TESCO Credit Card BT & Purchase

NickX

Guys, I think this requires application of the Golden Rule.

Do NOT spend on a Balance Transfer card where the Purchases promotion is not of the same length as the Balance Transfer promotion.

As the Tesco card is 12 months on Purchases, I would advise using this for purchases only.

Why not get a Virgin card for Balance Transfers. I think you could get over 15 months at 0% with a 2.98% fee.

ToMoCo

NickX wrote: »

Why not get a Virgin card for Balance Transfers. I think you could get over 15 months at 0% with a 2.98% fee.

Thanks but i need to shift from MBNA. TBH, I'm running out of cards to use. Thats why i'm looking at the Tesco one.

Anyway, just got accepted on line. No mention of the statement in the original post so looks like TD_007 was right.

2(C) How and when interest charges are calculated
(a)Your statement will show a balance and a payment date. If (1) you pay the full balance by the payment date and (2) you also paid the full balance shown on the previous month's statement by the relevant payment date, we will not charge you interest on the purchase transactions shown on the statement [See 2(C)(g) below for more details].

(b)We charge interest on any interest you owe at the same rate which applies to the category of transaction on which the interest was charged. We charge interest on any fee or charge (other than a Default Charge mentioned in Key Information 3(A)) from the day of debiting to the account at the same rate as purchases and we charge interest on such interest at the purchases rate. Interest on interest is charged from the date the interest is debited to your account. We charge interest on any Default Charge (Default Charge Interest) at the same rate as purchases but we do not charge interest on Default Charge Interest. Default Charge Interest will start to accrue after expiry of any deferral period required by law.

(c)For any purchases, balance transfers and advances we will charge interest, from the date of the transaction, on the amount of the transaction.

(d)For money transfer transactions we will charge interest, from the date the transaction is charged to your account, on the amount of the transaction.

(e)We work out the interest at the Monthly Rate on the average daily balance since the previous statement date.

(f)Where an interest rate changes we use the old rate for the period to the day before the date of change and the new rate for the remaining period.

(g)Interest is applied to your account on each statement date. An adjustment to the interest applied will be made on the next statement if, as explained in 2(C)(a) above, you are entitled not to pay interest on a category of transactions.

2(D) How we use your repayments
(a)Payments to your account will not reduce the amount you owe us until the payment can be treated as cleared funds. You will find, on the back of your statement, information about the normal clearance period for the methods by which you can make payments to your account.

(b)We will treat any payment to your account as reducing or repaying any overdue amounts from previous statements first before the payment is applied to meet the minimum payment expected to be made at the time the payment is received.

(c)When we receive a repayment we will use it in the following order:
- To pay any interest on special offers (except Tesco Buy Now - Pay Later);
- To pay any other interest, any fee and charges;
- To repay special offers shown on any statement;
- To repay all balance transfers, promotional cheques and purchases (except special offers) shown on any statement;
- To repay all advances and money transfers (except special offers) shown on any statement;
- To repay special offers not yet shown on any statement;
- To repay all balance transfers, promotional cheques and purchases (except special offers) not yet shown on any statement;
- To repay all advances and money transfers (except special offers) not yet shown on any statement;
- To repay Tesco 'Buy Now - Pay Later' special offers shown on any statement.
If you have taken up any special offer we may decide to repay transactions relating to these in a different order. When this happens we will tell you when we provide details of the special offer.

Still, will give them a call regarding that statement on the website.

ToMoCo

Does anyone have an email address for Tesco Personal Finance?

ToMoCo

OK, now have this card up and running with a BT. have also stuck £100 shopping on it.

The statement shows seperate amounts for Purchases and Balance Tranfers. So around the middle of next month I will update and let you know which balance reduces.

The statement also has the RBS logo on the bottom. Don't know if this means it's run by RBS or if they just have an agreement to pay in over their counter? Credit search etc. states Tesco Personal Finance.

ToMoCo

Just an update to let you know that the repayments have indeed gone towards the balance transfer.

So the original plan is ...err - going to plan.

CannyJock

ToMoCo wrote: »

Just an update to let you know that the repayments have indeed gone towards the balance transfer.

So the original plan is ...err - going to plan.

Hannibal would be proud