Tesco credit card

bluespire2013

hi, last month I had a problem with my tesco credit card. i transferred £ 2000 to another credit card clearing the balance & enabling me to transfer back 2700 at 0%.when i got my statement tesco had paid the 2700 off my previous months balance reducing my purchases to £795@2.008% and then putting the balnce tfr to 2200@2.46@. effectively this has put my balance at a higher rate than before. i need to sort this asap. tesco have now offered me a 0% deal for 9 months. if i do this and pay off other cards when i make a payment will it be allocated againt the largest balance or the earliest ending tfr i.e 9 months. i cant afoord to get stung any further. please can anyone advise?

grumbler

Are your 'Shift' keys faulty?

karenwadey wrote: »

hi, last month I had a problem with my tesco credit card. i transferred £ 2000 to another credit card clearing the balance & enabling me to transfer back 2700 at 0%.when i got my statement tesco had paid the 2700 off my previous months balance reducing my purchases to £795@2.008% and then putting the balnce tfr to 2200@2.46@.

This doesn't make much sense to me.
First some other CC company paid £2000 to your Tesco card thus "clearing [Tesco] balance".
Then Tesco paid £2700 to some card.

How could Tesco pay "2700 off ... previous months [Tesco] balance" ?

SnowTiger

grumbler wrote: »

Are your 'Shift' keys faulty?This doesn't make much sense to me.
First some other CC company paid £2000 to your Tesco card thus "clearing [Tesco] balance".
Then Tesco paid £2700 to some card.

How could Tesco pay "2700 off ... previous months [Tesco] balance" ?

Phew, it's not only me.

I'm guessing OP had two credit cards: Tesco with a balance of £2,000 and another card with a balance of £700.

Tesco offered OP a 0% balance transfer.

OP transferred the £2,000 balance on their Tesco card to the other card, leaving a balance of £2,700 on it.

Then OP transferred the whole £2,700 back to their Tesco card to take advantage of the 0% balance transfer.

Then I get lost.

than_prutt

grumbler wrote: »

Are your 'Shift' keys faulty?

Come on Grumbler, give Karen a break. Her second I was capitalised!!

Sorry couldn't be much more help as I didn't quite understand what she was saying..sorry.

boo_star

SnowTiger wrote: »

Phew, it's not only me.

I'm guessing OP had two credit cards: Tesco with a balance of £2,000 and another card with a balance of £700.

Tesco offered OP a 0% balance transfer.

OP transferred the £2,000 balance on their Tesco card to the other card, leaving a balance of £2,700 on it.

Then OP transferred the whole £2,700 back to their Tesco card to take advantage of the 0% balance transfer.

Then I get lost.

I think they've effectively ignored the balance transfer rate and reinstated the previous APRs.

But yeah, it's hard to follow, maybe that's why the OP is confused too.

Superscrooge

karenwadey wrote: »

hi, last month I had a problem with my tesco credit card. i transferred £ 2000 to another credit card clearing the balance & enabling me to transfer back 2700 at 0%.when i got my statement tesco had paid the 2700 off my previous months balance reducing my purchases to £795@2.008% and then putting the balnce tfr to 2200@2.46@. effectively this has put my balance at a higher rate than before. i need to sort this asap. tesco have now offered me a 0% deal for 9 months. if i do this and pay off other cards when i make a payment will it be allocated againt the largest balance or the earliest ending tfr i.e 9 months. i cant afoord to get stung any further. please can anyone advise?

Like everyone else I'm struggling to follow exactly what you have done. But regarding your last question. The most expensive debt on your credit card will always be paid off first. See below link for further info

http://www.theukcardsassociation.org.uk/wm_documents/Good%20news%20for%20credit%20card.pdf

bluespire2013

Sorry I will try and explain again:
My Tesco Balance was £3500 at beginning of month.
I then transferred a balance of £2000.00 from Tesco to another Credit card to free up the credit limit as they had offered me 6 months interest free on Balance TFRS for 6 months. After this my Tesco Card Balance was then £5500.
I then transferred £2700.00 back from that card to Tesco at 0%. Balance on Tesco card then £2800.00.
When Tesco allocated my payment they took it off the Bfwd figure of £3500.00 leaving a balance of £1092.27 at standard Rate (this includes new purchases) and put the remaining balance transfer to the high rate of 2.241.
Anyway I know I cannot change this but I want to avoid any further problems:


Tesco has now offered me a BT for 9 months at 0%.
My Tesco Balance is
£2332.48 Balance Transfer @2.241%
£1092.27 Standard @2.008%

---

3424.75 Total Owed Tesco


Tesco has now offered me a 0% Balance Tfr for 9 Months.

