Using a Direct Debit to make Minimum Payments

andyme_2

Hi all, my first post

I have just signed up for a Tesco MasterCard with no interest to pay on new purchases for 16 months - as long as I make the minimum payment every month. I have made my one ond only purchase on this card and have the balance set aside earning some interest - basically I am taking advantage of a 16 month interest free loan.

I have set up a direct debit to pay the minimum amount every month, but then I started to worry about what happens if the payment has to be made on a weekend or a bank holiday? Will my Direct Debit always be taken by Tesco before the due date in these cases, or will I end up defaulting on my payments because they take the payment on the next working day after it is due? I don't want to lose my 16 months interest free loan!

I will probably end up calling Tesco to ask, but I just wondered if anyone else had experience of this.

Thanks in advance.

Gromitt

Check your first statement. As soon as it says "Balance will be collected by Direct Debit, its Tesco's responsibility. You can't get a default. Sometimes the payment will be collected after the due date, but you won't be charged.

thenudeone

If you have a DD set up, the CC co. will take care of ensuring the payments are made on time to stop any late payment occurring; you never need to worry about it.