New to CCs. How to repay?

Ishme1

Morning fellow MSE's;

This morning im applying for a credit card w/ Tesco.
They offer a 16months no interest.

I plan on paying the full amount owed before the 16 months.

I just wanted to know how i will be repaying.

1. Every month can i be transfering money over?
2. Do i have to wait for monthly statement?
3. Will i get charged?
4. Anything else?

Thanks.

Maestro.

Ishme1 wrote: »

Morning fellow MSE's;

This morning im applying for a credit card w/ Tesco.
They offer a 16months no interest.

I plan on paying the full amount owed before the 16 months.

I just wanted to know how i will be repaying.

1. Every month can i be transfering money over?
2. Do i have to wait for monthly statement?
3. Will i get charged?
4. Anything else?

Thanks.

If you are asking this question it's probably unlikely you will get approved for the Tesco card anyway.

Don't know what you mean by number 1.
2 - you don't have to, but there's no reason not to wait for it.
3 - if you don't pay in full every month yes you will get charged interest, at the rates stated on the bill. So for the first 16 months, zero, then whatever % they say afterwards

keeleyjadex

Hiya!

I have a Tesco CC and apparently they are really strict but I was accepted instantly online.

Every month can i be transfering money over? You can but I would recommend setting up a DD for the minimum payment each month. If you miss just one payment, you will loose your 16months interest free and have APR slapped on the balance. If you want to pay more than the minimum payment, then let the DD be taken and then pay by debit card over the phone or transfer more money to the account.
Do i have to wait for monthly statement? If you want to, but if you have the DD in place, you won't need to worry and can just make over payments as and when you like. If you don't want a DD set up, I'd call Tesco first to find out the date they will be expecting a payment and pay it in in a few day prior to that to give it a chance to clear and show before the payment date.
Will i get charged? You are on 0% for 16months so no. If you make the full minimum payment each month, you will not be charged anything. As I said above, if you miss a payment, you will loose your interest free.
Anything else? Be sensible!! It's so easy to spend money that you can't see that isn't really yours but remember you need to pay it back eventually..! If you find yourself unable to pay off the full balance in the 16months, look in a 0% balance transfer a few months before your interest free with Tesco runs out. This gives you a few more months to clear the debt interest free.

Hope that helps