Tesco 0% purchase

pardal51

hi all,

I am thinking of applying for the Tesco 0% Purchase credit card (18 mths), as we are planning to re-do our bathroom. Which means purchasing the suite and repay monthly with interest free, rather than using mortgage offset savings (available).

My question is:

Should I apply online and wait for the decision/credit limit, then call them to ask for the limit to be increased or Ring them up first, explain that want/need card to purchase stuff for the bathroom and see what they can do?

For the records I have:

1x Mastercard cashback card (used for everything to generate cashback and ALWAYS paid in full each month)
1x Amex cashback (to use on special offers and/or as "backup" for Mastercard. ZERO balance)
1x Diners Club (only got it to use Airport Lounges for free, but now they are charging £15 per visit, ie., might cancel soon. ZERO balance)

I have no debt apart from mortgage.

Comments/suggestions are much appreciated.

thebritishbloke

Under the data protection act you can request that a human being review your credit report, rather than a machine which just spits out a number. To do this, you would need to phone up and explain your circumstances before you apply. Make sure to specifically say that under the DPA you want to have a human review your application.

I don't think you'll have any problem with being accepted and getting a decent limit, although Tesco can be quite stingy with their credit limits. Nationwide have a soft checker for their 15 month 0% Purchases card, I'd give that a go. They'll tell you what rate and limit they're willing to offer before going ahead with a full credit check.

antonymp

In my experience Tesco won't consider a limit increase until you've had the card for 12 months.

pardal51

antonymp wrote: »

In my experience Tesco won't consider a limit increase until you've had the card for 12 months.

My main question is:
I do not want to apply and have a credit search to be given a £1000 credit limit....I need/want at least £4K-£5K; hence me asking whether it is worth applying online or speaking to CS and explaining the situation.

thebritishbloke

pardal51 wrote: »

My main question is:
I do not want to apply and have a credit search to be given a £1000 credit limit....I need/want at least £4K-£5K; hence me asking whether it is worth applying online or speaking to CS and explaining the situation.

Have you tried the Nationwide soft search like I said? They tell you the estimated credit limit they'll give you.

pardal51

thebritishbloke wrote: »

Have you tried the Nationwide soft search like I said? They tell you the estimated credit limit they'll give you.

Will do...Phone or branch visit????

cheops2006

You apply online and during the process it guestimates your offer by means of a soft search, if you want to carry on you can but you can get an idea and cancel the application before the full hard search.

There are others that do this too such as

Barclaycard (Check eligibilty)
Fluid

thenudeone

antonymp wrote: »

In my experience Tesco won't consider a limit increase until you've had the card for 12 months.

That's my experience too.

thenudeone

pardal51 wrote: »

My main question is:
I do not want to apply and have a credit search to be given a £1000 credit limit....I need/want at least £4K-£5K; hence me asking whether it is worth applying online or speaking to CS and explaining the situation.

I know this is outside your original question, but if the only way you can afford this expenditure is on a 0% card, it might be more prudent to review your income and spending patterns so that you can put aside some savings and delay this expenditure.
After all, if you can pay the £5k off within 18 months, then you can also save £5k over 18 months if you defer the expenditure until then.

Unfortunately theses forums often hear stories of people who spend large sums on credit then find an unexpected change in circumstances leaves them with a very big problem. If the expenditure isn't necessary and you haven't had the self-control to save for it in advance over the past 18 months, what makes you think you can find the money in the next 18 months? (even without the risk of you losing your job or whatever in that 18 months).

There may be a good reason, like you've just landed a promotion or a higher-paying job, but it's something you should seriously think about.

Nebulous2

thenudeone wrote: »

I know this is outside your original question, but if the only way you can afford this expenditure is on a 0% card, it might be more prudent to review your income and spending patterns so that you can put aside some savings and delay this expenditure.

You need to read the post a bit more carefully - OP said he has the money in a mortgage offset account. It makes perfect sense to leave it there and take the money on an interest free card.

OP you really need to try it and see. Credit limits you have on other cards might give a clue. I got a Santander 18 months interest-free on purchases card a couple of months ago and they gave me a £6800 limit. My Barclaycards both have a £10k limit.

pardal51

As Nebuloous2 said, I've got the money in a mortgage offset account. I only spend what I can afford. If I can't I don't. This is something I learnt from my parents.