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TESCO Credit Card 0% interest free period - WATCH OUT!

Last post Mon, Jun 11 2007, 8:14 PM by gooner30. 16 replies.
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  •  Mon, Jun 11 2007, 8:14 PM

    Re: TESCO Credit Card 0% interest free period - WATCH OUT!

    Just to update you all on my situation with Tesco. I eventually got an answer back to my complaint sent via money supermarket, they finally offered to give me the 12 months interest free and waive my balance transfer fee. They claimed it was an adminstrative error.

    Strange how it took a compliant sent via Money supermarket to get anywhere... when id spoken to them on the phone I was pretty much told to p*ss off!!... The people I spoke to were some of the rudest I have ever dealt with over the phone.

    I rejected their 'new' offer and am very happy with the service i am getting from barclaycard...

    I would steer clear of Tesco....

    • Post Points: 5
  •  Sat, Jun 09 2007, 5:46 PM

    Re: TESCO Credit Card 0% interest free period - WATCH OUT!

     

    I have recently applied and got a Tesco CC, the interst free period on purchases is less than the period written on the credit agreement.

    I will write them tommorrow to seek proper explanation, before i make a definite comment.

     Untill then watch this thread.

    • Post Points: 20
  •  Sat, Jun 09 2007, 3:11 PM

    Re: TESCO Credit Card 0% interest free period - WATCH OUT!

    I received the card last month and it all seems to be going well so far. I haven't tried using it at Tesco yet, but I read that you get 0% interest on purchases at Tesco during this 12 month period. NEVER use it for any other purchases, or you will end up paying interest until you clear the whole balance (including the transferred balance.) Also, I suspect that Tesco petrol stations may also be exempt from the "0% interest on Tesco purchases" deal.
    • Post Points: 20
  •  Fri, Jun 08 2007, 7:07 PM

    Re: TESCO Credit Card 0% interest free period - WATCH OUT!

    Hi,

    can anyone add to this one ?  I'am thinking of applying - attracted by the 12 months and the 2% fee (compared to most of the other similars at 3%) but i'am keen to see if the general feeling is that this is a "smoke and mirrors offer" or is genuine ?

     Anyone ??

    • Post Points: 20
  •  Tue, Apr 17 2007, 12:23 PM

    Re: TESCO Credit Card 0% interest free period - WATCH OUT!

    Good luck Klint!!. Would be interested to see how you get on.

     

    FYI I have now applied for a BarclayCard with 13 months interest free slightly higher balance transfer fee but no questions asked around the amount I wish to transfer and also the terms are much clearer than Tesco....

    • Post Points: 20
  •  Tue, Apr 17 2007, 9:39 AM

    Re: TESCO Credit Card 0% interest free period - WATCH OUT!

    Thanks to everyone who replied. I'll bite the bullet and apply (and hope it goes smoothly.)

    In reply to Stockie, I am not surprised that you are being asked to pay interest on the balance transfer. The zero percent is an introductory rate for new customers only. It is not for existing customers like you. It says all of that in the T&C, so I wouldn't blame Tesco Finance at all. This is the same for most credit cards.

    • Post Points: 20
  •  Mon, Apr 16 2007, 8:59 PM

    Re: TESCO Credit Card 0% interest free period - WATCH OUT!

    all i would say is dont quote the balance transfer amount until you have the card in your hand and tesco confirm back to you verbally you have 12 months at 0%. theres a clause in the credit agreement (2A) that reads:

     'We may change any fee, interest rate and charges in accordance with the general condition 8 and we may make special offers from time to time. The terms specified for each special offer will apply. The APR shown does not take account of any future changes to any fee, interest rate or the terms of any special offers'

    So essentially the rates quoted in the agreement are meaningless.

    Im convinced Tesco 'cherry pick', based on the amount you are transferring and from the conversations i had with them, so dont tell them the amount until you have correct tenure on your file.

     Good luck!..

    • Post Points: 5
  •  Mon, Apr 16 2007, 8:51 PM

    Re: TESCO Credit Card 0% interest free period - WATCH OUT!

    Lucky you to get even 3 months out of them.I transferrd my daughters balance to my Tesco credit card believing it to be 12 months interst free.When I got my ststement I found ou that although they didn't charge me to transfer the balance in I was to be charged 5.94 % on the balance transfer.I've been a customer of Tesco finance on and off for years and I am now having second thoughts,and may transfer my credit card to another card company as a result.
    • Post Points: 20
  •  Mon, Apr 16 2007, 8:38 PM

    Re: TESCO Credit Card 0% interest free period - WATCH OUT!

    That's it just make sure it states 12 Months 0% interest in the agreement you sign, if they renage on it after that they will get laughed out of court, if it even, ever got there, and they know it full well.
    • Post Points: 59
  •  Mon, Apr 16 2007, 8:20 PM

    Re: TESCO Credit Card 0% interest free period - WATCH OUT!

    I have taken out a 12 month term around two months ago and  will be watching it closely.It quotes 12 months in the agreement so as far as I am concerned they are in breach of the Consumer Credit Act 1974 if they do not abide by it.
    • Post Points: 44
  •  Mon, Apr 16 2007, 8:09 PM

    Re: TESCO Credit Card 0% interest free period - WATCH OUT!

    In reply to the original post (ignoring the other posts about spam).

    I was about to apply for a Tesco card and was horrified to read your story. So I rang Tesco Finance to ask about this, and they confirmed over the phone that their offer is definitely for a full 12 months at zero percent.

    Can anyone else share their experiences with Tesco? I would like to be doubly sure before I apply, even if Tesco themselves have reassured me.

    • Post Points: 20
  •  Sat, Apr 14 2007, 6:06 PM

    Re: TESCO Credit Card 0% interest free period - WATCH OUT!

    Community,

        Thanks for your wonderful explanation,

    Personally, i am not bothered about the posts, but my fellow forum members who are here to seek  help and advise on their financial difficulties.

    They might fall for the "too good to be true" loan offer and get scammed.

     I receive loads of these scam Emails and have seen people fall for these scams.

    Enjoy your weekend

    cheers.

    • Post Points: 23
  •  Sat, Apr 14 2007, 3:33 PM

    Re: TESCO Credit Card 0% interest free period - WATCH OUT!

    Hello Zizzy; I hope you are having a good weekend.

    Unfortunately, the only way to prevent these posts would be to do something called pre-moderation. This would mean that all posts would have to be viewed by MS staff before actually being posted. As a result, it would take time for your posts to appear on the site, and I suspect, you would find this even more frustrating.

    What we actually do is to post-moderate; thus you may see these posts at times, until they can be dealt with appropriately. I would ask you just to ignore them, and to continue the thread as if the offending post were not there.

    I trust that helps to explain things.

    Community Editor
    • Post Points: 38
  •  Sat, Apr 14 2007, 1:57 PM

    Re: TESCO Credit Card 0% interest free period - WATCH OUT!

    Can MS do something about these loan scammers...........

    we are getting fed up with their spamming

    • Post Points: 32
  •  Sat, Apr 14 2007, 10:01 AM

    Re: TESCO Credit Card 0% interest free period - WATCH OUT!

    No thanks!!
    • Post Points: 32
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