You will receive an Annual Statement once a year, in the anniversary month of your account opening. You can opt out of this service at any time by contacting us but this will not affect your normal monthly statements.
Please note that upon closing your account, you will still receive an annual statement on the anniversary of the account opening. So if you opened your account in March but decide to close it in August, you will still receive an annual statement in the following March unless you have already opted out of the service.
It is now a regulatory requirement for Tesco Bank to send you an annual statement showing you how you’ve used your account over the last 12 months.
How much you have paid back - this is made up of the total of all payments less any refunds made to your account over the past year.
Total interest charged - this includes all interest charged on purchases, cash advances, balance transfers and money transfers you may have made, less any refunds you’ve had in the last 12 months.
Total Spent - this is made up of any purchases, balance transfers, cash advances or money transfers you’ve made (including any Payment Protection premiums you’ve paid and any foreign exchange charges). The total will be less any refunds you’ve received.
In most cases you should be able to cancel the subscription or recurring payment by asking the company to stop it. You can also do this directly with us by calling Customer Services on 0345 300 4248 (open 24/7). We still recommend that you inform the company you are cancelling.
Please be aware that if we stop a recurring payment and you later decide to rejoin the subscription, then you will need to contact us to have the block removed.
If you have already cancelled the subscription with the company but they have continued to take payments, or you don't recognise the transaction, then please contact us. Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.
If you are due a refund from a retailer, the timescales involved can vary depending on the merchant bank.
This is something we have no control over and although most refunds take between 3 - 5 days, we do suggest contacting the company who are processing the refund to check their timescales.
Card protection by CPP is no longer available for sale on Tesco Bank products. If you are an existing Tesco Bank customer with a card protection product provided by CPP, please contact CPP directly with any queries (including any queries around renewal and whether or not the product is still suitable for you) on 0344 848 2914.
We’re doing everything we can to help and support customers who have been affected by COVID-19 (Coronavirus). Read our latest customer update for more details.
It’s really important you pay at least your minimum payment on time and by your payment due date. This date is clearly shown on your monthly statement and the mobile app. Otherwise you will be charged a late payment fee and potentially incur interest too. You’ll pay interest on this fee 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. How can we help? To avoid this why not set up an alert via Online Banking to remind you of your due date so you will never forget again?
You’re insured for as many trips as you like each year. Each trip must be no longer than 31 days in duration. This insurance is available on an annually renewable basis on the terms, exceptions and conditions of your Premium Credit Card
For more information, please see the policy booklet that arrived with your card or visit here.
You can make a payment to your Tesco Credit Card at any time but each month you will receive a statement with a payment due date. If you make a payment before the statement is sent to you, this will reduce your balance for the following month's statement. You will still need to make a payment to cover the time between your statement being produced and the payment due date.
You can check your payment due date via the Mobile App or via Online Banking.
If you have a balance on your account you'll be charged interest on the transaction from the date you make it until the day you pay it off. If you pay off some of your account before your due date, you will reduce the balance, but you'll still pay interest on the remaining balance.
If you paid your balance off in full and have still been charged interest, this is known as residual interest. We charge interest daily, so even if you paid your balance in full you may still see interest on your next statement. That's to cover any previous outstanding balance from the period between the credit card bill being sent and when the payment is received. For example, if your statement is issued on 10th of each month and you pay your balance in full on the 15th, you will still be charged interest for the 5 days prior to making your payment which will show on the next months statement.
The sooner you make your payment after your statement is produced, the less the interest will be, unless you pay in full and on time each month.