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0% for 15 months and 51 days
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Sambutt
Posts: 2 Newbie
Hi Martin,
I am new to the idea of stoozing. I am thing of using Tesco card they are giving 15 months 0% interest free on new purchases as you have mentioned on your site, but in the small print it say:
Interest Free Period
Can you please explain what will happen if I don't pay the statement in full each month wouldn't they charge me interest? ( if I pay minimum amount via direct debit)
Thanks
I am new to the idea of stoozing. I am thing of using Tesco card they are giving 15 months 0% interest free on new purchases as you have mentioned on your site, but in the small print it say:
Interest Free Period
- Maximum 51 days for purchases if you pay your balance in full and on time, and have paid the previous month's balance in full and on time.
Can you please explain what will happen if I don't pay the statement in full each month wouldn't they charge me interest? ( if I pay minimum amount via direct debit)
Thanks
0
Comments
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...if I don't pay the statement in full each month wouldn't they charge me interest?
No.
Slightly longer answer:
You only get 51 days interest free if you pay your bill in full each and every month. If you don't pay in full your purchases will attract interest at the prevailing rate. Fortunately, the prevailing rate during the first 15 months is 0%.0 -
sorry to hijack this thread but i too am slightly confused with this tesco credit card and how to stooze with it. If you can answer this too that would be great!
https://forums.moneysavingexpert.com/discussion/35728790 -
sorry to hijack this thread but i too am slightly confused with this tesco credit card and how to stooze with it. If you can answer this too that would be great!
https://forums.moneysavingexpert.com/discussion/3572879
You already seem to have grasped that you pay the minimum only during the intro period, and then settle the balance before the end of promotion date.
What other concerns do you have?0 -
YorkshireBoy wrote: »Your specific question (on minimum payments) on that thread has been adequately answered by Tixy.
You already seem to have grasped that you pay the minimum only during the intro period, and then settle the balance before the end of promotion date.
What other concerns do you have?
i still don't fully understand the whole paying £25+ even if I don't use the card for a while (i work abroad a lot so won't necessarily be using it regularly, just for large purchases for stoozing). Presumably that means i could be owed money by tesco?0 -
Whilstever your balance is less than £25 you will pay the full balance each month.
Whilstever your balance is between £25 and £2,500 you will pay £25 per month.
Once your balance exceeds £2,500 you will pay 1% per month, so on £2,879 you'll pay £28.79
Clear?0 -
i still don't fully understand the whole paying £25+ even if I don't use the card for a while (i work abroad a lot so won't necessarily be using it regularly, just for large purchases for stoozing). Presumably that means i could be owed money by tesco?
You'll never pay more than the outstanding balance (so you'll pay nothing if the card is "empty"), and so you'll never end up with Tesco owing you money. Unless you manually pay more than the current balance, of course.0
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