I’m aiming to pay off my all my credit cards by the end of the year, and so I’m trying to understand the different interest rates and prioritise them etc.
For my Tesco Bank account, in the summary box on my statements I’m being charged 2.207% under ‘Money Transfers’ - what is this please? I made a balance transfer to this card months ago from a previous debt - but I’ve not done any transfers or purchases since then. I understand I’m going to be charged an interest (as my interest free period expired months ago) but why is this a money transfer interest?
It’s so frustrating when you’re paying £80 minimum payment, and then get charged £40 interest. Feels like I’m fighting a losing battle.
I’ve tried getting another 0% balance transfer card but not being accepted anywhere at the moment!