Interest rates and fees for our Credit Cards

We’ve laid everything out clearly and simply, so you'll know exactly what to expect

Managing your credit card

Make sure you understand how your credit card works so that there are no surprises. It’s important that you’re organised with your monthly payments so you can avoid unexpected interest and fees. Here are some things to consider:

  • If you use your card, you’ll need to make a payment every month – even if you are on a 0% interest rate.
  • We’ll send you a statement every month to let you know when, and how much you need to pay.
  • If you forget to pay, or make your payment late, where applicable, you’ll be charged a £12 Late Payment fee, and you’ll lose any 0% interest rate you are on.
  • Refunds don’t count towards your minimum payment – you’ll still need to make a payment if a refund has been made to your account.
  • Don’t go over your credit limit. If you do, where applicable, we’ll charge you a £12 Over Limit fee and you’ll need to pay back anything above the limit as soon as possible to avoid further charges.

Our Fees

We charge fees on some transactions – here’s a quick look at the standard fees for our credit cards. If you already have one of our credit cards, you can also check your monthly statement or credit agreement for your individual interest rates and any introductory fees.

Clubcard Credit Card

Clubcard Credit Card

Fee

Description

Standard rate Balance Transfer fee

    If you make a balance transfer to an existing Tesco Bank credit card, you’ll be charged a handling fee of 3.99%. The fee will be charged on the day we receive the money. You’ll pay interest on the fee at the same rate that applies to the balance transfer.

      Standard rate Money Transfer fee

        If you make a money transfer from an existing Tesco Bank credit card, you’ll be charged a handling fee of 3.99%. The fee will be charged on the day the money is sent. You’ll pay interest on the fee at the same interest rate that applies to the money transfer.

          Cash Withdrawal fee

            If you withdraw cash from an ATM, over the counter, at a bank or from a cash provider, you’ll be charged a handling fee of 3.99% with a minimum of £3.00. You’ll also pay interest on this fee from the day you withdraw the cash at the same rate that applies to the cash withdrawal.

              Cash Transaction fee

                You'll be charged a 3.99% fee on cash transactions. A full list of transactions we class as cash and some examples can be found via the find out more link on the left. You’ll pay interest on this fee from the date you make the transaction at the same rate that applies to the cash transaction.

                  Foreign Exchange fee

                    You’ll be charged a 2.75% fee on any transactions you make in a foreign currency. You’ll pay interest on this fee at the same rate that applies to the transaction you made.

                      Returned Item fee

                        We’ll charge £12.00 if your Direct Debit, cheque or other payment fails or ‘bounces’. You’ll pay interest on this fee at the rate we charge for purchases.

                          Default Fee

                          Default Fee Description

                          Over Limit fee

                            You'll be charged £12.00 every time you go over your credit limit or stay over it during your statement period. You'll pay interest on this fee 28 days from when we tell you it's been charged. Interest will be charged at the rate we charge for purchases and you won't pay interest on this interest.

                              Late Payment fee

                                You'll be charged £12.00 if you don't make your minimum payment on time. You'll pay interest on this 28 days from when we tell you that the fee has been charged. Interest will be charged at the rate we charge for purchases and you won't pay interest on this interest.

                                  Clubcard Plus Credit Card

                                  Clubcard Plus Credit Card

                                  Fee

                                  Description

                                  Standard rate Balance Transfer fee

                                    If you make a balance transfer to an existing Tesco Bank credit card, you’ll be charged a handling fee of 3.99%. The fee will be charged on the day we receive the money. You’ll pay interest on the fee at the same rate that applies to the balance transfer.

                                      Standard rate Money Transfer fee

                                        If you make a money transfer from an existing Tesco Bank credit card, you’ll be charged a handling fee of 3.99%. The fee will be charged on the day the money is sent. You’ll pay interest on the fee at the same interest rate that applies to the money transfer.

                                          Cash Withdrawal fee

                                            If you withdraw cash from an ATM, over the counter, at a bank or from a cash provider, you’ll be charged a handling fee of 3.99% with a minimum of £3.00. You’ll also pay interest on this fee from the day you withdraw the cash at the same rate that applies to the cash withdrawal.

                                              Cash Transaction fee

                                                You'll be charged a 3.99% fee on cash transactions. A full list of transactions we class as cash and some examples can be found via the find out more link on the left. You’ll pay interest on this fee from the date you make the transaction at the same rate that applies to the cash transaction.

                                                  Foreign Exchange fee

                                                    No fee.

                                                      Returned Item fee

                                                        We’ll charge £12.00 if your Direct Debit, cheque or other payment fails or ‘bounces’. You’ll pay interest on this fee at the rate we charge for purchases. If you applied for your Clubcard Plus Credit Card before 21st July 2020 you will not be charged a Returned Item fee.

                                                          Clubcard Plus monthly subscription fee

                                                            You pay £7.99 a month for your Clubcard Plus subscription.

