Asda Credit Card: Strong warning

grumbler

Cornucopia wrote: »

IIUC, that is not the issue.

What isn't the issue? I merely replied to Hominu[STRIKE] who posted his OOT experience with 0% on BTs and purchases in the thread about 0% on BTs only.[/STRIKE]

EDIT: on the second thought it wasn't OOT as Hominu commented on NOWSE's post that seemed to be factually incorrect.

I appreciate the various warnings about this, but I really don't understand why people are defending it. It just seems wrong.

This does seem to be unfair, but I don't see anyone really defending this. People here are discussing the facts, not emotions. For the latter The Money Savers Arms or Praise, Vent & Warnings boards would be more appropriate places.

The OP blamed ASDA alone and was pointed out to the fact that all CC providers do the same because it's what the T&C say.

Cornucopia

grumbler wrote: »

What isn't the issue? I merely replied to Hominu who posted his OOT experience with 0% on BTs and purchases in the thread about 0% on BTs only.

You said: "minimum payments". This isn't about minimum payments.

This does seem to be unfair, but I don't see anyone really defending this. People here are discussing the facts, not emotions. For the latter The Money Savers Arms or Praise, Vent & Warnings boards would be more appropriate places.

In both this thread and the Tesco's one, people were strident in their defence of the CC companies' policies on this - IMHO.

Hominu

Cornucopia wrote: »

You said: "minimum payments". This isn't about minimum payments.

Nobody said it was.

What was said was that since no interest was applied after paying only the minimum payment (and making purchases on the card) then no interest will be applied if you paid off the purchases in full, leaving the BT on the card.

So rather than the Post Office card being different to ASDA, it was simply running a promotional offer.

I don't see how "We will not charge Interest on Standard Purchases shown on your Statement if you pay off the whole Outstanding Balance shown on that Statement, and on the Statement before, by the payment due date shown on your Statement." can be ambiguous. Pay off the outstanding balance = Pay no interest. Don't pay off outstanding balance = Pay interest. Make no purchases and rule doesn't apply.

Cornucopia

Firstly, someone did mention "minimum payments" - it wasn't you.

The broader issue is that the 0% offer is not transparent. The CC companies are either offering 0% BT or they aren't. The present situation where having a 0% BT gives you liability for other interest payments that you wouldn't otherwise have is not satisfactory, and not transparent.

grumbler

Cornucopia wrote: »

Firstly, someone did mention "minimum payments" - it wasn't you.

Who was it then? A hint: Ctrl+F, 'minimum'.

The CC companies are either offering 0% BT or they aren't.

They are - on BTs in this case. It's good to hear that it's "The CC companies", not Tesco or Asda.

Cornucopia

grumbler wrote: »

Who was it then?

You. :huh:

Otherwise it's simply impossible to make minimum payments and not to pay any interest on purchases

grumbler

See the hint above. My post was #8. Hominu's post was #7.

Cornucopia

Yes. Okay I get the point.

The issue remains as I suggested. If my purchase transactions would have been interest-free, had I not taken out an interest-free BT, then there is something underhand going on.

chris-j

Rubbish, interest free period on all credit cards in UK is based on the full balance being cleared and always has been. As soon as you have a balance, even if it is a 0% BT one, you will pay interest usually from date transaction appears on account until paid. Fortunately now banks must apply payments to transactions with highest interest first but caution here is that it is statemented transactions.
If you time things well you can minimise interest to virtually nil (by purchasing just before statement date) BUT risky as you cannot guarantee when transaction will actually appear on statement and some cards (MBNA) have a minimum interest amount of £1.

grumbler

chris-j wrote: »

If you time things well you can minimise interest to virtually nil (by purchasing just before statement date) BUT risky as you cannot guarantee when transaction will actually appear on statement and some cards (MBNA) have a minimum interest amount of £1.

What's the point? If you spend, say, £100 and pay £100 when the payment is due, the interest will be charged for about 20 days anyway - from the date the purchase was made till the payment date.