Interest rates and fees for our Credit Cards
We’ve laid everything out clearly and simply, so you'll know exactly what to expect
Managing your credit card
Make sure you understand how your credit card works so that there are no surprises. It’s important that you’re organised with your monthly payments so you can avoid unexpected interest and fees. Here are some things to consider:
- If you use your card, you’ll need to make a payment every month – even if you are on a 0% interest rate.
- We’ll send you a statement every month to let you know when, and how much you need to pay.
- If you forget to pay, or make your payment late, where applicable, you’ll be charged a £12 Late Payment fee.
- Refunds don’t count towards your minimum payment – you’ll still need to make a payment if a refund has been made to your account.
- Don’t go over your credit limit. If you do, you’ll need to pay back anything above the limit as soon as possible. Spending over your limit could affect your credit score.
Our Fees
We charge fees on some transactions – here’s a quick look at the standard fees for our credit cards. If you already have one of our credit cards, you can also check your monthly statement or credit agreement for your individual interest rates and any introductory fees.
Clubcard Credit Card
|
Fee |
Description |
|---|---|
|
Standard rate Balance Transfer fee |
If you make a balance transfer to an existing Tesco Bank credit card, you’ll be charged a handling fee of 3.99%. The fee will be charged on the day we receive the money. You’ll pay interest on the fee at the same rate that applies to the balance transfer. |
|
Standard rate Money Transfer fee |
If you make a money transfer from an existing Tesco Bank credit card, you’ll be charged a handling fee of 3.99%. The fee will be charged on the day the money is sent. You’ll pay interest on the fee at the same interest rate that applies to the money transfer. |
|
Cash Withdrawal fee |
If you withdraw cash from an ATM, over the counter, at a bank or from a cash provider, you’ll be charged a handling fee of 3.99% with a minimum of £3.00. You’ll also pay interest on this fee from the day you withdraw the cash at the same rate that applies to the cash withdrawal. |
|
Cash Transaction fee |
You'll be charged a 3.99% fee on cash transactions. Visit Tesco Bank Community for details of the types of transactions we class as cash and some examples. You’ll pay interest on this fee from the date you make the transaction at the same rate that applies to the cash transaction. |
|
Foreign Exchange fee |
You’ll be charged a 2.75% fee on any transactions you make in a foreign currency. You’ll pay interest on this fee at the same rate that applies to the transaction you made. |
|
Default Fee |
Default Fee Description |
|---|---|
|
Over Limit fee |
You won’t be charged a fee if you go over your credit limit. |
|
Late Payment fee |
You'll be charged £12.00 if you don't make your minimum payment on time. You'll pay interest on this 28 days from when we tell you that the fee has been charged. Interest will be charged at the rate we charge for purchases and you won't pay interest on this interest. |
Clubcard Plus Credit Card
|
Fee |
Description |
|---|---|
|
Standard rate Balance Transfer fee |
If you make a balance transfer to an existing Tesco Bank credit card, you’ll be charged a handling fee of 3.99%. The fee will be charged on the day we receive the money. You’ll pay interest on the fee at the same rate that applies to the balance transfer. |
|
Standard rate Money Transfer fee |
If you make a money transfer from an existing Tesco Bank credit card, you’ll be charged a handling fee of 3.99%. The fee will be charged on the day the money is sent. You’ll pay interest on the fee at the same interest rate that applies to the money transfer. |
|
Cash Withdrawal fee |
If you withdraw cash from an ATM, over the counter, at a bank or from a cash provider, you’ll be charged a handling fee of 3.99% with a minimum of £3.00. You’ll also pay interest on this fee from the day you withdraw the cash at the same rate that applies to the cash withdrawal. |
|
Cash Transaction fee |
You'll be charged a 3.99% fee on cash transactions. Visit Tesco Bank Community for details of the types of transactions we class as cash and some examples. You’ll pay interest on this fee from the date you make the transaction at the same rate that applies to the cash transaction. |
|
Foreign Exchange fee |
No fee. |
|
Clubcard Plus monthly subscription fee |
