First time stoozer - help needed!

mrsingh

Hi, as the title says i'm a first-time stoozer, who having read the MSE guide to stoozing will probably be better off using the simply spend method - which i intend to now do.

However, I have a question - in the guide, martin says the best card to use is the tesco clubcard credit card. I went to tesco's website for the card and looked at the summary box, in the section named "interest free period". There it states that "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". However the card is suppossed to be 13 month interest free on new spending? (sorry i cant post the link - i'm a newbie)

If i understand correctly (which is probably not the case), I would need to pay off the full amount on the card within 51 days in order for it to be interest free? Isn't this counter-productive when stoozing - i thought the whole point was to only pay the minimum amount each month, not the full amount? I'd be grateful if any one could clear this up for me! Does anyone have this card? If so, what sort of credit limits can you get upto?

Also, is it possible to set up direct debits onto credit cards as oppose to directly from my current account?

wistles

There is an introductory period where you will receive it for a number of months.

Engeroosi

Once 13 month interest free period is the 51days comes into place.

So basically use the credit card rather than money but keep the money in savings earning high interest then in 13months pay off the card with the savings. So any interest you made on the savings in that 13month period is pure profit, alternatively you can transfer the balance to another card and leave your money in savings.

Make sure you always put away the money your spending on your credit card as you will incur high charges if you cant clear the balance on your credit card after the 13months interest free period.

Credit cards cannot be used to pay for direct debits, well the tesco one cant anyway.