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    • TheShape
    • By TheShape 22nd Sep 16, 11:19 PM
    • 57Posts
    • 7Thanks
    TheShape
    Balance Transfer: How Quick?
    • #1
    • 22nd Sep 16, 11:19 PM
    Balance Transfer: How Quick? 22nd Sep 16 at 11:19 PM
    Anyone have experience of Opening and Balance Transferring to Tesco Credit Card?

    I've got a balance of approx £1600 to transfer from Nationwide. Can I complete this before 10th Oct when the payment is due?
Page 1
    • redux
    • By redux 22nd Sep 16, 11:34 PM
    • 15,209 Posts
    • 17,841 Thanks
    redux
    • #2
    • 22nd Sep 16, 11:34 PM
    • #2
    • 22nd Sep 16, 11:34 PM
    I don't know, but by coincidence I'm interested in the answer.

    I phoned yesterday, and was told the card would take 5 to 8 working days to arrive, and then a balance transfer would take up to 3 working days.

    Logged in to the account, some details appeared yesterday, including the last 4 digits of the card number and there is a facility to apply online yourself for a transfer, but this isn't yet active.

    I was told that balance transfer can be applied for in the same call you make to validate the card. But if it gets close, I will phone and ask whether they can process transfers slightly ahead of me receiving the card. I don't foresee what the answer would be.
    • TheShape
    • By TheShape 22nd Sep 16, 11:42 PM
    • 57 Posts
    • 7 Thanks
    TheShape
    • #3
    • 22nd Sep 16, 11:42 PM
    • #3
    • 22nd Sep 16, 11:42 PM
    Going to apply tonight. 17 days hopefully long enough. I'll be back with updates.
    • daniel86
    • By daniel86 23rd Sep 16, 12:09 AM
    • 49 Posts
    • 16 Thanks
    daniel86
    • #4
    • 23rd Sep 16, 12:09 AM
    • #4
    • 23rd Sep 16, 12:09 AM
    It might be worth ensuring you at leat pay your minimum payment this month early if you don't pay it via direct debit just to be sure
    • TheShape
    • By TheShape 23rd Sep 16, 12:34 AM
    • 57 Posts
    • 7 Thanks
    TheShape
    • #5
    • 23rd Sep 16, 12:34 AM
    • #5
    • 23rd Sep 16, 12:34 AM
    It might be worth ensuring you at leat pay your minimum payment this month early if you don't pay it via direct debit just to be sure
    Originally posted by daniel86
    My Payment is always made in full. This card is effectively for some stoozing as I'm currently opening lots of Current Accounts/Regular Savers and this will preserve approx £1600 which can go into savings rather than paying off the card.
    • TheShape
    • By TheShape 23rd Sep 16, 12:39 AM
    • 57 Posts
    • 7 Thanks
    TheShape
    • #6
    • 23rd Sep 16, 12:39 AM
    • #6
    • 23rd Sep 16, 12:39 AM
    Application done and accepted. Wanted a credit limit of £1600+, been given £6800.

    Online application allowed me to enter details for card to transfer from as part of the application process. Hopefully that speeds things up.

    Also, topcashback has offers for Tesco Credit Card applications. This application was for the 0% Balance Transfer Fee 0% Interest for 24 months card with £30.30 cashback.
    • redux
    • By redux 23rd Sep 16, 1:11 AM
    • 15,209 Posts
    • 17,841 Thanks
    redux
    • #7
    • 23rd Sep 16, 1:11 AM
    • #7
    • 23rd Sep 16, 1:11 AM
    From the online balance transfer application page:

    You can normally transfer up to 95% of your available credit from another card you hold in your own name. If we approve your request before 5pm on a business day, we'll transfer the money from your Tesco Bank credit card and send it on the same business day, otherwise, we'll send it on the next business day. The payment will reach the other card provider by close of business on the first business day after we send your payment.

