• How is my monthly payment used.

    Hi all
    I have just got my new credit card. I have transferred a balance also. When I make my monthly payment will this reduce the transfer or will it reduce the new purchases balance? I.e if it reduces the transfer balance will I be accruing interest on new purchases?
    Tony
    Click below to see solutions
  • Hi all
    I have just got my new credit card. I have transferred a balance also. When I make my monthly payment will this reduce the transfer or will it reduce the new purchases balance? I.e if it reduces the transfer balance will I be accruing interest on new purchases?
    Tony
    Click below to see solutions
  • Best Answer Re: How is my monthly payment used.

    Hello there, Assuming you've opened the Tesco Bank Balance Transfer credit card it looks like you'd be liable for no interest for new purchases for up to three months from the date you created your account. However it's usually a good idea to avoid mixing purchases/balance transfers because you'd attract interest for the full outstanding amount (if not cleared in full each month). Using the summary box I'd imagine Tesco would apply any repayments to the purchases element first as that interest free period is the one that ends the soonest. Hope that helps.
  • Hello there, Assuming you've opened the Tesco Bank Balance Transfer credit card it looks like you'd be liable for no interest for new purchases for up to three months from the date you created your account. However it's usually a good idea to avoid mixing purchases/balance transfers because you'd attract interest for the full outstanding amount (if not cleared in full each month). Using the summary box I'd imagine Tesco would apply any repayments to the purchases element first as that interest free period is the one that ends the soonest. Hope that helps.
  • Re: How is my monthly payment used.

    Thank you for your help, much appreciated.
    Regards
    Tony
  • Thank you for your help, much appreciated.
    Regards
    Tony
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