Purchasing Tesco Travellers Cheques With Credit Card

j3251

Hi

Was looking to purchase tesco travellers cheques via credit card.Looking to buy around 2500GBP in travellers cheques.

Wondering if i would have to pay some kind of commission fee as its a non tesco credit card?Was looking to make purchase in store.

Not too sure what tescos policy/rules are?

Would the credit card company be looking to charge me for doing this?

Are there any hidden charges?

Any help/advice would be appreciated.

YorkshireBoy

Tesco won't charge a fee, unless you're buying Sterling TCs?

Your card provider will more than likely charge a circa 3% fee, and the purchase will attract interest from day one at your cash rate...likely to be very high.

Which card are you planning to use?

j3251

Was looking to purchase in sterling,had a few cards,Creation,John Lewis,Capital One..

Unlikely to go ahead with this idea as I'm not willing to pay credit card company charges incurred..

guesswho2000

If you get a Tesco credit card, there's no fee and they'll be treated as a purchase (with the 16month interest free period), so might be an option?

As YB said though, in general buying TCs is treated as a cash advance by the issuer. Exceptions being Tesco, at Tesco stores only, Post Office, only at the post office, and M&S, again, only in M&S (and I think they're stopping issuing TCs anyway).

YorkshireBoy

guesswho2000 wrote: »

If you get a Tesco credit card, there's no fee and they'll be treated as a purchase (with the 16month interest free period), so might be an option?

Just for clarity, whilst there's no cash advance fee, Tesco Bank will charge a 1.25% fee for Sterling TCs.

Exceptions being...Post Office, only at the post office

The Post Office will charge a 1.5% fee though, and you'd only get a max 3 months interest free on a new card.

and M&S, again, only in M&S (and I think they're stopping issuing TCs anyway).

They stopped selling travellers cheques on 1st May.

EDIT: So Tesco is the only viable option really, but they hamper it slightly by limiting the value to £2,500 (in total or per transaction?) and 30% or so of your credit limit, ie the cash balance limit.

j3251

Hmm interesting..