0% Credit Card

jamieslucky7

I am planning on getting a 0% credit card (probably from Tesco).

If I make a large purchase immediately (£2k), how much do I have to pay back each month? Is it a fixed amount, or does it vary based on credit limit, amount of credit used etc?

Thanks

[Deleted User]

Your minimum payment will be the greater of:

• the total of all interest and default fees charged on your statement plus 1% of the new balance shown on your statement (excluding 'Tesco Buy Now Pay Later' special offers) plus any arrears carried over from your previous statement; or
• £25 plus any existing arrears carried over from your previous statement; or
• the amount you owe over your credit limit which includes any over limit fees

So assuming you're not missing payments/going over limit and getting charged fees, and all your transactions are at 0%, then it's going to be £25, as the 1% of 2k will be less than that.

jamieslucky7

Thanks for the summary, zx81.