Tesco Premium Credit Card 0% Balance Transfer

jpfrost

Hi All,

I recently applied for a Tesco Premium Credit Card and at the time they were offering a 1 month 0% Fee free balance transfer. So I thought nothing to lose. I setup my direct debit to pay off the full amount each month.

I received my first statement and there was no mention of any interest. On my second statement I have been charged £22 for balance transfer interest.

They are now telling me, and I'm sure legally I have no leg to stand on, that I needed to pay the balance transfer amount within 1 month of the transaction date.

I honestly believed the deal was one month from the statement date and feel completely misled.

I can't believe that I would have to remind myself to pay this myself before the statement even arrived. Furthermore, how do I even know when the 1 month is from when I don't know how long it takes them to process the transfer? In actual fact, I opened the account and balance transfer on 21/7, the balance transfer didn't go through until 29/7 - so without them telling me how would I know when to pay it?

I also believe that if this was a standard credit card, they would just refund the charge. Now I've paid £150 for the premium features I think they know I'm not really in a position to cancel.

Sorry for my ramblings. Just feel totally misled.

What are anyone else's thoughts?

[Deleted User]

What exactly were the terms of this 1 month BT?

Do you mean that the promo period only lasted one month? That would seem highly unlikely.

Or that you had a month in which to carry out the BT?

What transactions, including BTs, have you put on the card?

YorkshireBoy

It's been mentioned before on here, and it was a very strange product offering!

I believe the deal was one month interest free from account opening, not the BT transaction date.

Ben8282

I have checked the summary information for this card. There is no introductory promotional rate for balance transfers.http://www.tescobank.com/assets/sections/credit-cards/pdf/tesco-bank-cc-prem-summary-box.pdf?_=cachebuster12092017
Could you perhaps add a link to wherever this 1 month 0% balance transfer is advertised or mentioned?

The 56 days interest free credit only applies to purchases. There is no interest free period on cash advances, balance transfers or money transfers. This is clearly stated in the summary information. You have therefore correctly been charged interest on this balance transfer. I really can't see how you have been misled in any way.


Assuming for a moment that such an offer did exist and has now been withdrawn. then from what you have written above I am guessing that your first statement was not paid in full by the due date. As you have paid a fee for the premium card, I am also assuming that you used it for purchases in order to maximise the earning of clubcard points which after all is what you paid the annual fee for. It is possible that interest has been charged on all your purchases even if not on the balance transfer as you did not make full payment of the first statement by the due date.

jpfrost

Thanks for your replies.

I can only assume that the balance transfer offer has been withdrawn.

Yes I have been using the card for all my purchases and have setup a direct debit to pay off the card in full. I have phoned Tesco and they have confirmed the charge was for the balance transfer.

I had assumed that it was as zx81 says and that I had a month to carry out the balance transfer but it appears that it was 1 month from account opening. My gripe is that I would have to have paid the balance transfer before even my first statement - what is the use of that? I would never have bothered if I had realised that was what is was and I'm not sure what benefit that is for anyone?