Minimum payment on Tesco Credit Card During 0% period?

Temrael

Hi all,

We've just got our Tesco's 0% cards through.
I just wanted to check the minimum payment with you all?

See http://www.tescofinance.com/personal/finance/finance/creditcards/clubcc/summary-box.jsp

It's not brilliantly worded, but reading that, would you say that during the 0% period when there is no interest or fees it would just be 1% of the additional balance since last month?

YorkshireBoy

It's 1% of the statement balance, subject to a minimum of £25.

So, until your spending passes the £2,500 mark you'll pay £25 a month. Following that, it's £30 for £3,000...£35 for £3,500...etc.

Temrael

YorkshireBoy wrote: »

It's 1% of the statement balance, subject to a minimum of £25.

So, until your spending passes the £2,500 mark you'll pay £25 a month. Following that, it's £30 for £3,000...£35 for £3,500...etc.

Ahh ok thanks for that, I was thinking when they said "new balance" that the 1% might be based on the balance that was additional from last month.

1% is very low though compared to the 2.5% from my M+S 0%.

forgotmyname

They hope you pay as little as possible so when the interest free period expires you
owe more than you can afford to pay back and pay interest on the balance.

Temrael

That won't be a problem. By the time the 0% ends, the balance will be £0 and I should be mortgage free. :beer: