Tesco 0% 16mth purchases for single purchase

springbreak

Hello all, I'm Rob and I'm new to the forums.
Your input would be appreciated here.
Basically I've applied for the current Tesco cc deal - 0% on purchases for 16 months.
I'm not interested in anything other than making one purchase of around £1200 pounds (within my limit by £50 or so) and wanted to know if I paid off £81 a month, on time, for 15 months (clearing my borrowed amount in full before the end of the interest free period) would I be charged anything else on top of that amount? I'm struggling to comprehend and am beginning to wonder - if I won't be charged in interest would I be charged in any other ways? e.g one off charges or fees or any kind of payment outside of my monthly payments?
Thanks in advance - apologies if this seems a stupid question!

eschaton

springbreak wrote: »

Hello all, I'm Rob and I'm new to the forums.
Your input would be appreciated here.
Basically I've applied for the current Tesco cc deal - 0% on purchases for 16 months.
I'm not interested in anything other than making one purchase of around £1200 pounds (within my limit by £50 or so) and wanted to know if I paid off £81 a month, on time, for 15 months (clearing my borrowed amount in full before the end of the interest free period) would I be charged anything else on top of that amount? I'm struggling to comprehend and am beginning to wonder - if I won't be charged in interest would I be charged in any other ways? e.g one off charges or fees or any kind of payment outside of my monthly payments?
Thanks in advance - apologies if this seems a stupid question!

As long as you make all mimimum monthly payments on time and clear the balance before the end of your deal - you will not pay any charges.

Typhoon2000

No there wont be any interest or charges. Not as long as you dont use the card for any spending out side the 0% deal.

unimaginative_user_name

If you pay the minimum payment each month on time and don't exceed your credit limit, then pay off the rest of the balance before the 0% deal ends there will be no charges.

If you find it easier for budgeting purposes to divide the amount you borrow by 16 and pay this off each month that's fine too. You could earn a little interest by paying the minimum and putting the difference into the best rate easy access savings account you can find then use the amount you've saved at the end of the interest free period to pay off the remaining balance. You could then use the interest on your savings for something else.

springbreak

Ah, thank you that's cleared that up for me.
So how would Tesco calculate a minimum monthly payment? I take it it would be considerably less than £1200/16mths?

sfax

springbreak wrote: »

Ah, thank you that's cleared that up for me.
So how would Tesco calculate a minimum monthly payment? I take it it would be considerably less than £1200/16mths?

It's 3% on my Tesco BT card

elle66

Wow.... this is really useful as I was considering the Tesco CC too but was also a bit confused about the interest. Sorry if this seems to be really obvious but Springbreak was using his card to make a single purchase however I was going to make multiple purchases. Would that make a difference?...or would I still get the 16 months interest free provided I made the minimum paymnts and cleared within 16 mths. Again sorry for my thickness!!!:o

sfax

elle66 wrote: »

Wow.... this is really useful as I was considering the Tesco CC too but was also a bit confused about the interest. Sorry if this seems to be really obvious but Springbreak was using his card to make a single purchase however I was going to make multiple purchases. Would that make a difference?...or would I still get the 16 months interest free provided I made the minimum paymnts and cleared within 16 mths. Again sorry for my thickness!!!:o

It's all purchases made in the 16 months

rb10

elle66 wrote: »

Wow.... this is really useful as I was considering the Tesco CC too but was also a bit confused about the interest. Sorry if this seems to be really obvious but Springbreak was using his card to make a single purchase however I was going to make multiple purchases. Would that make a difference?...or would I still get the 16 months interest free provided I made the minimum paymnts and cleared within 16 mths. Again sorry for my thickness!!!:o

Exactly the same, it'll be 16 months interest free from when the account is opened.

elle66

:TThanks... much appreciated

springbreak

last couple of queries - sorry!!
Firstly just to confirm I can make the purchase online?
Secondly the site I intend to purchase from accepts 'all major credit cards' is the Tesco cc one?!

Thanks again in advance