Tesco bank rip off

11bd1705

Bought my currency via tesco finance as they advertised buy over £500.00 on your credit card and theres no surcharge. However when I got my bill I'd been hit with £15.00 intrest by Tesco credit card. I contacted them they stated it is classed as a cash advance so charged at that rate its in the T&C. Complete rip off stated I could have used my debit card thumbs down to Tesco Bank

malkie76

Did you use a Tesco Credit Card ?

Tesco wrote:

If you pay with your Tesco Credit Card, there's no cash advance fee (excluding Tesco Business Credit Card) or card handling fees.

Seems any other credit or debit card is liable for cash advance fees from your provider.

Tesco wrote:

Please note that, regardless of your debit or credit card type, your card provider may apply fees related to currency transactions (e.g. a cash advance or other fees) so please check with them before you buy in store, online or over the phone.

benjus

When you make a cash advance with a credit card there are two charges to consider. Most (not all) cards have a cash advance charge - which in this case was waived. Secondly, the vast majority of cards charge interest on cash advances from the day of the transaction - i.e. without the interest-free period they give for purchases.


So there's no rip-off here - you didn't get charged the cash advance fee, but you did get charged interest. You could have paid the card balance off immediately after buying the money to avoid this.