[Honest_John]

Do Tesco 0% cards still need monthly repayments?

I have just been caught out by not paying the "Minimum Charge" on my 0% Balance Transfer Credit Card. 😠

I believed that I had the full term of the interest free period in which to repay the balance transferred, and that I didn't have to repay monthly.

Can anyone confirm which is correct.

1. Do I have the full interest free period before I have to make the repayment, OR
2. Do I have to make a repayment every month, in which case I believe that this important piece of information is not prominent enough when sighing up.

Not happy !

[ChristopherP]

@Honest_John Hey there, thanks for getting in touch!

An interest-free period is the amount of time you have to pay back what you owe on a credit card before having to pay any interest. You still have to make your minimum monthly repayments within this period.

Your minimum payment amount and due date would have been confirmed to you in your statement. Did you receive this?

[Honest_John]

@ChristopherP

Thanks for taking the time to confirm conclusion that I have reached.

Yes there was reference to minimum payment on statement, but assumed that this was error, and only applicable had the debt not been due to interest free transfer.

I still consider it very misleading that payments are required during the interest-free period on balance transfers. It's not as if there isn't a charge to set it up.

Also, I have tried to find it in the small print, and haven't found it yet.

Probably same for all the banks, but leaves a bitter taste Tesco.