some come back if anything goes wrong but it does always arrive two days later.

I would suggest therefore that perhaps it is your own bank that caused the delay by holding your money in suspension before sending it to Tesco.

King_Of_Fools

Bossyboots wrote:

My payments from abbey to my Tesco credit card using online banking arrive in my account two days later. I have to send the instructions before 5.30 p.m. for it to go the same day otherwise it goes the next. I always make sure it goes four days ahead just to be sure and so that I have some come back if anything goes wrong but it does always arrive two days later.

I would suggest therefore that perhaps it is your own bank that caused the delay by holding your money in suspension before sending it to Tesco.

Exactly the same 2 days for me: Halifax -> Tesco

highet

sent payment on sunday so actually debited first thing monday - arrived in tesco visa account thursday - i make that four days and i bank with royal bank who run clubcard so why does it take four days to move between two accounts with same bank

manicdays

I work for the RBS credit card which includes Tesco, I shall try & find out (subtly! ) for you all

Lisa x

flea72

i always pay tesco on the due date by telephone. they always say even though the payment can take up to 3days to leave my account, they will back date it to the date i made the phone call. so im never late making a payment, and i get to keep my money in my account, until the last minute

Flea

manicdays

this is the thing flea, when I look at accounts, they payments are backdated.

I will investgate though cos its bugging me now!

I'm in work later!

Lisa

Xbigman

I've always paid CC bills 5 or 6 days before the due date. With the interest and charges they can apply it is not worth the pennies in interest I might earn sitting on their money an extra 2 days. I must say that I consider paying at the last minute on a regular basis is not advisable. One day it *will* go wrong.
Regards



X

muffle_2

Good advice if you have the money available. Of course, the credit card companies love the extra interest they earn on your money, too.

zeberdy

Just to add I pay lots of bills via my halifax online account and the tesco's takes the longest stupid as it seems you canpay it quicker with your switch card from same account.

I never have this problem with other cards and I also dislike their limited online account that only gives you a balance and not a breakdown of expenditure but the 0%and points are nice !!!

My 0% just experiend and I BT with cap one so use the tesco for expenditurte only to get the points but their sysyem needs some improvements .

Zeberdy

tattooed_lady

zeberdy wrote:

Just to add I pay lots of bills via my halifax online account and the tesco's takes the longest stupid as it seems you canpay it quicker with your switch card from same account.

I never have this problem with other cards and I also dislike their limited online account that only gives you a balance and not a breakdown of expenditure but the 0%and points are nice !!!

My 0% just experiend and I BT with cap one so use the tesco for expenditurte only to get the points but their sysyem needs some improvements .

Zeberdy

Zeberdy,

To get 'full access' to your Tesco credit card account online you need to open another account with them, eg a savings account. Once you do that you will be able to view all your CC transcactions online. Bit of a palaver, but you can open the savings acct with £1 and then withdraw it (if you want).