Tesco Credit Card - Devious conditions re credit limit

ffacoffipawb

Deleted_User wrote: »

sounds like you did you all you could. You seem to be completely blameless. Sue them.

randomize usr 0

woody01

Parchester wrote: »

I've had the Tesco Clubcard Credit Card for a year now and took full advantage of the 12 months interest free on all purchases, making the monthly minimum payments while paying the equivalent of the full amount into a savings account.

Anyone doing similar, just be aware that Tesco will not tell you when that 12-month period is coming to an end. It is not mentioned anywhere on the statements, nor anywhere that I could find on the online account management. You either need to keep a diary note yourself, or ring them up and ask them. Which is what I did in the course of a call complaining about something else...

With every other credit card I have ever had, if I went over the credit limit, they either offered to increase it (the usual approach), or they froze the card. Tesco do neither. They only freeze the collection of clubcard points, while leaving the card active, and they charge an overlimit fee of £12.

Fair enough. So after nearly a year of being a good boy, I was over the limit on my 25 April statement and was fined £12. I paid a chunk off, but spent another chunk, so I was over again on my 25 May statement and had to pay another £12. I made a large repayment on 3 June such that on my 25 June statement I was way below the limit. BUT... I got charged another £12.

I naturally wanted to know why I had been fined 3 times for breaching my limit twice. The ridiculous answer is that under their conditions I was over the limit in the June statement period, which commenced on 26 May and even had I made my payment immediately, just that one day triggers the fine. The moral of the story is that, if you are getting up near your limit, check your account in between statements, because if you are over on the actual statement date you will get hit twice.

The outcome of all this is that I have paid off the balance in full from my savings account and have changed my monthly direct debit from the minimum to the full amount. Tesco shall not be making any more cheap money out of me.

So Tesco are devious because you are rubbish with your finances and can't even pay a credit card bill on time?

I doubt Tesco are losing much sleep over not having you as a customer now.

Parchester wrote: »

The whole point of my post was to draw people's attention to (a) what happens if they go over the credit limit and (b) to watch out for when the interest free period ends; i.e. advising people to manage their account properly. I don't need people who delight in stating the bleedin' obvious to tell me that I didn't.

Astonishly shrewd advice.
Do you work in the stock market?

Parchester

TFD
If you go over the limit you get a fee, and when the interest free period ends you get charged interest? Wow, 2 really useful nuggets of advice.... please share some more!

No, TFD, I'll just share those two again in their original form, rather than your smart-!!!! abbreviated fashion.

1. If you go over the limit once you get two fees if it occurs at statement time. 2. Don't assume that Tesco will notify you when the interest-free period ends, they hide the information away, and thank you to fozmcfc for revealing where it is.

Belated thanks also to noah271007 for the important point re the effect on credit report.

You never know, somebody out there who is as stupid as me, and not blessed with TFD's brilliant expertise in all things financial, may just find that information useful. I rather thought that was the point of this forum, i.e. to provide tips, help and support, rather than criticise people for whatever they may or may not have done. Or have I read the etiquette rules all wrong?

Parchester

woody01
So Tesco are devious because you are rubbish with your finances and can't even pay a credit card bill on time?

Another 'expert' crawls out of the woodwork! Sorry, where did I ever mention not paying a bill on time? If you're going to be smug at least get the facts right!

ElleStar

Parchester - as a fairly new Tesco Credit Card holder, I actually found your post useful. Thanks for posting!!

TFD - you need to remember that every day new people read these forums, so whilst he might of being stating the obvious to you. Some things aren't obvious to eveyone and the way they find out is from posts like Parchester.