How is my payment proportioned

follyfoot

I have a tesco credit card of which the 0% interest on the balance transfer is soon to come to an end. I asked tesco two months ago how much of the BT is still outstanding and they said they would write to me. To date i have not received any communication and I am concerned this information is not freely available. why is it not possible for them to tell me what proportion of my payments goes towards the BT - are they delibreately withholding this info?

heloid

What is happening to your statements? Can you check online?

td_007

follyfoot wrote: »

I have a tesco credit card of which the 0% interest on the balance transfer is soon to come to an end. I asked tesco two months ago how much of the BT is still outstanding and they said they would write to me. To date i have not received any communication and I am concerned this information is not freely available. why is it not possible for them to tell me what proportion of my payments goes towards the BT - are they delibreately withholding this info?

Your statements will show the remaining amount - if you have phone access, you should be able to get the automated statement - if you ask the advisor re statement balance, they will be able to tell....not sure why you say the info is deliberately witheld.

follyfoot

td_007 wrote: »

Your statements will show the remaining amount - if you have phone access, you should be able to get the automated statement - if you ask the advisor re statement balance, they will be able to tell....not sure why you say the info is deliberately witheld.

when i asked the operator for some reason she wasnt sure and said they would write to me 2 months before BT was due to expire but i have yet to receive a letter. i just dont want them to not tell me and then i end up paying interest on the balance

Ritchie74

Regarding allocation of payments I believe Tesco will credit the componant of balance with the lowest interest rate first. This is the case for the majority of banks. No doubt somebody more knowledgable about Tesco Finance will be along soon to confirm/ correct.

For example assume your BT balance is £1,000 and at 15% APR and your purchace balance is £500 at 20% APR, all payments made to your account will come off the BT only until you have cleared the £1,000, then the purchase part will start to clear. Hope that makes sense. Your BT rate (post intro offer) and purchase rate are likely to be the same. You should be able to see this on your agreement and back of statement.

This works in the banks favour and is why you should have 2 separate cards if you are purchasing as well as BTing.