Tesco Credit Card - Help

tomd84 · 2 October 2012 at 4:45PM

Hi, i just signed up to a tesco credit card, i have not had one before so i just got a few quick questions to ask

My friend said with his card (not tesco) you get so many days to pay off a purchase before they charge interest, i can't find any where in the tesco paper work that they have sent me anything about this? do tesco have do the same thing?
4

thanks

DavidDebt · 2 October 2012 at 5:11PM

Yes indeed they do.

Simple example:

You get your card on 1st October 2012

You make £1000 of purchases on this card between 1/10/2012 and your statement date of 23/10/2012 payable by 10/11/2012

You will not be charged any interest on these purchases if you pay the statement balance before the payment date.

Purchases made after the statement date until the next statement will attract no interest giving you the up to XX days interest free. Once they appear on your statement as long as you pay off your statement balance in full you will never pay a single penny in interest.

Hope this helps. It made sense in my head when I wrote it down.

Cheers,

David

unimaginative_user_name · 2 October 2012 at 5:17PM

Which tesco cc have you got. There are two which are 0% for several months, but one is a better deal for new purchases and one for balance transfers.

Provided you pay the minimum payment by the due date on the monthly statement you won't pay interest during the 0% period. it's a good idea to set up a direct debit to do this in case you forget or else you lose your 0% rate, but make sure the first month particularly that it's set up ok.

Make sure you know when your 0% period is coming to an end so that you can either pay off the whole balance or balance transfer to another 0% card if you can.

ETA: DavidDebt is right about paying in full, but I'm pretty sure the tesco cards have a 0% period so initially you only have to pay the minimum by the due date and make sure you don't ever go above your credit limit or there will be a fee.

DavidDebt · 2 October 2012 at 10:30PM

unimaginative_user_name wrote: »

ETA: DavidDebt is right about paying in full, but I'm pretty sure the tesco cards have a 0% period so initially you only have to pay the minimum by the due date and make sure you don't ever go above your credit limit or there will be a fee.

Absolutely. If your card has an interest free period on purchases you can get away with minimum payments during this period. However if you don't pay the full balance before the period ends you will attract interest on any outstanding amount.