I have a new credit card, with 18 months 0% for purchases; I´ve received the credit card the first days of June but this week I did my first purchases. In my bank online showed that my first payment due to do on June 28. I´ve called to Tesco Bank because I want to do my payments on the first days of every month( I have another credit card with this configuration). So the person who attend my call told me that if I did any purchase this week my firsf payment will be on July 28th, the second on august 12th and the rest the payment every first day of each month. Why my two first payments are very close?
Another question, I did my firsts purchases this week( week 3-07/09-07). the amount was 80 pounds aprox. So, my first payment must be done on July 28th and the minimum payment of 25 pound( around 30% of the full amount). My question is, whether I wish to make a purchase end the July around 2500 pound then every minimum payment for each motnth will be of 30% aprox?, or how will be calculated this payment for each statement during 16 month?.
If you've chosen to amend your payment due date then this will involve changing the date in which your statement is produced. This will be the reason why you have a couple of payments close together, please note that this is part of the process and will not continue once your desired due date is in place.
How your minimum payment is calculated can vary depending on the card you have. Usually, the payment is calculated as £25 or 1% of the balance on the card, whichever is higher. This can change to include any fees or charges though. It would typically mean that if your balance was £1000, with no extra charges, you would pay £25. If the balance was £3000, again with no extra charges, you'd pay £30. As mentioned though, this can vary. It would've been detailed on your terms and conditions when you opened the account, or you can call 03453004278, available 24/7, and they'll be able to confirm this for you.