My tesco credit card

flogging_molly

jellie wrote: »

If you make a payment late, you'll lose your 0% interest. So best advice is to set up a DD for the minimum amount. This will take away the worry of having to remember to make your payment on time.

They reserve the right to withdraw your offer if payments are late but will almost never do so for one late payment.

Griffo91

I set up a DD from my bank account last night, so I'm guessing its just a matter of waiting till the first payment due date & amount is sent to me.

bengal-stripe

Check that the first invoice states: the sum of £xxx will be taken from your nominated account on or after date xxx,

If it doesn't state that, the DD is not in place (yet) and you will have to make a manual payment.

Griffo91

Ok I shall make sure I check.

Just so I'm clear, with the card I have got, if for example I had to payout for a car service which was £500, put it on the credit card but couldn't pay the full amount off in one month, but could spread it over two, three, etc months this would be alright, as I have a 0% interest rate on purchases?

So in theory I could spread the cost of a big payment over a number of months without incurring any interest charge & always ensure I pay more than the minimum payment so I won't lose my 0% deal?

bengal-stripe

Griffo91 wrote: »

So in theory I could spread the cost of a big payment over a number of months without incurring any interest charge & always ensure I pay more than the minimum payment so I won't lose my 0% deal?

In theory, you can run-up a debt of just under £2000 and pay only the minimum for 15 months. Just before the 0% interest-free deal expires, you pay-off the whole lot. As long as you do not exceed your limit and pay the minimum on time, you are not charged any interest for the 16 months of the promotional deal.

You can put the money for your purchases into a savings account and gain interest that way.

Griffo91

bengal-stripe wrote: »

In theory, you can run-up a debt of just under £2000 and pay only the minimum for 15 months. Just before the 0% interest-free deal expires, you pay-off the whole lot. As long as you do not exceed your limit and pay the minimum on time, you are not charged any interest for the 16 months of the promotional deal.

You can put the money for your purchases into a savings account and gain interest that way.

Again, thank you for all the advice & help. I really appreciate it!
:beer: