play with tesco & first direct

28 Posts
Hoping to get confirmation that my plan is sound..
I've recently applied for a Tesco credit card 0% purchases for 16 months, and was approved for £3500. I've also applied and was accepted for a first direct 1st bank account and plan to open a Regular Saver account with them, that comes with a 6% interest (fixed term for 1 year). My plan is to put the grocery shopping on the Tesco 0% purchases for the next year and save the money (up to £300 monthly I believe) in the First direct savings account. Then after a year pay off the Tesco card in full. Is that a good plan, am I missing something? Tesco won't be charging any interest as long as I make min payments, right?
Thank you.
I've recently applied for a Tesco credit card 0% purchases for 16 months, and was approved for £3500. I've also applied and was accepted for a first direct 1st bank account and plan to open a Regular Saver account with them, that comes with a 6% interest (fixed term for 1 year). My plan is to put the grocery shopping on the Tesco 0% purchases for the next year and save the money (up to £300 monthly I believe) in the First direct savings account. Then after a year pay off the Tesco card in full. Is that a good plan, am I missing something? Tesco won't be charging any interest as long as I make min payments, right?
Thank you.
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And I don't like credit card debt either, all those money in the Tesco credit card will be sitting in the FD savings account for one year.