Now I want to know the best way to Shuffle all this:
£705.42 @17.9% DEBT 2
£927.00 @0% DEBT 3 (which expires on 14th Jan 2016)

---

1632.42 Debt to Shift
Tesco has offered me a BT for 9 months at 0%. If I transfer to these other cards leaving them clear I increase my Debt to Tesco by £1632.42.
£2332.48 Balance Transfer @2.241%
£1092.27 Standard @2.008%
£1632.42 NEW 9 Month BT @0.0%

---

5057.17
I am worried that if I do this future payments made to Tesco would be allocated against the 9 month BT of £1632.42 because this is the shortest Balance Transfer.

I have £900.00 cash available should I pay £900 off tesco then Transfer to the other two cards?
Help!

grumbler

karenwadey wrote: »

Sorry I will try and explain again:
My Tesco Balance was £3500 at beginning of month.
I then transferred a balance of £2000.00 from Tesco to another Credit card to free up the credit limit as they had offered me 6 months interest free on Balance TFRS for 6 months.

Who offered?

After this my Tesco Card Balance was then £5500.

This means that you transferred balance to Tesco, not from (Tesco paid money to other card).

I then transferred £2700.00 back from that card to Tesco at 0%. Balance on Tesco card then £2800.00.

OK, "that card" paid £2700 to Tesco.

When Tesco allocated my payment they took it off the Bfwd figure of £3500.00

Because this balance was at the standard APR at the start and remained so.

leaving a balance of £1092.27 at standard Rate (this includes new purchases)

Correct.

and put the remaining balance transfer to the high rate of 2.241.

This is really strange if it's really the case as the remaining balance was supposedly @0%.

Anyway I know I cannot change this but I want to avoid any further problems:

The only way to avoid further problems is to understand past problems first.

than_prutt

I think I'm starting to get the hang of this..

karenwadey wrote: »

Tesco has now offered me a BT for 9 months at 0%.
My Tesco Balance is
£2332.48 Balance Transfer @2.241%
£1092.27 Standard @2.008%

---

3424.75 Total Owed Tesco


Tesco has now offered me a 0% Balance Tfr for 9 Months.

Now I want to know the best way to Shuffle all this:
£705.42 @17.9% DEBT 2
£927.00 @0% DEBT 3 (which expires on 14th Jan 2016)

---

1632.42 Debt to Shift
Tesco has offered me a BT for 9 months at 0%. If I transfer to these other cards leaving them clear I increase my Debt to Tesco by £1632.42.
£2332.48 Balance Transfer @2.241%
£1092.27 Standard @2.008%
£1632.42 NEW 9 Month BT @0.0%

---

5057.17
I am worried that if I do this future payments made to Tesco would be allocated against the 9 month BT of £1632.42 because this is the shortest Balance Transfer.

I have £900.00 cash available should I pay £900 off tesco then Transfer to the other two cards?
Help!

Any future payments should be allocated to the balance with highest rates first, so I think you should be ok regarding future payments.


I would keep the £900 cash for emergency. When you said transfer to other two cards, did you mean the £3424.75? Do the other 2 cards offer 0% BT?

Marcio45

Normally when you make a payment it comes off the highest interest rate. But any payment applies to the last statement and the full balance on it. Only if the payment amount exceds the last statement balance it will be used to pay the pending transactions. I believe you made the balance transfers in quick sequence. That is one reason i can imagine the BT didnt pay the highest interest first.

Also, you will be adding significantly to your debt with all the balance transfer fees. You need to be carefull with this, as it might not be worth moving money around this way. Have you considered applying for another card?

Marcio45

Forgot to say that the last two balance transfers from two other cards to tesco seems straighforward. It was hard to understand as you were mixing transfering to/from. I had to write it down on paper to make any sense. Good luck