How much interest would there be?

nrishiraj

Hi

I currently have £1,664.10 balance in my Tesco bonus credit card
http://www.tescofinance.com/personal/finance/finance/creditcards/bonuscc/index.jsp
0% on balance transfers for 12 months (2% fee)
0% on Tesco purchases for 12 months
0% on non-Tesco purchases for 3 months
Typical 14.9% APR variable

I'm going to pay the minimum for this month (£49) as I'm unable to pay the full at the moment, but should be able to do next month or the following.

How much interest would there be charged?

thumshie

How long have you had this card??You mention 0% periods but not how long you've had the card..
What is the make-up of your balance??Shopping at tescos, BT's, general purchases???

nrishiraj

thumshie wrote: »

How long have you had this card??You mention 0% periods but not how long you've had the card..
What is the make-up of your balance??Shopping at tescos, BT's, general purchases???

I've had the card for about a year now, I've always paid off my balance in full since. I do use it alot at tescos.

CLAPTON

Assuming your interest free period is over and you are now paying interest at 14.9%.

Then you will pay interest from the day you made the purchase to the time your payment is shown on your credit card.

Rememeber that if you pay less than the full amount then your next statement will show the interest up to the statement date but even if you then pay in full, there will still be further interest on the statement after that.

So in rough terms if you pay the minimum one month and then clear the card the next two months you will pay about
£40 - 45 in interest.

Your approximate interest per month should show on your statement ..the bit that says if you only pay the minimum then the interest will be...