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  • FIRST POST
    • Tinkywinks108
    • By Tinkywinks108 12th Mar 17, 5:36 PM
    • 164Posts
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    Tinkywinks108
    Is this 0% interest? First time applying for credit card
    • #1
    • 12th Mar 17, 5:36 PM
    Is this 0% interest? First time applying for credit card 12th Mar 17 at 5:36 PM
    I'm applying for a credit card for the very first time and am a bit nervous about getting it wrong!

    I want to use it to pay for a holiday, and want to pay back with 0% interest.

    So I've applied online to Tesco and it looks as though I've been accepted. Trawling through the t&c's...and I'm obviously misunderstanding as some of the statements seem to contradict one another. I'm not sure if I qualify for 0% interest at all, or if I'll only get 0% for one month or 51 days or what!

    It states:

    1. HOW MUCH DO YOU CHARGE ME?
    1.1 Interest
    Introductory Rates (all fixed)Monthly RateAnnual Rate (simple)
    Purchases for 1 months from account opening0.000 %0.000 %
    Balance transfers for 1 months from account opening0.000 %0.000 %

    and then:

    Interest Free Period
    Maximum 51 days for purchases if you pay your balance in full and on time, and have paid the previous month's balance in full and on time.

    and then:

    You will not pay interest on new purchases if you pay your balance in full and on time.
Page 1
    • ceredigion
    • By ceredigion 12th Mar 17, 6:15 PM
    • 2,383 Posts
    • 2,977 Thanks
    ceredigion
    • #2
    • 12th Mar 17, 6:15 PM
    • #2
    • 12th Mar 17, 6:15 PM
    Which card did you apply for ?
    • zx81
    • By zx81 12th Mar 17, 6:23 PM
    • 14,154 Posts
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    zx81
    • #3
    • 12th Mar 17, 6:23 PM
    • #3
    • 12th Mar 17, 6:23 PM
    You've got the right card. There's a 0% promo rate.


    You get charged interest if you don't clear in full each month. So if you don't clear your balance in the first month, you'll get charged interest - at a rate of 0%. Which will work out as roughly....£0 interest.


    And so on, until the promo rate expires. Then, if you still don't clear your balance in full, you'll get charged interest at the go to rate. which will be roughly...quite a bit more than £0.
    • ceredigion
    • By ceredigion 12th Mar 17, 6:28 PM
    • 2,383 Posts
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    ceredigion
    • #4
    • 12th Mar 17, 6:28 PM
    • #4
    • 12th Mar 17, 6:28 PM
    But how long is the promo, 22 25 or 28 months
    • Ben8282
    • By Ben8282 12th Mar 17, 8:51 PM
    • 2,071 Posts
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    Ben8282
    • #5
    • 12th Mar 17, 8:51 PM
    • #5
    • 12th Mar 17, 8:51 PM
    But how long is the promo, 22 25 or 28 months
    Originally posted by ceredigion
    From the info provided by the OP it would appear that the promo period is 1 month from date of account opening for balance transfers and 1 month from date of account opening for purchases.
    Completely useless.
    This does not correspond to anything offered by Tesco although the low rate card does only give 1 month on purchases but no mention of balance transfers.
    As the OP obviously needs a 0% purchases card if they want to repay the holiday over a period of time at 0%, not sure why they applied for this particular card.
    Again, if it really is their very first credit card, they were very lucky to get the low rate card and could not really have any realistic expectation of getting a long 0% offer.
    Last edited by Ben8282; 12-03-2017 at 8:56 PM.
    • Tinkywinks108
    • By Tinkywinks108 12th Mar 17, 9:58 PM
    • 164 Posts
    • 75 Thanks
    Tinkywinks108
    • #6
    • 12th Mar 17, 9:58 PM
    • #6
    • 12th Mar 17, 9:58 PM
    From the info provided by the OP it would appear that the promo period is 1 month from date of account opening for balance transfers and 1 month from date of account opening for purchases.
    Completely useless.
    This does not correspond to anything offered by Tesco although the low rate card does only give 1 month on purchases but no mention of balance transfers.
    As the OP obviously needs a 0% purchases card if they want to repay the holiday over a period of time at 0%, not sure why they applied for this particular card.
    Again, if it really is their very first credit card, they were very lucky to get the low rate card and could not really have any realistic expectation of getting a long 0% offer.
    Originally posted by Ben8282

