What could a COVID-19 payment break look like for my credit card? During your COVID-19 payment break interest will continue to be charged on your credit card account balance meaning that the overall amount you’ll need to pay back will increase. As a result, we’ll need to calculate a new minimum repayment for you when your payment break ends. Here are some examples of how a payment break might impact your credit card repayments.
Credit card payment break
Example 1: Outstanding Balance £1800 at 19.9% per annum
Example 2: Outstanding Balance of £1800 at 26.9% per annum
Minimum payment before payment break
Minimum payment during payment break
New minimum payment when payment break ends
Increase in minimum payment when payment break ends
Some things to remember:
The examples above are used for illustrative purposes only
Your minimum repayment amounts will depend on your individual circumstances and the minimum repayment terms for the specific credit card you hold
The examples above assume you have no additional spending on your credit card during the payment break and that the total outstanding balance is interest bearing throughout (this means the rate of interest being charged is greater than 0%)
The COVID-19 payment break will cover three credit card payments – the one for the statement period in which you submit your application form, and the two payments that follow. If you submit your application form just after you’ve missed a payment and before you’ve had your new statement, we’ll count the missed payment as the first in your payment break.
If you have any other questions please check our supporting COVID-19 Credit Card FAQs.
Loan COVID-19 payment breaks
If you have a Tesco Bank Loan and have been impacted by COVID-19, you can request a delay to your next three monthly payments. There’s no need to call us.
For a Loans payment break, you'll need to complete our online form. You'll need your loan account number and sort code which can be found on your annual statement, your original loan documentation, in Online Banking or Mobile Banking App.
If you have any other questions please check our supporting COVID-19 Loans FAQs.
Credit Cards credit balance refunds
If you have a credit balance following a refund and would like these funds returned to you, you can arrange this yourself via Online Banking or the Mobile Banking App.
If using Online Banking, please select your credit card from ‘My Overview’ and you will see the money transfer link, choose this option and follow the instructions.
If using our Mobile App, choose ‘Account Management’, select the money transfer option and follow the instructions.
When this type of refund is processed, you will receive your money within 2 business days. You may incur a money transfer fee. Rest assured that this will automatically be refunded to you within 10 working days and there is no need to contact us.
If you chose to transfer more than your credit balance, normal fees and charges will apply.
Current Account overdrafts during COVID-19
We know that a lot of customers are experiencing financial difficulties at the moment because of COVID-19. So as part of our extra, ongoing support, we are making arranged overdrafts up to £500 interest-free for the next 3 months. You don’t need to do anything to set this up – we will automatically stop charging interest from 9 April 2020 until 9 July 2020. Please note that any interest incurred before that date will still be payable and will appear on your statement.
Can I still apply for an overdraft?
If you don’t have an overdraft with Tesco Bank, and would like to apply for one, log in to Online Banking and select Apply for an Arranged Overdraft. Overdrafts are subject to status.
Overdrafts are a form of borrowing and you should consider whether it is the most appropriate option for you, and whether you can afford the interest payments at the end of this period. Our standard rate is 18.9% APR (variable).
If you’ve been impacted by COVID-19 and need to access money from your Fixed Rate Saver or Fixed Rate Cash ISA, we’ll remove any fee or restriction for early closure that may apply. All you have to do is call us on *0345 300 4547. We’ll be happy to help.
Please note that if you decide to close your Fixed Rate Cash ISA account and withdraw your money, it will lose its tax free status.
*Calls may be recorded. This number may be included as part of any inclusive call minutes provided by your phone operator.
International Money Transfers
During these uncertain times, we understand that you might have a greater need to send money abroad to support friends and family who are also dealing with the impacts of COVID-19.
Rest assured you can continue to send and receive money at Tesco Stores across the country and there is no disruption to our service.
You can also use the MoneyGram app to create your transaction at home before visiting a Tesco Store to send money, and, you can pay with a Debit card rather than cash.
Isolating or Shielding at home but need to access some cash?
We’ve just launched a new service to help you if you don’t have access to cash as a result of the current situation.
If you’re a Tesco Bank savings or personal current account customer, and you’re self-isolating or shielding, you can now get cash delivered safely to your home, free of charge.
You can get from £20 to £500, delivered to your door within 48 hrs by Royal Mail Special Delivery.
To arrange a time that suits you, please get in touch with our current account or savings call centre and one of our team will be happy to help with your delivery. You can find our reduced opening hours and contact details here.
You may have trouble getting in touch with us right now as our call centre is really busy and opening hours are reduced. However, you can manage your day-to-day banking securely with our Mobile Banking App and Online Banking - they're simple to use and available 24/7.