Tesco credit card - 0% on purchases for 16 months

MrShazzyMan

Just wanted to know what this 0% 'mularky' is. Does it mean that for 16 months anything I buy with this card does not gain interest on it for 16 months only after 16 months I start to accumulate interest on the credit card? I'm wanting to make a big purchase but get my second instalment of student loans in Jan 2013 so just remember I had this tesco credit card in my wallet that has this offer on it.

[Deleted User]

Do you mean 0% malarkey? It means that any purchase within that period is at 0%. Min payments neeed to be made each month.

You'll probably need a decent credit rating to get it as Tesco are quite picky.

MrShazzyMan

Deleted_User wrote: »

Do you mean 0% malarkey? It means that any purchase within that period is at 0%. Min payments neeed to be made each month.

You'll probably need a decent credit rating to get it as Tesco are quite picky.

That's brilliant, thanks for the advice. So basically if I spend £250 (which is my limit on the card) I only pay back each month the minimum amount because for 0% purchases is in place?

[Deleted User]

Yes - and make sure you clear any outstanding balance if you can before the end of the 23 months. For safety though, pay min payment plus £1, to avoid a min payment marker on your file.

MrShazzyMan

Deleted_User wrote: »

Yes - and make sure you clear any outstanding balance if you can before the end of the 23 months. For safety though, pay min payment plus £1, to avoid a min payment marker on your file.

Gotcha! Thanks for all you guys advice. This forum is really the best!

[Deleted User]

MrShazzyMan wrote: »

Gotcha! Thanks for all you guys advice. This forum is really the best!

No problem. It's not really the best though. It's just me.

Everyone else here is a dimwit.

Gromitt

Don't forget that if your balance is above £25, then the minimum payment per month is £25, so with a £250 credit limit, it'll only take you 10 months to pay back.

During promotional periods such as 0% offers, making the minimum payment has no effect on your credit report, so just setup a DD for the minimum payment and you'll be fine.

MrShazzyMan

Gromitt wrote: »

Don't forget that if your balance is above £25, then the minimum payment per month is £25, so with a £250 credit limit, it'll only take you 10 months to pay back.

During promotional periods such as 0% offers, making the minimum payment has no effect on your credit report, so just setup a DD for the minimum payment and you'll be fine.

What if I spend £250 of my full credit limit, what would be the minimum repayment each month?