0% credit card question

Negotiator

I signed up to the Tesco 18 month 0% credit card last month. My first payment is due on the 12th according to my online account. What happens if I dont make a payment this month?

Slayerx

You will likely lose the 0% deal and it will revert to the normal APR%.

Negotiator

Thanks

But if I repay the minimum amount they will not end the deal and instead keep me at 0% right?

Slayerx

Correct as long as you pay the minimum payment you would not be in breach of the T's and C's

YorkshireBoy

Negotiator wrote: »

My first payment is due on the 12th according to my online account.

I'm surprised a payment is due so soon. Generally the first statement is produced a month after account opening, with it's payment due date being some 3 weeks later.


Have you received a statement yet, either online (the official pdf version) or by post?


If you have, does it show a payment amount value or a zero payment amount?

Negotiator

My current details say this:

Your latest statement summary
Payment due date 12 Feb 2014
Minimum payment due £0.00
Balance from previous statement £0.00
Payment made since previous statement £0.00
New transactions and adjustments £0.00
Statement balance £0.00

I have used some credit on my account around late January, does this mean I missed the payment cut off date and so will need to start paying the 12th of March instead?

YorkshireBoy wrote: »

I'm surprised a payment is due so soon. Generally the first statement is produced a month after account opening, with it's payment due date being some 3 weeks later.


Have you received a statement yet, either online (the official pdf version) or by post?


If you have, does it show a payment amount value or a zero payment amount?

[Deleted User]

Yes. No payment is due for 12 Feb. Or more precisely, a payment is due, but for £0.

YorkshireBoy

Negotiator wrote: »

My current details say this:

Your latest statement summary
Payment due date 12 Feb 2014
Minimum payment due £0.00
Balance from previous statement £0.00
Payment made since previous statement £0.00
New transactions and adjustments £0.00
Statement balance £0.00

I have used some credit on my account around late January, does this mean I missed the payment cut off date and so will need to start paying the 12th of March instead?

Yes, as I suspected, this 'statement' was produced as soon as you opened the account.


You'll start paying around the 12/3/14.