You pay £7.99 a month for your Clubcard Plus subscription. |
|
Default Fee |
Default Fee Description |
|---|---|
|
Over Limit fee |
You won’t be charged a fee if you go over your credit limit. |
|
Late Payment fee |
You'll be charged £12.00 if you don't make your minimum payment on time. You'll pay interest on this 28 days from when we tell you that the fee has been charged. Interest will be charged at the rate we charge for purchases and you won't pay interest on this interest. If you applied for your Clubcard Plus Credit Card before 21st July 2020 you will not be charged a Late Payment fee. |
Premium Credit Card
|
Fee |
Description |
|---|---|
|
Standard rate Balance Transfer fee |
If you make a balance transfer to an existing Tesco Bank credit card, you’ll be charged a handling fee of 3.99%. The fee will be charged on the day we receive the money. You’ll pay interest on the fee at the same rate that applies to the balance transfer. |
|
Standard rate Money Transfer fee |
If you make a money transfer from an existing Tesco Bank credit card, you’ll be charged a handling fee of 3.99%. The fee will be charged on the day the money is sent. You’ll pay interest on the fee at the same interest rate that applies to the money transfer. |
|
Cash Withdrawal fee |
If you withdraw cash from an ATM, over the counter, at a bank or from a cash provider, you’ll be charged a handling fee of 3.99% with a minimum of £3.00. You’ll also pay interest on this fee from the day you withdraw the cash at the same rate that applies to the cash withdrawal. |
|
Cash Transaction fee |
You'll be charged a 3.99% fee on cash transactions. Visit Tesco Bank Community for details of the types of transactions we class as cash and some examples. You’ll pay interest on this fee from the date you make the transaction at the same rate that applies to the cash transaction. |
|
Foreign Exchange fee |
You’ll be charged a 2.75% fee on any transactions you make in a foreign currency. You’ll pay interest on this fee at the same rate that applies to the transaction you made. |
|
Annual fee |
You'll be charged a £36.00 annual fee on the statement after you make your first transaction. It will then be charged every year on the month you first opened your account. You'll pay interest on this fee at the rate we charge for purchases. |
|
Default Fee |
Default Fee Description |
|---|---|
|
Over Limit fee |
You won’t be charged a fee if you go over your credit limit. |
|
Late Payment fee |
You'll be charged £12.00 if you don't make your minimum payment on time. You'll pay interest on this 28 days from when we tell you that the fee has been charged. Interest will be charged at the rate we charge for purchases and you won't pay interest on this interest. |
Understanding interest
If you pay off your statement balance (excluding any balances on a 0% rate) in full each month, you will not be charged interest on your purchases. However, we will charge interest at the applicable rate on your other balances, excluding those on a 0% rate. If you can’t pay your balance in full, make sure you pay at least your minimum payment to avoid unexpected fees. Interest is charged from the date the transaction or fee is added to your account. For cash withdrawals and cash transactions, it’s charged from the date the withdrawal or transaction is made.
You’ll pay interest on default fees 28 days from when we tell you that the fee has been charged. Interest will be charged at the rate we charge for purchases, and you won’t pay any interest on the interest.
If you only pay your minimum payment each month it will take you longer to clear your balance and cost you a lot more in the long term. If you pay at least double your interest, fees and charges every month, you’ll reduce your balance much quicker.
If you have one of our credit cards you can check your credit agreement or monthly statement for your individual rates and fees.
If you have taken out a new card you may have an introductory or promotional interest rate. This rate could apply to purchases, balance transfers or money transfers. We’ll let you know how long the introductory/promotional rate will last when you open your new card, or when you take up an offer on an existing card. We will remind you on your statement two months before your introductory rate ends. We’ll also send a letter or email one month before the rate ends as a final reminder. When the introductory/promotional rate ends you’ll be moved to the standard rate of interest for your card. You can find this on your monthly statement.