    You can only transfer a balance if you have already activated your card
    • bigadaj
    • By bigadaj 23rd Sep 16, 6:04 AM
    • 7,380 Posts
    • 4,419 Thanks
    bigadaj
    • #8
    • 23rd Sep 16, 6:04 AM
    • #8
    • 23rd Sep 16, 6:04 AM
    My Payment is always made in full. This card is effectively for some stoozing as I'm currently opening lots of Current Accounts/Regular Savers and this will preserve approx £1600 which can go into savings rather than paying off the card.
    Originally posted by TheShape
    Yes, but if the is a delay you don't want a missed or late payment market on your credit file which is why you should ensure the minimum is at least paid.
    • TheShape
    • By TheShape 23rd Sep 16, 8:50 AM
    • 57 Posts
    • 7 Thanks
    TheShape
    • #9
    • 23rd Sep 16, 8:50 AM
    • #9
    • 23rd Sep 16, 8:50 AM
    Yes, but if the is a delay you don't want a missed or late payment market on your credit file which is why you should ensure the minimum is at least paid.
    Originally posted by bigadaj
    Indeed. What I should have said is that the full amount is always paid by direct debit so payment will be made in the event that the balance transfer doesn't complete.

    Will pay the minimum amount by direct debit for the new card each month (while 0% interest).
    • TheShape
    • By TheShape 24th Sep 16, 4:44 PM
    • 57 Posts
    • 7 Thanks
    TheShape
    Update:

    My card is now showing on Tesco Internet Banking.

    I can see the credit limit and the available credit shows as the credit limit minus the amount I have requested to balance transfer.

    I've been able to request the setting up of a DD for minimum payment and set up text alerts on the account.

    The DD did default to one of my Tesco current accounts so if anyone has the same make sure you change the details if you wish to pay from another account.

    Everything moving nice and quickly.
    • redux
    • By redux 25th Sep 16, 10:29 AM
    • 15,209 Posts
    • 17,841 Thanks
    redux
    Indeed. What I should have said is that the full amount is always paid by direct debit so payment will be made in the event that the balance transfer doesn't complete.

    Will pay the minimum amount by direct debit for the new card each month (while 0% interest).
    Originally posted by TheShape
    Just check how it works. Some card direct debits will collect the full defined payment (either minimum or all) from the previous statement even if there has meanwhile been another part payment sent manually or by standing order.

    From some posts here, maybe Tesco does this.

    And if there is to be any spending on the card, then at least cover this, else that part will incur interest.

    I intend to spend a modest amount a month (£25 to £50) and pay manually by faster payments.
    • TheShape
    • By TheShape 25th Sep 16, 11:06 AM
    • 57 Posts
    • 7 Thanks
    TheShape
    Just check how it works. Some card direct debits will collect the full defined payment (either minimum or all) from the previous statement even if there has meanwhile been another part payment sent manually or by standing order.

    From some posts here, maybe Tesco does this.

    And if there is to be any spending on the card, then at least cover this, else that part will incur interest.

    I intend to spend a modest amount a month (£25 to £50) and pay manually by faster payments.
    Originally posted by redux
    Do you mean that they'll take, for instance, the £25 minimum payment listed on your statement, even if you've paid £25 to the card by manual transfer.

    I intend only to make a manual payment if the Direct Debit isn't set up to receive the very first payment.
    • redux
    • By redux 25th Sep 16, 12:22 PM
    • 15,209 Posts
    • 17,841 Thanks
    redux
    I had a feeling I'd seen some discussion here to that effect, but having done a forum search here for tesco credit card direct debit there aren't a lot of results relevant to this point.

    This one seems to hint it was an error rather than policy

    http://forums.moneysavingexpert.com/showthread.php?t=5524804

    Maybe it's worth asking to clarify this point during the activation call.

    The reason I'm thinking go for manual and with low spending is that maybe this will make more use of the transfer carrying the full transferred amount to the end of the promotional period (subject to close checking T&C), whereas no spending means that £600 has been paid back against the transfer by then.
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