How to pay credit card off???

5monkey

I know it sounds silly but I just got a TESCO credit card. I have never had a credit card before and Im just thinking how will I transfer money from my HSBC account to Tesco? - I cant see any bank account or sort code? How does it work? I dont want to make any silly mistakes....

Thank you very much for your help!!!

Skintmama

You can pay in several ways which will be detailed on the back of your first statement;)

Arrange a Direct Debit for the minimum amount or the full amount.

Over the phone with your bank card.

At any bank......just take your statement with you.

By post with a cheque using the tear off slip at the bottom of the statement.

ALWAYS make at least the minimum payment several working days (longer if posting)before due to avoid a poor credit record! Although preferably pay the whole amount every month.

Good luck.........in the right hands a credit card can be very useful.

On my statement it gives this number for arranging DDs or phone payments, balance checks etc. 08456 04 04 06

LegalBlonde

ring them up to set up a direct debit to pay off anything you have already spent. And then cut up the Tesco card. You sound like you have never been in debt before and if someone had been able to give me this advice when I got my first credit card I would be grateful now. I can see from your sig that you are good at saving so I really mean this - CUT THE CREDIT CARD UP.

opinions4u

5monkey wrote: »

I know it sounds silly but I just got a TESCO credit card. I have never had a credit card before and Im just thinking how will I transfer money from my HSBC account to Tesco? - I cant see any bank account or sort code? How does it work? I dont want to make any silly mistakes....

Thank you very much for your help!!!

Loads of ways - your statement will highlight them very clearly - including sort code and account number to use.

Mrs o4u prefers to pay in full by direct debit. She rang the number on the back of the card to do this.

I pay mine via my own bank's online banking service. Taking the detail off the issued statement.

LegalBlonde wrote: »

then cut up the Tesco card. You sound like you have never been in debt before and if someone had been able to give me this advice when I got my first credit card I would be grateful now.

To be fair to the OP, you have no idea how they intend to use the card. An incentivised credit card (e.g. cashback, clubcard points etc) used wisely can be a key part of maximising value with day to day spending. A bloody nightmare if they make you spend more than intended though!!

LegalBlonde

all i can do is give the advice which i have learned from my mistakes. Credit cards are too big a temptation even if they are using clubcard points etc. I know I can't speak for the OP but if they have no idea how to pay it off it must be their first one. I was just hoping to pass on some advice that i learned the hard way. I think they are always a bad idea and there are easier ways to earn a few extra pence/clubcard points.

5monkey

Thank you very much for your help!!!

I applied for this credit card so I can stooze some money and get some %.

I asked that question so I dont do anything silly and ruine the idea....

p00hsticks

5monkey wrote: »

I applied for this credit card so I can stooze some money and get some %.

In that case presumably you've got an introductory offer of some sort (0% balance transfer or purchases) ?

You need to make sure that you set up a DD for Tesco to take the minimum payment each month, as if you inadvertently miss a payment some cards will automatically revert to the standard rate. And until you see a message on your statement indicating that the minimum amount will be taken by DD, don't assume that it is in place - it sometimes takes a while to set up so you may have to make the first one or two payments manually.

Also make sure you understand EXACTLY when the introductory offer ends, and ensure that you have the money you've stoozed put somewhere where you can transfer it back to the credit card in plenty of time.

marksoton

LegalBlonde wrote: »

I think they are always a bad idea and there are easier ways to earn a few extra pence/clubcard points.

Rubbish. You can potentially earn significant amounts of money from credit cards if you conduct your account correctly.

Why assume the OP is as weak willed as you yourself were ?

The fact they are here asking questions about payment methods suggests they want to conduct the account in a responsible way.

hattiefats

Also make sure you understand EXACTLY when the introductory offer ends, and ensure that you have the money you've stoozed put somewhere where you can transfer it back to the credit card in plenty of time.

I always put a reminder in my mobile calendar a few weeks before so I know when to switch!

LeeSouthEast

Direct Debit for the full amount is the only sensible way to use a credit card.

1. You won't pay ANY interest.
2. You won't use it to supplement your income.
3. You are not responsible for making the payment - they're responsible for taking it.