Is it really 0% for `x` months?

Sharkotron

I have just got a Tesco credit card to use their 12 months 0% feature. But in the small print it says "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."

Is this really just a 51 day 0% interest card?

I thought any purchases on the card could lie there for 12 months with no interest (If the minimum payment is met). Is this right?

CLAPTON

they are just giving you the standard terms that will apply after the promotional period is over.

jakesuk

How do you know when the period actually ends? It's says 12 months from account opening.

Is that the date of application, statement date, date card received... when is the account "opened"?

mab2000

The account is normally opened a few days after the date you get accepted. To know when the promotion period ends, say you applied on a date in February, if you get your first statement on say 23rd March, then your account would have been opened on the 23rd February so the promotional period will end on the 23rd February the year after.

udydudy

best is call them up and ask. make note in our diary of the person you spoke to and the date the person says it will end.

2 months before it ends call again and once again ask when it ends and take the name of the person u speak to.

Also to be safe always set up a direct debit for the minimum amount so taht you do not miss any payments which could render your promotion invalid. also make sure when you make the first call to confirm that the payment protection is cancelled or you will be unnecessarily be incurring extra costs unless you want the protection. IMHO its not worth it.

hax_2

Your credit files will also say when your account was opened.

udydudy

hax wrote: »

Your credit files will also say when your account was opened.

I would strongly err on the side of caution. why not ask the lender and let them say the date. that way they cannot point to any legalities or otherwise. remember these guys are in business to make money(aint we all!!!)

So its better they say a date and we hold them up to it!!!. Remeber you can fight and win but is it worth teh trouble?? especially if it just means you call them up and find a date rather than assume from a credit file or otherwise.

| find it easier to ask them and put it on a calender as a reminder with date of call, name of person spoken to and date he/she tells me. and then to double check a few montsh before to make sure everything is ok.

frankly the whole idea is to save or make a few £££s at their exepense so why cut corners!!!

mab2000

mab2000 wrote: »

The account is normally opened a few days after the date you get accepted. To know when the promotion period ends, say you applied on a date in February, if you get your first statement on say 23rd March, then your account would have been opened on the 23rd February so the promotional period will end on the 23rd February the year after.

Tesco remind you when your 0% promotion ends on the statement 2 months before the promotional period is due to end and states the date on that. The situation as i described in my post above is from my own experience of my Tesco credit card, although as others have said its probably best to phone to check.

hax_2

By all means give them a call and ask them when the account was opened, but if you are going to check your credit files anyway, or if you have a free trial, you don't lose anything by double-checking when the account was opened from your credit files.

If you have a problem and they say "The account opening date on your credit file is incorrect" then they have shot themselves in the foot, because they supplied the data to the Credit Reference Agency in the first place, and you could claim compensation for breach of the Data Protection Act.