Tesco Credit Card interest trick

Dr_Schlum

Tesco it appears charge you interest from the statement issue date until the pay by date. This means even if you pay your balance in full by the pay by date, typically two weeks after your statement you will still incur an interest charge the following month! I've formally complained about this trick to Tesco bank today and cancelled my card. Even then I was told that despite paying a £5.58 interest charge that I was disputing, I would be charged two days interest on that next month! the mind boggles.....AVOID

Tixy

Tesco cards generally work like all other credit cards in relation to when interest is charged.

Had you paid your previous statement in full by the due date?

What sort of transactions were making up your balance? any that wouldn't could as purchases (e.g. cash withdrawals, gambling transactions, foreign transactions or foreign currency puchases)?

comeandgo

Dont understand your point. If you pay your balance in full each month you pay no interest - if you pay a portion of the balance you have interest to pay for that month and you will have interest to pay the following month too - the credit cards I have all do this. Can you not try and get a new credit card with 0% purchases for the first year, then you will have no interest to pay.

[Deleted User]

Dr_Schlum wrote: »

the mind boggles....

Yes, that may explain it.

TadleyBaggie

I always pay my Tesco card in full and never have any intreset charged.

bengal-stripe

Dr_Schlum wrote: »

This means even if you pay your balance in full by the pay by date, typically two weeks after your statement you will still incur an interest charge the following month!

All Credit Cards work like that.

Interest is calculated to the day the statement gets compiled. If you pay two weeks later, there is interest due for those two weeks. Only if you pay two subsequent statements in full, there is no more interest due.

I take it, you haven't paid the previous statement in full. (Or you had cash or quasi-cash transaction on your card.)

Fruit_and_Nut_Case

First-time poster. Won't be back. Won't read replies.

Happy to be proved wrong, though.

Maestro.

bengal-stripe wrote: »

All Credit Cards work like that.

Interest is calculated to the day the statement gets compiled. If you pay two weeks later, there is interest due for those two weeks. Only if you pay two subsequent statements in full, there is no more interest due.

I take it, you haven't paid the previous statement in full. (Or you had cash or quasi-cash transaction on your card.)

This.

The way I see it is that interest always accrues and is simply waived if you pay in full. If you have a statement that estimates interest in my experience they always show something above 0 even if you always pay in full (even by DD). Maybe the OP is looking at estimated interest?

The_Boss

Fruit_and_Nut_Case wrote: »

First-time poster. Won't be back. Won't read replies.

Happy to be proved wrong, though.

And I bet they're not even a doctor

Hominu

Fruit_and_Nut_Case wrote: »

First-time poster. Won't be back. Won't read replies.

Lets see,

Joined: Yesterday
First Posted: Yesterday 2:25pm
Last Activty: Yesterday 2:25pm

Hmmm, I would concur.

lookingafterthepennies

Possibly a daft question but I have just taken out one of these cards and was wondering if there are any rules on the clubcard points if you pay the balance off within a couple of days? ie is the balance at statement date the date they calculate points? I have used the card for a balance transfer but would consider spending on it to accrue points. If I made a payment on it I would rather pay it within a few days rather than risk spending the cash if that makes sense??