    The reason I applied for this card is because it was on Martin's list of 0% interest cards (and I used his link). I can only guess that my credit score was not high enough and so it offered me this useless one month 0% interest deal.
    • YorkshireBoy
    • By YorkshireBoy 12th Mar 17, 10:30 PM
    • 29,537 Posts
    • 17,355 Thanks
    YorkshireBoy
    • #7
    • 12th Mar 17, 10:30 PM
    • #7
    • 12th Mar 17, 10:30 PM
    This does not correspond to anything offered by Tesco
    by Ben8282
    Why do you say that? It's on their website here...

    http://www.tescobank.com/credit-cards/low-apr/apply.html

    It's also on the MSE main site. See below.
    although the low rate card does only give 1 month on purchases but no mention of balance transfers
    Mention of one month 0% on BTs can be seen in the summary box here...

    http://www.tescobank.com/assets/sections/credit-cards/pdf/tesco-bank-cc-low-apr-summary-box.pdf?_=cachebuster04082016
    The reason I applied for this card is because it was on Martin's list of 0% interest cards (and I used his link). I can only guess that my credit score was not high enough and so it offered me this useless one month 0% interest deal.
    Originally posted by Tinkywinks108
    The card you've got is shown towards the bottom of the page on the MSE guide here...

    http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards

    Can you be absolutely certain you applied for the correct card? Maybe ask Tesco directly whether they supplied a different card altogether, or whether you did indeed inadvertently apply for the wrong card.
    Last edited by YorkshireBoy; 12-03-2017 at 10:36 PM.
    • Tinkywinks108
    • By Tinkywinks108 12th Mar 17, 11:45 PM
    • 164 Posts
    • 75 Thanks
    Tinkywinks108
    • #8
    • 12th Mar 17, 11:45 PM
    • #8
    • 12th Mar 17, 11:45 PM
    Can you be absolutely certain you applied for the correct card? Maybe ask Tesco directly whether they supplied a different card altogether, or whether you did indeed inadvertently apply for the wrong card.
    Originally posted by YorkshireBoy
    Oh YorkshireBoy...I think you've solved the mystery. I think I must have clicked on the wrong link and applied for the wrong card! Although I think I click on the Tesco link in the 'Best Buys' table, but even so I've just noticed it says 'up to 28 mths' at 0% whereas the others have fixed periods.

    I've now applied for the Virgin one and seem to have been successful. Thanks for your help!
    • Ben8282
    • By Ben8282 12th Mar 17, 11:51 PM
    • 2,071 Posts
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    Ben8282
    • #9
    • 12th Mar 17, 11:51 PM
    • #9
    • 12th Mar 17, 11:51 PM
    WOW
    First ever credit card application
    never had a card before
    and OP gets a Tesco low rate and a Virgin card one after the other
    You are very lucky OP
    • Tinkywinks108
    • By Tinkywinks108 13th Mar 17, 12:02 AM
    • 164 Posts
    • 75 Thanks
    Tinkywinks108
    WOW
    First ever credit card application
    never had a card before
    and OP gets a Tesco low rate and a Virgin card one after the other
    You are very lucky OP
    Originally posted by Ben8282
    Really? That's odd. It's not like I earn loads and actually only started my job in January. I've only borrowed money from my bank and have repaid on time which I guess would help my credit score...??

    I didn't complete the application for the Tesco card by the way. I applied, but didn't agree to T&Cs/press submit.
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