I think it’s appalling that Tesco are profiting from the challenging financial issues that the current situation has caused for many. They are profiteering on the back of COVID19! You can take a three month payment break but will be charged interest at the usual rate despite the Bank of England rate being at an all time low. This doesn’t feel very ethical or supportive to me. I wonder if there will be any pangs of conscience when the directors receive their big juicy bonuses this year. Thanks for your support Tesco.
Hi Pritchardj, i completely share your views about profiteering, but that is not the case here with Tesco Bank. They've clearly stated that all interest charges on payment breaks will be refunded, it is just a case of the system being updated to take effect. Similarly last month i was awarded a £5 goodwill gesture refund by BT due to lack of live sport. The credit did not appear on my bill as promised, but i am assured that it will be evident on my next bill, just another case of a system playing catch up. Best wishes.
Thank you for your reply. I can’t see where it says that? All I can find is this
‘You’ll still be charged interest on your account balance throughout your payment break. However Late Payment, Over Limit and Returned Item fees will not be charged.’
Would be delighted if they are refunding interest and happy to apologise
Hi there, Please see below response received from the community expert Re: LATE FEES AND COVID PAYMENT HOLIDAY@Please disregard these letters as, like you say, they're sent automatically. Apologies for any concern this has caused - Chris
Hi , thanks for getting in touch. I'm afraid you'll still be charged interest on your balance during the payment break. I'm really sorry for any disappointment this causes, and I'll pass on your comments as customer feedback today.
Hi You are right in that you will not be charged for late payments, over limit & returned item fees however I'm sorry to say that interest will still be added even when you have a payment break as the balance is still outstanding. The payment break is to give people a bit of comfort in the fact you don't have to find the payments during this very difficult time.Keep safe
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28-04-20 13:17Hi Pritchardj, i completely share your views about profiteering, but that is not the case here with Tesco Bank. They've clearly stated that all interest charges on payment breaks will be refunded, it is just a case of the system being updated to take effect. Similarly last month i was awarded a £5 goodwill gesture refund by BT due to lack of live sport. The credit did not appear on my bill as promised, but i am assured that it will be evident on my next bill, just another case of a system playing catch up. Best wishes.
KellyT