Paying Tesco Credit Card Payment in Cash

topdollar

i am in the process of applying for a Tesco credit card as that seems the best cashback method as i shop at Tescos, so will benefit from the extra points by putting purchases on the CC.

Do Tescos send monthly your CC statement even if i ask for them to pay off the full amount direct debit. As i get paid some money in cash (legit), can i pay off the statement in cash by going to a bank?

I sometimes do this with my HSBC Credit Card but not only do i pay off the full amount in cash, they also debit the full balance in my account as well even though they know i have paid the full amount. Then only way to stop this is to ring them up and stop the full payment for that month. It is not every month that i pay the full balance in cash.

Thanks

Bossyboots

They will send you a statement anyway, even if you are in credit. Otherwise you would have no way (other than online) to check your transactions and make sure they are correct.

You can only set up a direct debit for the monthly payment, not the full amount. (Before anyone says that is wrong, I have just put what is on the back of my statement received a couple of days ago). Seems it might work for you therefore to pay in cash the balance of your account and just let the direct debit for the minimum payment go through each month.

Just in case you don't know, you still have to leave four clear days from depositing cash, even at an Royal Bank of Scotland bank, for it to appear in your account and therefore avoid interest.

topdollar

thanks for the quick reply.

can i pay the full balance of the statement at any bank? and does this include nationwide?

Bossyboots

topdollar wrote:

thanks for the quick reply.

can i pay the full balance of the statement at any bank? and does this include nationwide?

You can pay it any bank, there is a slip on the bottom of your statement for this. If you pay it at a bank other than one where you hold an account or at a Royal Bank of Scotland branch, you will most likely have to pay a fee for doing so. As you are paying in cash, even if you use your own bank you should take along your cash card or cheque book to prove you have an account there as otherwise they may charge you anyway (saw that happen in HSBC a few weeks ago).

I don't know about Nationwide, can you make normal bill payments through them? If so, then you will be able to. If not then no, I don't think you can do this through them.

topdollar

so if i set up the tesco credit card to pay the full monthly amount direct debit and the odd month pay the full amount on the statement in cash, Tesco will realise that i paid it in cash and wont deduct the amount again? or will i have to ring them to say that i have paid cash and cancel the direct debit for that month?

YorkshireBoy

topdollar wrote:

so if i set up the tesco credit card to pay the full monthly amount direct debit and the odd month pay the full amount on the statement in cash, Tesco will realise that i paid it in cash and wont deduct the amount again? or will i have to ring them to say that i have paid cash and cancel the direct debit for that month?

DD's are generally 'called' around 5 working days prior to the 'payment due' date. So, if you pay cash you will have to ensure that you pay it after the statement is produced but before the DD is initiated, meaning you may have a very short time in which to carry out the transaction - although at 56 days interest free, the Tesco T&C's mean you may have a 2 week window. If they then want 4 days to credit your account with the cash payment, this 'window' may be cut to 6 working days.

HGLTsuperstar

topdollar wrote:

thanks for the quick reply.

can i pay the full balance of the statement at any bank? and does this include nationwide?

Nationwide is a BS not a bank. I have been with them for years but cant pay for any c/c there, except my Nationwide one. They did kindly tell to me to pop across the road to Natwest who would "take anything for free", and did so!

M_Thomson

Why can't you place the cash into a bank account and do the transfer via BACS online? You obviously have internet access.

topdollar

as i am not receiving the cash through a job, so not paying any tax (e.g. selling goods for cash), i dont want the tax man to ask where the money is coming from incase it looks suspicious. thats why i want to use some of the cash that i earn to pay off the odd credit card statement. If i bank the cash, then it is more traceable to the tax man as oppose to going to a bank and paying off the credit card payment in cash.

Isnt the tax man less likely to look at your credit card statements?