Confused by Credit card Charges

Richie23_2

Hi

Can someone confirm something please..

If my balance was £1000 and due date was end of the month and i paid £500 by the end of the month would I pay interest on the £1000 as i didnt pay of my balance in full or would i pay interest on the £500 left??

If its on the £500 then i'll explain further but if its on the £1000 then Tescos are right and i've been an idiot!

Thanks

King_Of_Fools

Credit cards are only interest free if you pay off the balance in full. If you do not you have to pay interest on all purchases from the day you made the purchase to the day you pay it off.

In other words you would have to pay interest on £1000 for a month but next month the interest would only be on £500.

YorkshireBoy

Interest Charging Information

Purchases....From transaction date....Until repaid in full*

If the account is not fully cleared, interest will be charged on the average daily balance until full payment is made and credited to your account. Therefore, the longer you take to make a payment, the more interest will be charged.

* If you pay the balance in full, any interest charge for the period from the previous statement to the date of full repayment will be debited the following month.

Tesco Summary Box

...........

Richie23_2

Thanks both..didn't realise this.. will make sure credits cards are now cleared every month..if possible!

Have thanked you both!
Cheers