Understood the simply spend method, but have question:

Nine_Lives

Looking at the Tesco clubcard route

I understand you need to make the minimum payment each month. If this is done, do you get charged any interest at all, or none? Or is it only 0% interest if you pay the FULL amount each month?

Second Q: My Nationwide C/C has a limit of £1500 on it.
If the idea is to spend solely on this Tesco card for the duration of 12months, it'll need a much higher limit otherwise i'll end up having to use my wages (which in this case is supposed to go in a high interest account as possible, yes?), which then defeats the purpose.

So is it limited as such?

YorkshireBoy

K_P83 wrote: »

I understand you need to make the minimum payment each month. If this is done, do you get charged any interest at all, or none? Or is it only 0% interest if you pay the FULL amount each month?

It's 0% full stop, ie your payment amount has no effect on the rate.

Second Q: My Nationwide C/C has a limit of £1500 on it.
If the idea is to spend solely on this Tesco card for the duration of 12months, it'll need a much higher limit otherwise i'll end up having to use my wages (which in this case is supposed to go in a high interest account as possible, yes?), which then defeats the purpose.

Once you've spent the credit limit get another one! I had 3 slow stooz/simply spend cards running until recently.

So is it limited as such?

Only by your income/credit worthiness, ie your ability to obtain further cards.

Don't hold your breath for a decent limit on Tesco though!

Nine_Lives

But i don't want to fire off 101 applications in a short space of time though. Hmm.

Is there a card which offers 0% (maybe not for 12months like Tesco, but for a decent period of time all the same) which generally seems to give out a good limit?



While on the topic of applications, how long should be left between applications?

YorkshireBoy

K_P83 wrote: »

But i don't want to fire off 101 applications in a short space of time though. Hmm.

Are you anticipating really small limits then?

Is there a card which offers 0% (maybe not for 12months like Tesco, but for a decent period of time all the same) which generally seems to give out a good limit?

Think about it...if you repay your spending early, which you'd have to do on a short duration card, then the money sits in your savings account for a reduced period. And if it does that it doesn't make you any worthwhile interest. Understand?

While on the topic of applications, how long should be left between applications?

Depends on whether you'll need further, important (ie mortgage), credit in the short term.

If not, then fire off as many as you like...the damage will be minimal after 6-9 months. I've previously done 5 in a lunchbreak (and got 4 of them).

Nine_Lives

YorkshireBoy wrote: »

Are you anticipating really small limits then?

I'm not anticipating anything. I've only ever applied for one credit card & that's given me a 1.5k limit.
1.5k is unlikely to last me 12 months, so in this case i'd need a second one. It's just handy to have it all on one if possible, which is why i was asking.

Think about it...if you repay your spending early, which you'd have to do on a short duration card, then the money sits in your savings account for a reduced period. And if it does that it doesn't make you any worthwhile interest. Understand?

I wasn't wanting to repay it all. Just the minimum. By short duration, i was meaning something like 10 months, which is only 2 months off the Tesco one. By short duration, i wasn't meaning anything like 1 month!!

Depends on whether you'll need further, important (ie mortgage), credit in the short term.

If not, then fire off as many as you like...the damage will be minimal after 6-9 months. I've previously done 5 in a lunchbreak (and got 4 of them).

At the folks place at the moment, wont be moving out until 1-2yrs time.