Hi all / I was just wondering what Tesco rules were on payment allocation. I have a money transfer balance and a purchase balance. Which would it pay off first with any payment I made?
Payment allocation can depend on a few factors; first and foremost a payment will always go to your previous statements balance first (meaning for example any purchases you haven't been billed for yet will be the last thing to be paid off), once on there the payment will the go towards whatever has the highest interest rates first.
@joenewington89 Not a huge difference really, your purchases would definitely be cleared before any 0% term on the account.
The only thing to be cautious of is that you are only paying for the purchases you have been billed for (can be seen at the top of the statement under 'What to pay to avoid interest' or at the bottom in the 'summary of balances' table). Paying towards purchases you have not been billed for yet can cause people to clear a 0% they may not have been meaning to clear.
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Fresh Eyes
07-03-25 14:40Thanks for the response and that makes sense! Yes, money transfer is 0%. Does that make a difference?
ConnorM
