tesco credit card

zak2012

hi,i just applied for Tesco credit card,this is first time i apply for credit card,,but dont know how it works? they gave me 0% for 18 months is that mean i can use the money and not pay any for 18 months? somewhere esle saying i need to set up direct debt and pay in monthly minmium? what is that mean?

for exmaple if i use £50 a month on card do i have to pay that before end of month? or i can wait until 18 month ends?

20aday

Hello.

What it means is you have 18 months' interest free on purchases from the date of account opening.

You must always pay at least the minimum payment each month (no later than the due date on your statement) otherwise you will lose your promotional rate and you'll be charged interest at the advertised variable APR.

It's advisable to set up a Direct Debit so you don't miss any payments; Tesco's minimum Direct Debit is £25.00 or for the full statement balance if you'd got, say, £10 left on there to pay.

PeacefulWaters

zak2012 wrote: »

hi,i just applied for Tesco credit card,this is first time i apply for credit card,,but dont know how it works?

The explanation above is excellent.

Applying for credit facilities without reading basic information about them is a dangerous game.

Hopefully you noted the £100 annual fee?

Superscrooge

zak2012 wrote: »

hi,i just applied for Tesco credit card,this is first time i apply for credit card,,but dont know how it works? they gave me 0% for 18 months is that mean i can use the money and not pay any for 18 months? somewhere esle saying i need to set up direct debt and pay in monthly minmium? what is that mean?

for exmaple if i use £50 a month on card do i have to pay that before end of month? or i can wait until 18 month ends?

Have you definitely got a 0% PURCHASES card and not a 0% Balance Transfer card?

You need to make sure you have a good understanding of how credit cards work before you spend on it.
Some useful information on the below link

http://www.tescobank.com/credit-cards/guides/

SnowTiger

Superscrooge wrote: »

Have you definitely got a 0% PURCHASES card and not a 0% Balance Transfer card?

You need to make sure you have a good understanding of how credit cards work before you spend on it.
Some useful information on the below link

http://www.tescobank.com/credit-cards/guides/

It's probably this card: http://www.tescobank.com/credit-cards/purchases/index.html?intid=Olb/Combo/Cc/Purc/0for30.

I got a Tesco balance transfer card recently. Yesterday an advert for their 0% purchase card appeared in my online banking account.

0% for 30 months. Who would say no to that? The card is on its way.

20aday

SnowTiger wrote: »

It's probably this card: http://www.tescobank.com/credit-cards/purchases/index.html?intid=Olb/Combo/Cc/Purc/0for30.

I got a Tesco balance transfer card recently. Yesterday an advert for their 0% purchase card appeared in my online banking account.

0% for 30 months. Who would say no to that? The card is on its way.

Funnily enough I've just logged into my account and the same advert has appeared.

Am surprised as it's less than two months since I closed my Foundation account with Tesco Bank and their email said I have to wait six months from the balance reaching nil before I can apply again.