Tesco Clubcard Credit Card - is it just me?

benf90

I haven't been on here for a while but I was curious if anybody else agrees with me before I contact Tesco about this.

I took out their clubcard credit card for the 0% on purchases. I could remember roughly when the 0% was due to expire but didn't know the exact date. However, I wasn't worried about that as I know they have to give 60 days notice before it is due to end. I take out 0% purchase cards and pay them off in full before the 0% ends.

The statements are online and only the basic information is provided unless you download the pdf version. On the pdf, on the second page they show a breakdown of the rates of interest being charged on purchases and balance transfers etc.

In that table it has an 'expiry date' column next to where it states 0% on purchases, this is what I've been keeping an eye on. I naively thought this would be where the 60 days warning would appear. On my statements that has been empty. Am I the only one who thinks that this should have the date that the 0% expires. If not, what is the point in it being there?

I haven't been charged interest yet, but I will on next months statement. The actual warning to say the introductory offer was coming to an end was put on the first page of the pdf.

I've had plenty of 0% cards before and never paid a single penny of interest. I'm not upset at the fact that I may have to pay a small amount of interest this time. However, I wondered if anybody else thinks its a bit misleading for Tesco to have a column labelled expiry date and then to deliberately leave it empty?

On a side note, their online system has been terrible just lately. Tonight was the first time in 3 days I've actually been able to see my statement! It keeps telling me I have none available, then only showing me statements produced before June 2011 and now its back to nothing at all again :mad:

Gromitt

I'd expect to see where it says "Estimated interest if you only make the minimum payment" to change from £0.00 to some higher number, which would give me an incentive to pay the bill in full to make sure I don't pay that interest. I wouldn't care about anything else on the forms talking about promotional interest, as this is the only part I'm interested in. If I'm going to be paying interest by not paying the full amount, I'm going to be paying the full amount.

thegoodman

You should read the whole statement not only the parts you want to read. Where does it say in their terms about the 60 day warning? Is it something you want card companies to do or are you making it up?
If you are so unhappy with the Tesco card why don't you cancel it and find a card that give you 60 dat warning.

Never my fault: the reason I need to pay the interest is not my fault, It is Tesco fault for not giving me enough time to pay.

benf90

I'd expect that too, and it does. That's how I actually noticed that the 0% had ended.

However, that only appears on my latest statement, which was already too late. The 0% expiry date was the statement date (not uncommon). All previous statements stated 0.00% interest (quite rightly) so that's not a way to get an advance warning that its due to expire.

I still think its misleading to have a space for an expiry date and to leave it blank.

benf90

thegoodman wrote: »

You should read the whole statement not only the parts you want to read. Where does it say in their terms about the 60 day warning? Is it something you want card companies to do or are you making it up?
If you are so unhappy with the Tesco card why don't you cancel it and find a carc that give you 60 dat warning.

Never my fault: the reason I need to pay the interest is not my fault, It is Tesco fault for not giving me enough time to pay.

No, you're misreading me. I'm not blaming Tesco for the interest, I openly admit I should have read the full statement. I've told many people the same thing on these very forums! I'm just saying they're being misleading by not displaying an expiry date in the expiry date column.

Like I say, I'm well versed about credit cards. I worked for a credit card company for several years. The amount of interest is small compared to the money I've made from them over the years.

I'm not making the 60 days up. It's a legal requirement of all credit card companies.

thegoodman

Show us the link in reference to 60 day reminder saying it is a legal requirement please

benf90

I was wrong with the 60 days notice, its actually now defined as between four weeks and eight weeks. It's almost always 2 statements before the statement you're charged interest on. For example, if interest will be charged in January you'll be notified the introductory offer is due to expire on the November statement.

"The Lending Code requires that your credit card company gives you between four and eight weeks notice that you are approaching the end of an introductory offer period."

http://www.theukcardsassociation.org.uk/consumers/making_payments_to_your_account/-/page/1313/

http://www.bba.org.uk/customer/article/the-lending-code/the-lending-code/

Regardless, Tesco haven't broken those guidelines as they did give notice. Again, I'm not arguing that fact.

Jammi

The warning on my PDF statement was actually misleading. It stated that the introductory interest free period will end on the following months statement date. However it did not mention that the warning applied to the shorter 9 month balance transfer offer, and all the items on my statements were actually purchases which qualify for the longer 13 month interest fee period. So I still haven't paid any interest.

You should do a manual check to see if your interest free period is already due to end.

benf90

It has definitely ended, thanks anyway. The sentence 'if you only pay the minimum amount...' says interest will be charged.

I only have purchases on the card.

Counting_down_the_Pounds

I had this when I was Stoozing with purchases. I even rang them to ask when it would end and the women on the phone was really unhelpful and quite rude...(Like I was in debt and should be ashamed...even though I wasn't, just the way she made me feel!!!) I managed to get a month out of her but just from her manner I didnt trust what she told me, nor want to risk being charged the interest so I just paid according to when I thought it ended by checking my first statement.

I do think Martin Lewis should get on to this, make the interest easily readable and findable to accounts. I have noticed this last year the following unhelpful points which should give people the information on:

Student Loan statemnet does not show % interest rate charged, from and to... have to go online for this
Bank account statements do not show current Interest rates applied either which I find crafty!

Just my thoughts...

splatt30

Virgin now makes there end dates crystal clear.
At the end of the statement there is a box stating how much you owe on each offer and the date each offer ends. It means you can also see which balance/offer your minimum payments are going too.
If they can do it I'm sure the others could too!