When & how - your final stoozing payment?
Nine_Lives
Forumite 3K Posts
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.
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.
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Ask for the date during the activation call and record it on the front of the credit agreement. I never mess with direct debits...there's so much that can go wrong. Just leave it in place collecting the minimum. 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.
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.
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
Besides, the expiry date need not coincide with a payment date.
-o I am humble -o You are attention seeking -o She is Nadine Dorries
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?
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.
-o I am humble -o You are attention seeking -o She is Nadine Dorries
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.