Set up standing order to Tesco CC

bairdy

Hi, following some excellent advice on this site, I decided to apply for a Tesco CC with 15 months interest free on purchases in order to clear my bank overdraft.
I now need to set up a regular standing order to Tesco bank to ensure that I pay off the minimum amount each month and not invalidate the terms of the card but I can't find the account number and sort code that I need to enter in the form on my online bank to set up the standing order.
I've Googled like there's no tomorrow but can't find it.....
It's probably staring me right in the face but I'm stumped

Thanks.

[Deleted User]

Why not phone them up and set up a DD instead? Then it's theirresponsibility to collect, and the changing min payment will be reflected.

bairdy

Deleted_User wrote: »

Why not phone them up and set up a DD instead? Then it's theirresponsibility to collect, and the changing min payment will be reflected.

Can I set the DD to a specified amount or will it be a percentage of the outstanding balance?

Edit: sorry, you've answered that..

YorkshireBoy

bairdy wrote: »

Can I set the DD to a specified amount or will it be a percentage of the outstanding balance?

According to their website FAQ, static DD is not an option...it's full or minimum* only.


* Minimum is the greater of £25 or interest plus 1% of the balance, so until your balance exceeds £2.5K it'll be £25 a month during the 0% introductory period.

bairdy

YorkshireBoy wrote: »

According to their website FAQ, static DD is not an option...it's full or minimum* only.


* Minimum is the greater of £25 or interest plus 1% of the balance, so until your balance exceeds £2.5K it'll be £25 a month during the 0% introductory period.

Thanks. I want to pay off £50 a month because I reckon I'll have cleared my OD within the 15 months by paying that amount.

YorkshireBoy

bairdy wrote: »

Thanks. I want to pay off £50 a month because I reckon I'll have cleared my OD within the 15 months by paying that amount.

Why would you want to pay £25 more than you have to when they're charging 0% interest?

That £25 could/should be left in your current account acting to reduce the debit interest being charged...assuming the overdraft isn't on one of the £1/£2 per day Halifax accounts?

bairdy

YorkshireBoy wrote: »

Why would you want to pay £25 more than you have to when they're charging 0% interest?

That £25 could/should be left in your current account acting to reduce the debit interest being charged...assuming the overdraft isn't on one of the £1/£2 per day Halifax accounts?

My bank is Santander who are about to double their OD charges.
With regard to paying £50 instead of £25, its a figure that will have my OD cleared inside the 15 months.

Stephen_Leak

A tip for setting up DD's with credit card companies, especially if you're doing it for the minimum payment only. Do it the old-fashioned way, in writing on a DD mandate form and take a copy.

That way, if they (like Mint did to me) set up the DD for the full amount, you can ring them up and, when they tell you that you must have requested to pay the full amount, you can ask them who they would like you to send another copy to: them or the FSA. I got a £5 goodwill payment out of that one.

MickMack

Can i ask why you decided to get a card offering 0% on purchases instead of a card offering 0% on balance transfers.

Couldnt you have opted for a card which would allow you to balance transfer the amount required to clear your overdraft?

Then you could pay the minimum amount on this card each month for the 0% period.

The difference between the minimum amount and your intended £50 per month you could pay into a saving account and by the time your 0% is due to expire you should have enough to clear it plus a little extra due to interest!

OllyM

Setting up a standing order to a credit card can be disastrous if you get the date wrong so be careful. Some credit card companies have fluctuating statement and payment due dates, so you could end up paying twice in one statement period and 'missing' a payment in the following period.

You're much better off setting up a minimum payment direct debit and sending manual overpayments.

oldagetraveller

I'm past the interest free period but have a DD set up for the minimum monthly payment and then for any extra I need to credit I use a debit card. That card can be set up on their website and the payment activated there allowing sufficient time before the due date.
So if you wish to pay more than the minimum why not do it that way? It's their responsibility to take the minimum payment by the DD and avoiding the risk of any SO errors.