Credit card charge

badspeller

I took out a Tesco credit card to pay for a holiday. After choosing the card from the MSE site – it was an 18 month 0% interest card giving me plenty of time to pay it off.

It's been less than a year and I'm seeing 5% interest on my monthly charge. I don't get it! I'd set up a Direct Debit to pay the minimum amount every month so not sure what's going on.

A few months in I'd started paying off more of the card than I could manage and my current account went into overdraft for which I was charged by my bank so I did a CC transfer to put me back in the black. Does this have something to do with it?

Appreciate any help.

[Deleted User]

If you've made a cash withdrawal and it wasn't covered by the promo (which it almost certainly wasn't), then that will be where the interest is coming from. And will continue until that part of the balance is cleared.

However, monthly interest of 5% implies you have an APR of over 60%. Are you sure of your figures?

forgotmyname

Interest free on balance transfers and spending?

Fee for doing the balance transfer?

badspeller

Deleted_User wrote: »

If you've made a cash withdrawal and it wasn't covered by the promo (which it almost certainly wasn't), then that will be where the interest is coming from. And will continue until that part of the balance is cleared.

However, monthly interest of 5% implies you have an APR of over 60%. Are you sure of your figures?

Thanks for that. It's not been going on long so it may be that. Yes, my 5% may have been a mistake. Shows how bad with numbers I am.

Thanks both for your help.

Roosterman78

Hi I have £4000 on my Tesco credit card and I want to move it onto another card but not sure which one is the best? im paying £125 on month minimum payment and really wanting to get it down much cheaper!!
Please help me
Jay Davies.

[Deleted User]

Roosterman78 wrote: »

I want to move it onto another card but not sure which one is the best?

One that you can be accepted for and one that has a lower rate than you are currently paying. So -

What is your current rate? What's your income? What's your total debts and limits/available credit? What's your credit file like?