0% purchases renewal query

craighewer18

Hi all,

My existing Natwest CC 0% purchase deal is coming to an end and I need to renew it for another (the longer 0% period the better.)

I have 3 other CC that I have not used for years, one of these being a Tesco CC.

(All of the accounts, including my existing Natwest card have no outstanding balance on them.)

My question is, could I take advantage of the current Tesco 0% purchase for 19 months even though I am 'classed as' an existing customer, having not cancelled the account and not used it for years?

Thanks in advance

stator

You'd have to phone up and speak to customer services / retentions. If you say you're going to close the account they may offer you a special period. If they don't offer you anything cancel the account as you don't want credit cards you're not using when you apply somewhere else

chattychappy

craighewer18 wrote: »

My existing Natwest CC 0% purchase deal is coming to an end and I need to renew it for another (the longer 0% period the better.)

...

My question is, could I take advantage of the current Tesco 0% purchase for 19 months even though I am 'classed as' an existing customer, having not cancelled the account and not used it for years?

I'm not clear what you mean by "renew it for another".

When the 0% deal ends, you will start paying interest. The only way to avoid this is to get a balance transfer deal from another CC and move the balance. The best BT deals are on new cards, but existing cards will often make offers if you've not used them for a while. Usually you will have to pay a fee, typically 3%. It can be as high as 5%.

So if you cannot afford to pay off the purchase balance, then apply for a 0% BT deal.

In respect of new spend, then yes you need a new 0% purchase deal. Perhaps Tesco, if you ring them, will agree to put the "new customer" deal onto your existing card. If not look around for a 0% on purchase card.

Some new cards offer 0% on both purchases and BTs, though sometimes for different periods. 0% in purchases is viable cos they still make something on merchant fees. With BTs, they don't get this so a BT fee is pretty standard.

It does without saying that all this has to be paid off one day. 0% on purchase cards can be dangerous as they tempt people to buy stuff that they wouldn't otherwise.

chattychappy

craighewer18 wrote: »

My existing Natwest CC 0% purchase deal is coming to an end and I need to renew it for another (the longer 0% period the better.)

...

My question is, could I take advantage of the current Tesco 0% purchase for 19 months even though I am 'classed as' an existing customer, having not cancelled the account and not used it for years?

I'm not clear what you mean by "renew it for another".

When the 0% deal ends, you will start paying interest. The only way to avoid this is to get a balance transfer deal from another CC and move the balance. The best BT deals are on new cards, but existing cards will often make offers if you've not used them for a while. Usually you will have to pay a fee, typically 3%. It can be as high as 5%.

So if you cannot afford to pay off the purchase balance, then apply for a 0% BT deal.

In respect of new spend, then yes you need a new 0% purchase deal. Perhaps Tesco, if you ring them, will agree to put the "new customer" deal onto your existing card. If not look around for a 0% on purchase card.

Some new cards offer 0% on both purchases and BTs, though sometimes for different periods. 0% in purchases is viable cos they still make something on merchant fees. With BTs, they don't get this so a BT fee is pretty standard.

It does without saying that all this has to be paid off one day. 0% on purchase cards can be dangerous as they tempt people to buy stuff that they wouldn't otherwise.

chattychappy

craighewer18 wrote: »

My existing Natwest CC 0% purchase deal is coming to an end and I need to renew it for another (the longer 0% period the better.)

...

My question is, could I take advantage of the current Tesco 0% purchase for 19 months even though I am 'classed as' an existing customer, having not cancelled the account and not used it for years?

I'm not clear what you mean by "renew it for another".

When the 0% deal ends, you will start paying interest. The only way to avoid this is to get a balance transfer deal from another CC and move the balance. The best BT deals are on new cards, but existing cards will often make offers if you've not used them for a while. Usually you will have to pay a fee, typically 3%. It can be as high as 5%.

So if you cannot afford to pay off the purchase balance, then apply for a 0% BT deal.

In respect of new spend, then yes you need a new 0% purchase deal. Perhaps Tesco, if you ring them, will agree to put the "new customer" deal onto your existing card. If not look around for a 0% on purchase card.

Some new cards offer 0% on both purchases and BTs, though sometimes for different periods. 0% in purchases is viable cos they still make something on merchant fees. With BTs, they don't get this so a BT fee is pretty standard.

It does without saying that all this has to be paid off one day. 0% on purchase cards can be dangerous as they tempt people to buy stuff that they wouldn't otherwise.