                                                              Default Fee

                                                              Default Fee Description

                                                              Over Limit fee

                                                                You'll be charged £12.00 every time you go over your credit limit or stay over it during your statement period. You'll pay interest on this fee 28 days from when we tell you it's been charged. Interest will be charged at the rate we charge for purchases and you won't pay interest on this interest.

                                                                If you applied for your Clubcard Plus Credit Card before 21st July 2020 you will not be charged an Over Limit fee.

                                                                  Late Payment fee

                                                                    You'll be charged £12.00 if you don't make your minimum payment on time. You'll pay interest on this 28 days from when we tell you that the fee has been charged. Interest will be charged at the rate we charge for purchases and you won't pay interest on this interest.

                                                                    If you applied for your Clubcard Plus Credit Card before 21st July 2020 you will not be charged a Late Payment fee.

                                                                      Premium Credit Card

                                                                      Premium Credit Card

                                                                      Fee

                                                                      Description

                                                                      Standard rate Balance Transfer fee

                                                                        If you make a balance transfer to an existing Tesco Bank credit card, you’ll be charged a handling fee of 3.99%. The fee will be charged on the day we receive the money. You’ll pay interest on the fee at the same rate that applies to the balance transfer.

                                                                          Standard rate Money Transfer fee

                                                                            If you make a money transfer from an existing Tesco Bank credit card, you’ll be charged a handling fee of 3.99%. The fee will be charged on the day the money is sent. You’ll pay interest on the fee at the same interest rate that applies to the money transfer.

                                                                              Cash Withdrawal fee

                                                                                If you withdraw cash from an ATM, over the counter, at a bank or from a cash provider, you’ll be charged a handling fee of 3.99% with a minimum of £3.00. You’ll also pay interest on this fee from the day you withdraw the cash at the same rate that applies to the cash withdrawal.

                                                                                  Cash Transaction fee

                                                                                    You'll be charged a 3.99% fee on cash transactions. A full list of transactions we class as cash and some examples can be found via the find out more link on the left. You’ll pay interest on this fee from the date you make the transaction at the same rate that applies to the cash transaction.

                                                                                      Foreign Exchange fee

                                                                                        You’ll be charged a 2.75% fee on any transactions you make in a foreign currency. You’ll pay interest on this fee at the same rate that applies to the transaction you made.

                                                                                          Returned Item fee

                                                                                            We’ll charge £12.00 if your Direct Debit, cheque or other payment fails or ‘bounces’. You’ll pay interest on this fee at the rate we charge for purchases.

                                                                                              Annual fee

                                                                                                You'll be charged a £36.00 annual fee on the statement after you make your first transaction. It will then be charged every year on the month you first opened your account. You'll pay interest on this fee at the rate we charge for purchases.

                                                                                                  Default Fee

                                                                                                  Default Fee Description

                                                                                                  Over Limit fee

                                                                                                    You'll be charged £12.00 every time you go over your credit limit or stay over it during your statement period. You'll pay interest on this fee 28 days from when we tell you it's been charged. Interest will be charged at the rate we charge for purchases and you won't pay interest on this interest.

                                                                                                      Late Payment fee

                                                                                                        You'll be charged £12.00 if you don't make your minimum payment on time. You'll pay interest on this 28 days from when we tell you that the fee has been charged. Interest will be charged at the rate we charge for purchases and you won't pay interest on this interest.

                                                                                                          Understanding interest

                                                                                                          When and how interest is charged

                                                                                                          If you don’t pay off your balance in full each month, you will be charged interest on your balance, in most cases. If you can’t pay your balance in full, make sure you pay at least your minimum payment to avoid unexpected fees. Interest is charged from the date the transaction or fee is added to your account. For cash withdrawals and cash transactions, it’s charged from the date the withdrawal or transaction is made.

                                                                                                          You’ll pay interest on default fees 28 days from when we tell you that the fee has been charged. Interest will be charged at the rate we charge for purchases, and you won’t pay any interest on the interest.

                                                                                                            Something worth noting…

                                                                                                            If you only pay your minimum payment each month it will take you longer to clear your balance and cost you a lot more in the long term. If you pay at least double your interest, fees and charges every month, you’ll reduce your balance much quicker.

                                                                                                              Where to find your interest rates

                                                                                                              If you have one of our credit cards you can check your credit agreement or monthly statement for your individual rates and fees.

                                                                                                                Introductory/promotional interest rates

                                                                                                                If you have taken out a new card you may have an introductory or promotional interest rate. This rate could apply to purchases, balance transfers or money transfers. We’ll let you know how long the introductory/promotional rate will last when you open your new card, or when you take up an offer on an existing card. We will remind you on your statement two months before your introductory rate ends. We’ll also send a letter or email one month before the rate ends as a final reminder. When the introductory/promotional rate ends you’ll be moved to the standard rate of interest for your card. You can find this on your monthly statement.

                                                                                                                  Good to know...

                                                                                                                  If you miss a payment, or make your payment late during your introductory period then your interest rate will move to the standard rate of interest straight away unless you are a Clubcard Plus Credit Card customer.