Hi - I just wanted to understand this please. I spoke to one of the colleagues at Tesco Bank on the phone and I am not sure I received a good answer.
I have a credit card that is on a promotional rate for 15 months. Paid the transfer balance rate earlier this year when I switched some balances from other cards over and no further interest to be paid until it moves onto the variable rate when the promotional period ends in early 2025, if there is a balance still outstanding at that time in early 2025.
I have just made some transfers recently, outside of the promotional period, and then realised that the standard variable rate kicks in sooner than 2025. So very shortly. In fact, in August.
I am making a direct debit payment each month.
If my balance is now divided into 2 ways - one on the promotional and the other on the standard variable - which balance is my direct debit payment aimed towards first ? I was hoping towards the standard variable as that is the debt that is costing me interest ?
I should have checked because a prior credit card company I was with would allocate the payment to the highest interest bearing debt first. I think the colleague couldn't be certain that happens with the Tesco Credit Card.
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How we collect and use your personal data
Tesco Personal Finance plc, trading as Tesco Bank as part of the Tesco Group take the security of your data seriously. We want you to be confident that your data is safe and secure with us and understand how we use it.
We collect data when you browse our website (e.g. your IP address) and register for the Community. To find out more about how we use your data, our legal basis for processing your data and your rights under data protection laws please view our Privacy Policy.
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Tesco Bank Community Terms of Service v 1.0
The Tesco Bank online community ('Your Community') is for Tesco Bank customers, staff, contributors and supporters to discuss products, services, issues and matters of general interest. Your Community content may be viewed by both members and non-members.
We encourage you to enjoy Your Community. However, please note that by using Your Community, you're confirming to us that you've read and have agreed to be bound by these Terms of Service and our House Rules. If you're unable to accept these Terms of Service and/or our House Rules for any reason, please do not use Your Community.
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You agree that the laws of Scotland govern these Terms of Service and any claim or dispute that you may have against us will be resolved in Scottish courts only.
Modifying these Terms of Service
We reserve the right, in our sole discretion, to modify these Terms of Service at any time without notice. Modified Terms of Service are effective as soon as they are posted. We also reserve the right to waive or modify any of these Terms of Service as they apply to a specific posting, communication or user without affecting the application of these Terms of Service to all other postings, communications and users. Your continued use of Your Community, or any content or services accessible through it, after modified Terms of Service are posted means you accept the modifications. We may also make any changes to the look and feel of Your Community at any time without notice.
