tesco bonus credit card

jsokhal

hi people i have an outstanding balance 2170.90 and the minimum repayment is 65.00 the 0% on balance is 14 months- i have had the card since january- how can i reduce the repayment? i have been a bit naughty as i have made a few purchases and i would like to make another purchase before i switch as the 0% on purchases runs out next month!! :eek:

benf90

The minimum repayment is 3% of your balance. The only way you can reduce the monthly payments on this card is by reducing your balance, which presumably you're unable to do.

You've not just been naughty, you've broken the fundamental rule of never spend on a card used for a BT.

You realise that now your 0% BT will be paid off before the purchases? So you'll be paying interest on those purchases until the whole balance is paid off.

I don't mean to come across as rude, but is the purchase you're planning to make something that you can't live without and is essential that you buy? If it's not, maybe it's best not to buy it and to concentrate on paying off the existing debt before taking on more.

You'll need to work out approximately how much interest you'll be paying on the purchases to decide if it would be better to transfer the balance again to another card.

Whatever turns out the least expensive, don't make the same mistake again of spending on a card that has been used for a BT offer.