Save 11.88 a Year On Your Credit Card Payments

9
Found 19th Apr 2015
Tongue in cheek offer ;-), pay ~pound short of your credit card balance each month and get a the money written off.

Tesco do this under 'small balance writeoff', Natwest did this when I used them, not sure how many others.

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9 Comments

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Edited by: "ChrisUK" 19th Apr 2015

First I have heard of this. If they don't do it then you will pay interest as you didn't pay off your balance on time. Seems a bit of a gamble but OP said tongue in cheek offer.

ChrisUK

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A Fruadian slip?

Shouldn't this be in Deals where it would get the sort of heat it deserves?

How would it show up on your credit rating!

They wouldn't provide you with any other products in future without paying it back, not really worth it for me?

never heard of this before - seems weird
could see them doing the last pound or so interest free incase interest payment was slightly more than expected but they actually deduct the remaining pence every month?!

What a cheapskate.

While the concept of small balance writeoff does exist, this wouldn't work. If a customer pays off their balance in full, but a few pence worth of trailing interest show up on the following month's statement. Writing off those few pence is cheaper than producing a statement and processing the customer's payment. Different banks have different policies about how much they will write off and under what circumstances (some don't do it at all), but what the OP has said about Tesco is accurate

However - in order to get that money written off, at a minimum you need to leave the account dormant every other month. If you carry on using the card, then they'll keep sending statements and processing payments as normal, and the small balance writeoff rationale no longer applies. So at most you'd be able to save just under £6, and only then if you used your credit card like a crazy person
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