Tesco foreign exchange

brucethefish

Hi

On Tescos website, it says that you can buy foreign currency using a tesco credit card free of cash advance fees etc

Does anybody know if it is the same in store buyin on the day?

scottishminnie

Beware - I also got a statement insert offering this however according to other posts Tesco are not honouring what they advertise.

https://forums.moneysavingexpert.com/discussion/4137775

dazza.mk

scottishminnie wrote: »

Beware - I also got a statement insert offering this however according to other posts Tesco are not honouring what they advertise.

https://forums.moneysavingexpert.com/discussion/4137775

nope, they are honouring it, you don't get charged a cash advance fee, you do however get charged interest from the day of purchase which makes it very expensive

YorkshireBoy

dazza.mk wrote: »

nope, they are honouring it, you don't get charged a cash advance fee, you do however get charged interest from the day of purchase which makes it very expensive

Not according to their website...

Are there any credit/debit charges?

Tesco Credit Cards

If you pay with your Tesco Credit Card, there's no cash advance fee (excluding Tesco Business Credit Card) or card handling fees. Buying foreign currency with a Tesco Clubcard Credit Card from Tesco Travel Money will count towards a customer's cash limit but will be treated as a purchase transaction and will still be charged interest at the purchase interest rate.

http://www.tescobank.com/personal/finance/travel/travelmoney/index.html

...therefore getting you up to 51 days interest free credit? Even better, you'd get 16 months 0% on an introductory offer.

exel1966

Sounds a little ambiguous to me and I certainly wouldn't want to risk it without having clarification. It could easily be read either way (well, it is to me).

It may well be treated as a purchase transaction, but is at the purchase rate rather than the cash advance rate, or actually immune from interest if repaid in full by the due date as the PO card is?

YorkshireBoy

exel1966 wrote: »

Sounds a little ambiguous to me and I certainly wouldn't want to risk it without having clarification. It could easily be read either way (well, it is to me).

It may well be treated as a purchase transaction, but is at the purchase rate rather than the cash advance rate, or actually immune from interest if repaid in full by the due date as the PO card is?

Several posters on the stoozing website have exploited the Sterling travellers cheque loophole with this card (0% for 15/16 months). It's a little less profitable (1.25% vs 1% fee) than M&S but still reported to work.

The only downside, compared to the M&S card, appears to be the 'advance limit', which is normally set at 50% of the credit limit.

exel1966

Then I must pull my finger out and keep more up to date.....getting slack in my old age

dazza.mk

YorkshireBoy wrote: »

Not according to their website......therefore getting you up to 51 days interest free credit? Even better, you'd get 16 months 0% on an introductory offer.

Although it is stated in their T&C's:

• There is no interest free period on cash advances or money transfers

As below it is ambiguous, the section you quoted could easily be read that it is treated as a purchase transaction purely in terms of the interest rate used (ratehr than also allowing the interest free period).