Expired

Tesco clubcard credit card

8
Found 6th Nov 2013
hey ive recently got a tesco clubcard credit card and this is my first credit card and I have two questions if anyone could answer for me please it is a 0% apr for 18month card

if I were to buy something for £2000... I beleive the minimum monthly payments would be 2000÷18 as it would pay everything off in time without any interest.... if this is correct and in the second month I pay off 500 will the minimum payment drop or stay the same but get paid off quicker?

and my 2nd question is, this 0% for 18months does this start from first purchase or from when the card was received?
Shared Via The HUKD App For Android.
Community Updates
AskCardCredit Card
8 Comments
Banned
Ultimately, no. Realistically tesco will have a minimum repayment set which will more than likely be more than your 'mandatory' repayment (which depends on the balance). I don't think you will hit this point before a £3,000/£2,500 purchase and therefore their minimum will kick in. (and therefore your repayment will be fixed at their minimum)

You should ring tesco and ask them what their minimum repayment is (in percentage - else they will just tell you to look in your online account). Make sure they tell you their minimum, AND % of balance just incase that happens to be more than their minimum.
Edited by: "CBEE2" 6th Nov 2013
The minimum payment on mine is £25, and that was with a balance of £800 or so.

If you log into your online account and click make payment it will tell you what the minimum payment is.

And I would say the 18 months starts from when you sign up for the card!
1. If your card has 0% purchase for 18 months what that means is you can buy something on there and not have to pay it back until the 18months are up. E.g. if you buy something of the value of £2000 in month 1 then you don't have to pay back the balance until month 18.

You can keep on going up to your credit limit.

You are however required to pay the minimum amount in the card which is a small % of the balance. If you need breathing space for a big purchase you intend to do then make that purchase in month 1, call the credit card company and setup a direct debit for the minimum amount on the card. Make sure you do not miss any payments as it will count against you so direct debit for the minimum amount is the way to go.

2. The 18 months should start from when you get ths card so make sure you make that big purchase as soon as possible!

Hope that helps
Edited by: "ceanth" 6th Nov 2013
from my statement, it says

" Minimum repayment -
the Greater of :

the total of all interest and default fees charged on your statement plus 1% of the new balance shown on your statement(excluding Tesco buy now-pay later special offers)

Or £25

Or the amount you owe over your credit limit which includes any over limit fees.

To give you an accurate and clear answer

if I were to buy something for £2000... I beleive the minimum monthly … if I were to buy something for £2000... I beleive the minimum monthly payments would be 2000÷18 as it would pay everything off in time without any interest....


Yes it would pay off everything without interest but the exact date of the end of 0% is set by the credit card provider and some are sneaky. I'd call up and ask for a specific date that 0% runs out and aim to pay it off before that date. Personally, I use a month before just to be sure funds are cleared and there's no argument about when it was paid off. Additionally that calculation wouldn't be the minimum payment see below.

if this is correct and in the second month I pay off 500 will the … if this is correct and in the second month I pay off 500 will the minimum payment drop or stay the same but get paid off quicker?


Minimum payments are a percentage of the balance. These days it's usually something like 2.5% (anything from 1-3% is common) + any interest and fees due. So on 1000 it would be £25 @ 2.5%

and my 2nd question is, this 0% for 18months does this start from first … and my 2nd question is, this 0% for 18months does this start from first purchase or from when the card was received?



Neither, it's usually started when the application was approved. Therefore if your card was delayed or any other delays in it getting to you will have made 18months more like 17 and so many days. This tied with billing cycles can actually make the figure even less as if you receive the card today on the 6th and the billing cycle runs on the 10th you have had a "month" in 4 days. The billing cycle issue depends on the actual terms of the card. As I said earlier, call up the customer service number and ask them to tell you

when the 0% ends
when the last payment has to be received
what the minimum payment on X would be (where X is the balance you intend to have)

Finally, set up a direct debit for a fixed amount (many wont say they offer this but if you insist they have to set one up). Set the figure just just a shade higher than the amount you need to pay off in the payment period. Don't worry about overpayments, Direct Debits should only take what is owed and nothing more. If you owe £80 and set up to pay £100 then only the £80 owed would be taken in that final month.
I transferred a £2,000 balance to a Tesco Clubcard credit card on a 24 month 0% rate and my mandatory minimum is something like £19 a month.
Original Poster
thanks everyone
Original Poster
coxy82

You getting confused between you and your … You getting confused between you and your friend?http://www.hotukdeals.com/tag/ask/tesco-clubcard-credit-card-1701546


nope im not getting confused read my post I put my friend advised by me... ive got one recently and I know nothing about credit cards ive asked questions recently and he said to me last night id love to buy ur car or get one like urs on finance so I advised him to get the card he has and I wondered if theres a possible way and I would get him to buy me a mac as I want a mac but then I dont have a car lol but I suppose I could purchase that on card right? hmmm this could be a option or ill just look into paypal thanks
Post a comment
Avatar
@
    Text

    Top Discussions