When & how - your final stoozing payment?

Nine_Lives

I'm not sure of the specific date, but i know my Tesco card was opened in July this year, which means the 12 month will pass at some point in July next year & therefore the 0% ceases.

Right now i'm just paying the minimum payment via D/D

How do i change this for the final payment - to pay it all off? Do i have to do it manually, over the phone/net or post?

Also, when do i time it for?

Let's say the anniversary date is the 15th July. Do i make the final (FULL) payment on the 14th July, the 1st July? The 30th June? What?


Thanks in advance.

YorkshireBoy

K_P83 wrote: »

I'm not sure of the specific date

A tip for the future:

Ask for the date during the activation call and record it on the front of the credit agreement.

Right now i'm just paying the minimum payment via D/D

How do i change this for the final payment - to pay it all off? Do i have to do it manually, over the phone/net or post?

I never mess with direct debits...there's so much that can go wrong. Just leave it in place collecting the minimum.

Let's say the anniversary date is the 15th July. Do i make the final (FULL) payment on the 14th July, the 1st July? The 30th June? What?

Just let the minimum DD collect whenever, and time your manual BACS (or FP by then?) payment to land a couple of days before the end of promotional interest date (which will almost certainly not be either a statement date or payment due date).

Do you intend closing the account down in July? I never cancel a DD with my bank/originator until I've received a zero balance statement, and usually wait until I've received confirmation of closure too.

Nine_Lives

My intentions are:

Let's pick 15th July as the date the 0% ends for this example.

Make payment so that the balance is paid off just before the 0% ends.

Stop using the card

Wait until a statement comes through saying i owe £0.00.

THEN close the account.

I'm already close to the max on my Tesco card & i've just opened up an AA credit card.

Paul_Herring

K_P83 wrote: »

I'm not sure of the specific date, but i know my Tesco card was opened in July this year, which means the 12 month will pass at some point in July next year & therefore the 0% ceases.

I'd ring them up and confirm the date.

What you think is 12 months isn't necessarily what Tesco thinks is 12 months:

http://www.guardian.co.uk/uk/2010/dec/10/tesco-credit-card-interest-calculations

Right now i'm just paying the minimum payment via D/D

Besides, the expiry date need not coincide with a payment date.

Nine_Lives

My simple point was that they couldn't define 12 months to mean what they like – that only happens in Alice's Wonderland.

LOL Classic!!!

Anyway, i was thinking of phoning up actually.

What am i asking for? When the 12 month 0% interest offer ends? Is there a name for it (credit card jargon bamboozles me) or is that all i'm asking?

Paul_Herring

K_P83 wrote: »

What am i asking for? When the 12 month 0% interest offer ends? Is there a name for it (credit card jargon bamboozles me) or is that all i'm asking?

Essentially, yes. Ask "On what date does the 0% rate end on my account? When must payment arrive?"

Aim to pay just before - to avoid confusion I usually did it 7 (real) days before the date.

Take note of names, time of call etc.

Nine_Lives

Called up today.

My card is marked as beginning from July 2010.

Woman told me my first allowance expires in January on the 18th. I'm starting to wonder, she goes off for more info, comes back on...

The january expiry is for balance transfers. The 12 month 0% rate expires in June 2011.

I ask when in June & get told at the end of June.

So start of June, i shall be sending the payment off just to cover my B-hind.

YorkshireBoy

K_P83 wrote: »

I'm not sure of the specific date

I ask when in June & get told at the end of June.

So you're still "not sure" then!?

Nine_Lives

YorkshireBoy wrote: »

So you're still "not sure" then!?

She said end of June. To me, that means if i send payment on 1st June i'll be A-ok.