Can I use Tesco 0% Credit Card?

clg86

I am wanting to use a credit card to pay off a lump sum so that I don't have to pay interest when paying it back. Can I use the Tesco card for this?

I am unsure of the differences between balance transfers/cash advances/purchases only...

Thanks

guesswho2000

Depends. You can't use it as a purchase, I.e. calling your card company and using your tesco cc to pay it.

If you have a 0% balance transfer offer from Tesco, you can ask tesco to perform a balance transfer from your old card. This could be a lump sum, full amount or whatever, but will be subject to whatever fee.

For info, a purchase is using your card to purchase something in a shop or online (except a bookies, casino, foreign exchange place, etc), balance transfer is as described above, cash advance is an expensive mistake which happens when you get cash from an atm, buy foreign currency or travellers cheques or buy anything from a casino or online gambling site, using a credit card (not necessarily a mistake if you use the right card, such as Santander Zero or Halifax Clarity, but in general a bad idea).

EycplUK

cash advance is an expensive mistake which happens when you get cash from an atm, buy foreign currency or travellers cheques

I thought Tesco did not charge a fee when buying currency from them on the Tesco CC ?
Or am i mistaken ? (again )

guesswho2000

EycplUK wrote: »

cash advance is an expensive mistake which happens when you get cash from an atm, buy foreign currency or travellers cheques

I thought Tesco did not charge a fee when buying currency from them on the Tesco CC ?
Or am i mistaken ? (again )

Whoops no you are right, that's another exception to the rule rather than the norm. Counts towards your cash balance but there's no fee and you're charged the purchase interest rate

clg86

So if I wanted to pay for some flights with it, would this just be classed as a purchase?

I don't have any other credit cards and so I'm not using it to transfer debt, I just want to use it because I can't afford the flights upfront.

Also, if I apply for it and it gets accepted, but the credit limit isn't as much as I need, will it affect my credit rating if I apply elsewhere?

Thanks

YorkshireBoy

clg86 wrote: »

So if I wanted to pay for some flights with it, would this just be classed as a purchase?

Yes.

Purchases are goods and services.
Cash advances are ATM and branch 'over the counter' withdrawals, gambling transactions, foreign currency, etc.
Balance transfers are simply the transfer of balances currently held on other credit cards.

Also, if I apply for it and it gets accepted, but the credit limit isn't as much as I need, will it affect my credit rating if I apply elsewhere?

Yes, but by how much is anyone's guess. The search itself will impact it, and any subsequent credit limit and debt placed on it will affect it too.