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Minimum payment on c/c

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  • 02-02-2006 4:36pm
    #1
    betelgeuse
    Closed Accounts Posts: 72 ✭✭


    I recently took out a Tesco Visa card so as to avail of 0% APR on purchases and balance transfers for the first six months. This week I got my first statement and it states a minimum payment of €59 is required. I'm wondering if I actually need to make this payment during the interest-free period and, if so, what the consequences of not making it could be?

    (Note: Having read the T&C's and calling the customer service line I am none the wiser.)


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    #2
    parsi
    Site Banned Posts: 5,904 ✭✭✭parsi


    The consequences is that they will consider that you have defaulted in some form. You have to pay the minimum payment (that's what it is - the minimum payment you can get away with paying).


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    #3
    eth0_
    Registered Users Posts: 10,846 ✭✭✭✭eth0_


    of COURSE you have to pay! It's not "free money" for six months, it's just interest free money for 6 months, you still have to make payments!


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    #4
    blahblah06
    Registered Users Posts: 4,306 ✭✭✭blahblah06


    if u pay the minumum payment each month do you still pay interest on the rest of the balance?


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    #5
    eth0_
    Registered Users Posts: 10,846 ✭✭✭✭eth0_


    Of course you do, after your 0% period.


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    #6
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    It will follow the usual line of first warning, second warning, final notice, etc etc.

    Each one will count against your credit rating, so best not to let it go.


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    #7
    betelgeuse
    Closed Accounts Posts: 72 ✭✭betelgeuse


    Thanks for the replies. I made the payment just in time. To be honest I did think 0% APR meant "free money" until the regular interest rate kicked in. Glad I checked now! Thanks again.


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