0% for 15 months and 51 days 26 October 2011 at 7:22PM in Stoozing: free cash from credit cards 6 replies 3.3K views

Sambutt

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

• 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.

On your site it says pay minimum which is about 2% of the monthly bill. I am a bit confused.:(
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

YorkshireBoy

Sambutt wrote: »

...if I don't pay the statement in full each month wouldn't they charge me interest?

Short answer:

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%.

mhuk01

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!
http://forums.moneysavingexpert.com/showthread.php?t=3572879

YorkshireBoy

mhuk01 wrote: »

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!
http://forums.moneysavingexpert.com/showthread.php?t=3572879

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?

mhuk01

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?

YorkshireBoy

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?

dtsazza

mhuk01 wrote: »

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?

To be even more explicit than YorkshireBoy on this point - you only pay them money while you have a balance on the card. It's part of the minimum payment towards the balance that all credit cards have.

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.