Tesco Credit Card 0% on purchase for 13months, HELP???

gcollyer1982

Hi everyone

I have just been accepted for the new tesco credit card and I was just after some advice maybe it's me just being thick but I was wondering does it mean I can buy anything say every month for say 11 months and then as long as i pay it all off by the 13 month that will be ok???


Any advice would be great.

Thanks

speedbird1973

yup! Also you don't start paying interest for 13 months. So you're not going to get stuck with a big interest bill after 13 months. Just what's not been paid off on the card./

Saucepot

Yes but make sure you make at least the minimum payment on the card each month or interest will be charged. Also make a note of the date the interest free period elapses. This date can be between statement dates (cards are interest free from issue, not statement date) and you could come a cropper if you budget to pay it off on the 13th statement. Budget to make sure it is paid off before interest is charged.

gcollyer1982

Thanks for the info people I appreciate it :-)

Dabooka

Might also be worth ensuring a DD is set up for at least the minimum payment; the board is littered with posts about people missing them for whatever reason and losing the 0% deal.

And as mentioned, make sure you can clear it at the end!

gcollyer1982

Yes I will be setting a DD up straight away better to be safe rather than sorry!

sheslookinhot

gcollyer1982 wrote: »

Hi everyone

I have just been accepted for the new tesco credit card and I was just after some advice maybe it's me just being thick but I was wondering does it mean I can buy anything say every month for say 11 months and then as long as i pay it all off by the 13 month that will be ok???


Any advice would be great.

Thanks

I wonder why you signed up for a card without first understanding the key terms that were applicable to you.

WatchenDasBlinkenLichten

Hi, I'm also looking out for a 0% credit card, however I need to spend a single large sum of money for my wedding this year. I was considering getting a £7500 loan but thought it would be wise to look at 0% credit cards first.

We plan to spend about £7000 on a credit card for the wedding venue cost alone. This means that there will be a single transaction of about £7000 on the credit card. At the end of the 0% term (lets say 12 months time), we plan to settle the full amount with the credit card company. I don't plan to spend any more money on the credit card (unless I need to for the wedding).

In order to qualify for 0% are these actions all I need to worry about?:

[1] Set up a direct debit to pay the minimum payment required each month. HOW MUCH WOULD THIS TYPICALLY BE?
[2] Ensure the remaining balance at the end of the 0% term is paid off in full.

Do I need to spend on the card each month to still qualify for 0% or is that one single transaction I mentioned okay?
How much is a typical minimum repayment per month (that keeps 0% interest intact)?

Thanks,
Matt.

[Deleted User]

Assuming you manage to get a 0% card, then yes - one purchase is fine,you don't need to keep using it. Set us a DD for the min payment which will probably be 1% of the balance (depending on the card you get).

The general min payment nowadays is 1% plus interest. So with 0% interest, just 1%.

WatchenDasBlinkenLichten

Thanks.

Does anybody know what the maximum balance you would typically be allowed on a 0% credit card?

As I mentioned, I would like to spend over £7000 on one transaction, would this be possible or would it be well over the typical credit limit?

[Deleted User]

Really depends. A £7k limit isn't out of the question.

But depends on your history, other total limits you have, other debt, salary etc.