Tesco Credit Card

vacheron

I have a Tesco Clubcard credit card with a limit of 14K which I have stoozed up and it now sits with about a £13500 balance with minimum payments being taken by DD.

As my other 0% card offers no additional extras I keep making ad-hoc payments to reduce the the balance on the Tesco card down by about £500 and then running it up again to gain the Clubcard points. I probably do this twice a month in addition to the automatic Direct Debit amount.

I've not personally had any problems doing this and my new balance usually shows the next day (or 2 days if I pay after 6pm). However I think that joroshe may have hit the nail on the head in that my payments don't exceed my credit limit each month which may be the big difference.

When I originally took out the card the paperwork stated that I could have my credit limit reviewed after 6 months, however 5 months in, he website changed this to 12 months, so I am stuck for another 6 months at this limit so I've applied for the Santander 123 card and will park this one when (if) the santander card arrives.

rcjm

Thanks for all the replies.
I was just feeling so frustrated that I suddenly wasn't being allowed to operate my card like that.
A higher credit limit would definitely be helpful, but I've recently taken out another credit card for spending cheaply abroad, and I already have other non-rewarding credit facilities (which I really should close down, since I rarely use them, actually), so I may be seen as having too much available credit at the moment.
Hey ho, thanks very much for all the help

vacheron

rcjm wrote: »

Thanks for all the replies.
.......and I already have other non-rewarding credit facilities (which I really should close down, since I rarely use them, actually), so I may be seen as having too much available credit at the moment.
Hey ho, thanks very much for all the help

That certainly could be the reason for a low limit. I always try to have only 2 active credit cards at any time and as soon as my new one arrives I'll cancel my worst card. This also has to be done sooner rather than later as it could take a few months for that available credit facility to disappear off your credit report.

planteria

the value of a payment to your card should not alter the period of time it takes to appear on your account.

iAMaLONDONER

joroshe wrote: »

Tesco Bank have a policy that if you pay in over 110% of your credit limit within a billing cycle then funds will be placed on hold-for fraud purposes

Is this in the Terms & Conditions?

a3hyo

milky1991 wrote: »

I have a virgin one card that I have worked out if I pay 66p extra every day including the fixed minimum payment the balance will be clear when the 0% runs out so I pay 66p every day online.

Are you serious?