Tesco Credit Card used to buy Euros from Tesco

rolo1_2

Does any-one know if I was to use my Tesco Credit card to buy Euros from Tesco bank is it classed as a money withdrawal or purchase?

I know that Tesco do not charge a handling fee or cash advance fee when buying currency from Tesco using a Tesco credit card but not sure about how transaction is classed.

I plan to pay it all off when statement comes in by the way.

rolo1_2

Ok think I may have answered my own question

From Tesco Credit card T&Cs

Charges

There is a commission charge for Sterling travellers cheques of 1.25% of the total Sterling purchase value, with a minimum charge of £2.50.
A delivery charge will be applied to orders under £500. There are no delivery charges for bureau collection.
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

PeacefulWaters

Do you get Clubcard points on it?

rolo1_2

No not as far as I know

guesswho2000

PeacefulWaters wrote: »

Do you get Clubcard points on it?

No you don't. It comes off your cash limit, and shows on your statement as Travelex at Tesco, but is classed as a purchase and attracts the associated interest free period if repaid in full.

chattychappy

Presumably the exchange rate they use will be poor to the point where it might still be cheaper to stick the card in an ATM on arrival, despite the fees/interest.

PeacefulWaters

chattychappy wrote: »

Presumably the exchange rate they use will be poor to the point where it might still be cheaper to stick the card in an ATM on arrival, despite the fees/interest.

That's my working assumption. Mrs PW is still reluctant to be part of this logical approach so purchasing some currency prior to travel is still necessary.

Although the amount gets strangely smaller each trip.

No Clubcard points = no Tesco currency for me.

rolo1_2

Actually Tesco exchange rate is pretty good, currently 1.3712.

Funny PeacefulWaters, Mrs Rolo1 also must have Euros in hand, and refuses to accept that "overseas" will accept any other method of payment. Will get 500 euros from Tesco and pay when statement comes in.

rolo1_2

Just another question while I am here.

I have a Santander debit card -I assume I can use it in Majorca at any Santander cash machine to withdraw euros to avoid fees?

guesswho2000

rolo1 wrote: »

Just another question while I am here.

I have a Santander debit card -I assume I can use it in Majorca at any Santander cash machine to withdraw euros to avoid fees?

Correct, assuming that Santander class it as part of Spain (which it is, I can't imagine they have any rules which exclude the Balearic Islands).

in_need_of_direction

In store travel money at tesco will price match.