[snichs]

Hi, I am trying to find out if I can use my tesco credit card without paying interest to collect more clubcard points. I thought there was a grace period to pay a statement meaning you dont pay interest. However I just read this below:

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'll still be charged interest for the 5 days prior to making your payment which will show on the next months statement.

This essentially says there is no way of avoiding interest. Am I missing something? I dont want or need to carry a balance and simply want to know when to pay and know how much to pay to avoid the interest charges which add up so quickly. Any pointers appreciated.

[ChristopherP]

@snichs Hey there, thanks for getting in touch!

If you pay off your statement balance (excluding any balances on a 0% rate) in full each month, you will not be charged interest on your purchases. However, we will charge interest at the applicable rate on your other balances, excluding those on a 0% rate. 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.

You can find out more about our interest, fees and charges here.

I hope this helps.