Interest charged

  • MJLund59's Avatar
    Fresh Eyes
    I use my Tesco CC all the time & pay it off in full by DD. I have interest charged on 2 subsequent months. A small amount, and the first, I think is for foreign currency bought with my CC, my mistake. But the following month there is a similar amount charged again, no cash/currency etc bought that month. Any obvious reasons I have missed? Does the CC company only take the minimum amount of interest each month? Approx £200 of foreign currency bought in Feb. and £2.50ish charged the first month & £2.63 the second. Am I now paying interest on the interest?
  • 1 Reply

  • Tesco-Bank's Avatar
    Your Community Expert
    Hi @MJLund59, the transaction this is in relation to will be on the same statement as the fee, we are unable to confirm which transaction here I'm afraid as we are limited to what we can do on social media. When you are first charged interest on your account, it appears on your statement but interest continues to accrue until the full balance of the transaction is paid off. When you clear the entire balance of this transaction, the interest then stops but the amount which has built up to that point is then applied to your next statement which you will now be seeing. For example, if your statement produced on the 10th and you paid the full balance on the 15th, you'd have 5 days of interest on one further statement. If you are still unsure on what this transaction is, please give us a quick call on 0345 300 4278 (Mon - Fri: 8am to 9pm, Sat - Sun: 8am - 6pm). However, some of our services are closed from 5pm until 8am. I'm sorry for any inconvenience.