Tesco Low Interest CC

red1984

Hi all,

I have a credit card with tesco bank with an interest rate of 12.9% APR.

The minimum payment is:

• the total of all interest and default fees charged on
your statement plus 1% of the new balance shown on
your statement (excluding 'Tesco Buy Now Pay Later'
special offers) plus any arrears carried over from your
previous statement; or
• £25 plus any existing arrears carried over from your
previous statement; or
• the amount you owe over your credit limit which
includes any over limit fees.
Your repayments will pay off what you owe in the
following order.

I only plan on using it in emergencies but I'm having some trouble getting my head round the £25+.

Say for example, I spend £10 and nothing else for the rest of the month. Will I have to pay off the £10 + interest or will I have to pay £25?

Sorry if this sounds like a stupid question (it's been a long week!!).

Thanks in advance!

Vortigern

If you pay before the due date it's £10 and no interest.

ricky_v

When it's used for emergencies, as Vortigern says you pay no interest if you pay the statement balnce off in full by the due date, which can be up to 56 days (assuming the emergency doesn't involve withdrawing cash).

I would recommend applying for a 0% credit card and using that for emergencies. When the 0% introductory offer expires, close the account and obtain another 0% credit card. Then you won't pay any interest for an emergency (assuming you don't use the card for withdrawing cash and the balance is cleared before the 0% offer expires)

grumbler

red1984 wrote: »

The minimum payment is:

• the total of all interest and default fees charged on
your statement plus 1% of the new balance shown on
your statement (excluding 'Tesco Buy Now Pay Later'
special offers) plus any arrears carried over from your
previous statement; or
• £25 plus any existing arrears carried over from your
previous statement; or
• the amount you owe over your credit limit which
includes any over limit fees.

... I'm having some trouble getting my head round the £25+....

So am I. If you quoted everything correctly, all these "or" make no sense to me.

Is it just me?