Interest - See Summary

  • AmieK's Avatar
    Fresh Eyes

    I received an email that my latest monthly statement was ready. I immediately pay my statement balance as soon as I get an email.

    I purchased a gift card online on 24.06.24 and I believe I was charged a £2.40 cash transaction fee on 25.06.24 for this (something I won't be doing again...)

    Today whilst paying my statement balance I noticed a transaction of "Interest - See Summary" totalling 46p (only a trivial amount and could be worse but still interest, nonetheless).

    Is this interest on the cash transaction fee? Considering I have only just had the chance to pay off my statement balance today (06.07.24) I do find it slightly unfair that I've been charged interest. I always pay my statements in full and on time. I also can't find anything to see a summary.

    Thanks in advance.
  • 2 Replies

  • ChristopherP's Avatar
    Your Community Expert
    @AmieK Hey there, thanks for getting in touch!

    When you make a cash transaction, we charge a fee of 3.99% and interest at your standard cash transaction rate. This is from the date of the transaction until the date this cash balance is paid.

    This means you will see interest charged over two statements. The first statement will show the cash transaction fee and the interest from the date of the transaction until the statement came out.

    The second statement will show interest accounting for the period between the first statement coming out and the balance being paid in full. After this there’d be no more interest applied to this specific transaction.

    I hope this clarifies things for you.

    If you need to ask a question about a Tesco Bank product, you can make a post in Help & Support here

    Also, feel free to Introduce Yourself
  • AmieK's Avatar
    Fresh Eyes

    Thanks for clarifying that for me 🙂