The cost of a Tesco Bank Credit Card is explained in sections 2 and 3 of the pre-contractual information we'll provide to you and in sections 1, 2 and 3 of the credit agreement. This tells you:
It's really important that you take time to read it as it gives you a summary of the key features. A credit card isn't suitable for:
Some transactions attract fees, including cash withdrawals, cash transactions, balance transfers, money transfers and transactions in a foreign currency. You will pay interest on this fee too.
For more details on the types of transactions we classify as cash please check section 1 of your credit agreement.
Late payments or going over your credit limit attract a £12 fee. You may be charged an over limit fee if your account has been over limit at any point in the month. We’ll not charge you an over limit fee if you are only over your credit limit due to an annual fee, late fee or interest charge.
You must pay back the amount you borrow, so make sure you can afford at least the minimum amount shown on your monthly statement, although you can pay more at any time. If you only pay the minimum monthly repayment it will cost you significantly more overall and will take you longer to clear your balance.
Missing payments could make obtaining credit more difficult and more expensive in the future. We report non-payment to the credit reference agencies and this could affect your credit rating. If you repeatedly miss payments we may have no choice but to take legal action against you, to obtain a court order for the money you owe us.
You have the right to withdraw from this agreement within 14 days, which starts the day after you receive your card. To do this, simply call us or write to us. All of our contact details will be sent to you with your card.
If you had a balance on the card you would have to repay this in full within 30 days of the date of cancellation.
[Note for CSR – If offer has multiple possible durations i.e purchases 30/20/10 then quote relevant duration to customer depending on the duration offered by the system]
During your introductory period, the interest rate on balance transfers will be 0% for the first 3 months, with a fee of 2.99%, and 0% on money transfers for the first 3 months, with a fee of 3.99%. The introductory rate on purchases is 0% for the first 23/18/14 months. After the introductory period our standard annual simple rates will apply.
[Note for CSR- Please quote relevant rates to customer depending on the APR offered by the system]
Your introductory rate(s) will be withdrawn if we don’t receive at least the minimum payment by your payment due date. We'll always write to you to let you know that the introductory rates have been withdrawn, and from what date the standard rates will apply.
Standard rates of interest will be charged on all purchase, money transfer, balance transfer, cash withdrawal and/or cash transactions you have already made, and those you make after the introductory rates have been withdrawn.
Do you have any questions about this?
Interest rates are variable so may go up and down, including where we think there is an increased risk that you won't repay the balance. Any fees we charge may be subject to change. We'll always write to you in advance of any changes.