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0% interest free question

  • 09-10-2011 02:54PM
    #1
    Saruman
    Registered Users, Registered Users 2 Posts: 11,389 ✭✭✭✭


    This is probably a stupid question but I have always paid my credit card bills in full by DD every month. This is the first time I have ever not paid one.

    Got a tesco credit card recently and it is maxed out after a trip to Australia. It is set to pay by direct debit but only the minimum payment (default).

    I got my bill recently and the minimum payment came out and no interest was applied.
    The tesco site says 8 months interest free.

    Does this mean I can pay a few hundred off over the next few months with billpay or whatever and eventually clear it without any penalty?


    Pretty sure that is what it means but since I have never had to pay off a credit card late before, I figured I should ask.


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Saruman wrote: »
    This is probably a stupid question but I have always paid my credit card bills in full by DD every month. This is the first time I have ever not paid one.

    Got a tesco credit card recently and it is maxed out after a trip to Australia. It is set to pay by direct debit but only the minimum payment (default).

    I got my bill recently and the minimum payment came out and no interest was applied.
    The tesco site says 8 months interest free.

    Does this mean I can pay a few hundred off over the next few months with billpay or whatever and eventually clear it without any penalty?


    Pretty sure that is what it means but since I have never had to pay off a credit card late before, I figured I should ask.

    Yeah that is right. Just checked on their website and you should not pay any interest for first 8 months on any purchases so get it cleared within the 8 months to prevent any interest being charged. Bear in mind this 8 months is from when your account was opened.


  • #3
    Saruman
    Registered Users, Registered Users 2 Posts: 11,389 ✭✭✭✭Saruman


    Thought as much but thanks for the confirmation. I suppose it's a little like an interest free loan.


  • #4
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Saruman wrote: »
    Thought as much but thanks for the confirmation. I suppose it's a little like an interest free loan.

    Its certainly a good deal. Dont use my card much so not worth moving but if i did i would certainly consider going over to them. Only thing i dont like about tesco cards is i hear they have no online service to view and pay on which is a bit behind the times and doesnt suit me at all.


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