0% credit card - How it works?

crvs

All,


I have purchased 0% Tesco credit card. Not sure how it works. 0% interest for limited time is for only first purchase or for any purchase from now and 19 months?


Vids

Thrugelmir

0% on purchases for 19 months

mrg9999

I don't think you have.
All the T&C's are on their website.
There are normally two types, one for 0% for purchases, and another for balance transfers. It is Essential you understand how long the 0% is for, and what the minimum payments are, otherwise you could end up paying a large amount of interest at the end of the term.

The way I use them.
If I have a 19 month 0% purchase card. I buy some large ticket item on the card. Divide the price by 17 and pay that each month, to ensure that it is paid in full. I don't use the card for anything else, until the amount is paid.

Similar for balance transfer cards, don't use them for shopping, as it will get complicated, and you may be stung with a large compounded interest at the end of the term.

There are plenty of good guides on this forum
http://www.moneysavingexpert.com/credit-cards/stooze-cash-credit-cards

bengal-stripe

Important is that you pay at least the minimum payment every month on time and without fail. Otherwise there is a distinct possibility, the Credit Card will remove the 0% promotional rate.

InsideInsurance

crvs wrote: »

I have purchased 0% Tesco credit card. Not sure how it works. 0% interest for limited time is for only first purchase or for any purchase from now and 19 months?

It is all purchases are interest free for the 19 months from when the account is opened. Buy something in month 15 then you only have 4 months interest free.

At the end of the 0% period the normal interest starts getting charged from that point on (there is no backdating interest as per some BNPL schemes from catalogue companies etc)