Tesco Credit Card Money Transfer

InsertWittyName

Hi.

Today I received my new Tesco credit card and upon registering online I see there is a 'money transfer' option there, to transfer money directly to a bank account.

Before I ring them to double-check, does anyone know:

• Does this count as a cash advance?
• Will it have the same 16 months 0% APR applied as new purchases are?
• Is there an associated fee to perform the transfer?

I looked around on the Tesco website (and searched this forum) for the info but couldn't find it.

Thanks.

YorkshireBoy

InsertWittyName wrote: »

• Does this count as a cash advance?
• Will it have the same 16 months 0% APR applied as new purchases are?
• Is there an associated fee to perform the transfer?

1. Yes.
2. No, it'll be at your standard purchase rate
3. No

You'll be limited to around 50% of your available credit. See your T&Cs for the actual figure...look for the 'advance limit'.

Some information in the summary box here...

http://www.tescobank.com/assets/sections/credit-cards/pdf/tesco-bank-cc-pur-summary-box.pdf

...but best to check your T&Cs.

InsertWittyName

Perfect, many thanks YorkshireBoy.

Think I'll give it a wide berth!

YorkshireBoy

InsertWittyName wrote: »

Think I'll give it a wide berth!

It's a good feature if you've another card offering 0% BTs, because you can get 0% cash into your current account for a BT fee...not the more usual 4% MT fee charged by MBNA.

With good timing, you could even avoid/minimise the Tesco interest charges.

EycplUK

YorkshireBoy wrote: »

It's a good feature if you've another card offering 0% BTs, because you can get 0% cash into your current account for a BT fee...not the more usual 4% MT fee charged by MBNA.

With good timing, you could even avoid/minimise the Tesco interest charges.

Please explain this ! could be useful to some on here .

YorkshireBoy

EycplUK wrote: »

Please explain this ! could be useful to some on here .

Quite straight forward really...

1. Make a Money transfer on the Tesco card

2. BT the resultant debt to a 0% BT card

The 'cash advance' will then be on 0% for the duration of the BT card's introductory period...for the price of a BT fee (and possibly a couple of days purchase rate interest from Tesco if you don't get the timing just right).