Tesco CC charges con after paying off in full...

nappentass

Long story but I paid of my CC's last month expecting that to be the end of it.
Tescos haven't accepted the payment in full sending a statement of additional interest charges.
Called them to find out why and apparently because I haven't paid it of in full for at least 2 consecutive months I've been charged from the statement date until they received the money.
So a warning to anyone else who might be doing the same.

Ok vent over hope it helps someone else.

J

YorkshireBoy

Your thread title is defamatory and libellous...you may wish to edit it.

How can it be a "con" if it's clearly stated in the T&C's?

exel1966

They've done exactly the same as any other card does. You've basically not understood or assumed how the system works.

You have to have a zero balance for two consective months if you've previously been paying interest.

As usual when a poster uses the word CON/FRAUD/SCAM it's nothing of the sort !

peawack

Hold on there you Righteous Brothers !
It's my understanding that the word 'con' is an abbreviation of 'confidence trick'
, and aptly describes the way the banks and finance companies lure unsuspecting customers into accepting their expertly written, barely visible and sometimes disingenuous t&c's.
Of course everyone should read and understand every word of these t&c's, but as we all know this is not always the case. Even when we enter in with eyes wide open, other constraints affect our performance. That's life !
The OP is certainly NOT being defamatory or libellous.

CLAPTON

Con or not CC work like this:



Interest is calculated daily from the day that you spend on the card and is charged until you actually pay the money off.

As a special arrangement however, if and only if you pay the full amount each month they cancel the interest and charge you nothing.
Hence the claim of 'up to 50 (or whatever) days free credit'.

But if you don't pay the full amount, even if it’s by a small amount you then get charged as I described above.
Also if you spend more money during the next month you will be charged interest on that as you have now lost the ‘no interest ‘ feature.
This also means that even if you now pay in full, you will get a small interest charge next month which will be the interest incurred between the statement date and the day you pay.
Only when the balance is zero for two consecutive months will you go back to zero interest.
It is how all credit cards work.

mrsmortenharket

the interest is valid.

Lisa

LuciferTDark

It sounds like a con to me, doesn't it mean that by adding interest like that the balance never goes to zero so they can carry on charging for as long as they like?

mrsmortenharket

nope cos once you pay the interest, thats it.

They don;t add interest to interest.

Lisa

nappentass

FWIW I feel conned because the other 3 cc's that I have paid of in full at the same time have NOT done this,
I also don't believe that Tesco did this the the previous time I paid it off in full a few years ago, because if they had I would have had the same reaction then as now, and would not use the account again.

As I said at the time it was a vent.

exel1966

EVERY card has done it for years and years and years. That's the way it's always been done. You're mistaken and even though you feel you've been conned the reality is that you haven't !

mrsmortenharket

what have you been conned out of?

It's not an interest free card. So you have interest to pay...

Lisa