help setting up Tesco finest Credit Card

topdollar

just received my tesco finest credit card in the post and have phoned up to activate the card.

how abouts do i setup to pay the full credit card balance in full by direct debit. There is a form with details of direct debit that came with the credit card, but says nothing about whether this will pay the minimum amount of the full monthly balance, i presume they will take the minimum amount as default!

also, once i have setup to pay the full monthly balance by direct debit, how abouts do i go paying the odd month by cash. Will i have to phone tesco up to cancel the direct debit for the month that i pay in cash so that it avoids paying the amount twice?

thanks

grumbler

Use Direct Debit. Unlike standing orders, the amount DDs take from your account needn’t be fixed, thus one can be set up to ‘pay the card off in full each month’. Sadly some card providers deliberately miss this option off their DD forms, as it’s highly unprofitable for them. If so, just write in ‘pay off in full’ and send it in; they should honour it, though call up after a week or so and check it’s in place.

Martin, Best Cashback Cards article

serene_2

Hi. What I just do every month is phone up by using the number 0800 328 5168. It is an alternative number used to activate your card. (Of course you have to wait a bit to get pass the enter your credit card number thing but you will be automatically put through to a service representative after 3 times not entering anything)

Speak to the representative and just tell him that you want to make a payment with your bank/debit card (thats if you have one). He will ask for details of your card and expiry date etc. and they authorise the deduction from your account. You should also notice that the available balance in your back account changes immediately after they have done this. I always check my Available Bank Balance first and then when he says it was authorised I check it online while he still is on the phone. That way I know it was done right.

Of course this method takes effort from your side but full payment of your account could be devastating if you are not careful. By that I mean that this way you have flexibility to delay payment with one or two days just to get bank balances in order so that you do not go in overdraft by accident. When it comes to full payments of account by Direct Debit I rather be a bit more careful and have absolute control of the payment. It doesn't cost you anything though just five minutes a month. I normally just pay the bill the same day I receive the statement. (if possible)

I assume that if you setup the minimum payment by direct debit then just phone up to pay the difference between the minimum payment and full outstanding balance. But make sure you get the cycle right so that there is no differences between what tesco says you have paid and what you think is a fully paid account.

It can be tricky sometimes. Thats why I just avoid this kind of confusion to give them any chance to give me a nice interest charge.

Hope this helps.

topdollar

thanks for the brilliant advice.
regarding paying the balance in cash, do i have to phone up for that month to cancel the direct debit so as not to pay the amount twice?

thanks

serene_2

Topdollar

I am not to sure about phoning them up to cancel a direct debit for the month. What I can suggest is to phone the 0800 number and speak to a representative who takes these payments and just ask him/her what they are capable of doing.

It took me two years (after actually going to a Royal Bank of Scotland Branch) of paying my acccount in full every month in hard cash at the teller to consider the fact that there must be an easier way. I got so fedup with it and then did the phone thing. The person helping me was quite helpful and I am sure they will be able to assist you as best as they can.

I trust they will give some advise that will be suitable for your circumstances. Just ask questions and make something work for you. At least now you have an option of free phone access to pay your account in full and so far I have never had any problems with the tesco credit card. Bonus points are great.

We pay everything (almost) with the tesco credit card (husband & wife) to max the points so our account every month is quite high and the reason for the more control over payment. Just have to convince my rental agent to accept my credit card as payment as well. Ha-Ha

Hope it helps??