Credit Card Payments

jtjrlm1

Hi All,

Excuse my ignorance, I had always sworn that I would never get a credit card and only purchase things that I could afford, but I have now taken the plunge to get a card.

I will use the card to pay for purchases related to my wedding and then transfer the money from my bank onto the card to pay it off, then I have extra protection and can earn some extra benefits such as Tesco points when spending.

I have opted for the Tesco card 0% apr for 16 months, I have been accepted but it displays an APR of 21.9% not the advertised 16.9% apr.

I have the following questions:

Why does my documentation state this APR?
Have I obtained the 0% APR deal?

Whilst reading the T&C's it states the following:

Interest Free Period • Maximum 51 days for purchases if you pay your balance in full and on time, and have paid the previous month's balance in full and on time.

Does this mean that if I only make the min repayment I will lose the interest free offer?

Thanks in advance!

_Andy_

APR is representative - after assessing you they have approved it at 21.9%.

Re the rest - give them a call

geekonthepc

The APR on their site is representative - they only have to give 51% of people that headline rate and can choose who these people may be. For everyone else, they can apply any rate shown in the card summary on their website.

If your documentation doesn't clearly show when any promotional periods expire, you need to call Tesco directly and get them to confirm any promotional rates on your account.

If you have got the promotional rate, you can pay anything from the minimum payment to remain qualified for the promotional rate. Miss or make a late payment and you'll likely lose the promotional rate.

Buzby

You get the 0% for 16 months, the 51 days only applies once this period expires - however, if you are late paying or default by going over your credit limit, the 0% deal is lost and will revert to the punitive 22% rate advised.

unimaginative_user_name

In view of the last two comments I'd recommend you set up a direct debit for the minimum payment each month, but make sure your statement says when the money will be collected especially for the first month as they can take a while to set up. That way you'll always pay the minimum on time.

I'd also sign up for Internet access to your account too so you can check you're not going over your limit and that payments are reaching your account. You can also see if anyone has tried to use your account fraudulently. Someone tried to use my husband's account to buy £500 worth of goods last January. We rang Tesco who recognised that it was an unusual transaction, refunded the money, cancelled and replaced our cards immediately and were very helpful throughout the whole episode.

This wasn't quite what the op was asking but hopefully it will help someone reading this thread!

jtjrlm1

Thanks to everyone who has taken the time to reply, you can always rely on the MSE community!

Thanks again!