Cash advance fee for buying foreign currency

leedslass

I've just been charged a £15 'Cash advance fee' on my M&S credit card for purchasing foreign currency online through travelex. I'm pretty annoyed about this as I thought buying currency still counted as a 'purchase' and 'cash advance' was just taking money out of the atm on your credit card. They have also now charged me a huge amount of interest on this amount, despite all purchases being interest fee until December.

I've already run customer services, but it was a foreign call centre and they were no help. Has anyone else had this problem and did you get it resolved? I have studied the t&c's cover to cover and cannot find anyhting that clarifies whether buying foreign currency is defined as a cash advance or purchase.

Bokkens

The Indian call centre is next to useless try ringing the Chester call centre for a better response on 01244 898601.
The M&S web page talks of commission free and no fees and a fair price promise i would ring the CS again and politely request them to explain what has gone on with your transaction.
It also says that for cash advances there will be no interest free period and interest will be charged at a daily rate.

John_in_the_city

Leedslass,

you have to dig deep but you can find their definition of cash advance!

‘Cash Advance(s)’: any cash withdrawal, purchase of travellers cheques or foreign currency, (other than from Marks and Spencer plc), Cheque Transaction, money order or electronic money transfer (excluding Balance Transfers), any payment by direct debit and any betting and gambling Transaction.

You can find it here: http://www6.marksandspencer.com/pdf/CCTC.pdf

Its curious that the foreign currency exemption is for M&S plc yet if you purchased it online their choice of cash management agent (Travelex) should be of no consequence.

I would ring and quote their definition above. Good luck!

asot

The Travelex website warns you that if you use a credit card you may incur this kind of fee, did you do it via some other method? If you did it via another method and weren't informed I guess you might also be able to raise it with Travelex although that obviously doesn't solve your interest free issue.

King_Of_Fools

This is the same with all credit cards. If you get foreign money from M&S with a M&S credit card there is a special deal to treat it as a purchase but otherwise it will always be a cash advance.

Not only have you started being charged interest on the cash amount but you will continue paying interest until you clear the entire card so you have lost all of your interest free purchases up to now!

malky39

As King of Fools said why did you not just get your money from m&s and one you would not be charged this cash advance fee and two they normally have a pretty good exchange rate

leedslass

Thanks for the Chester number and also the link to the T&c's online - I hadn't managed to find those before. It looks like i'm not going to see that money again. At least I know for next time! The only reason I didnt buy my currency from M&S is because our local branch is miles away and I cant wait at home all day for delivery.
I'll keep using travelex (very good rates, order online and collect from the airport - very convenient!!) but remember to use my debit card in the future!!
Thanks for your help!!

YorkshireBoy

leedslass wrote: »

...but remember to use my debit card in the future!!

With very few exceptions*, most debit cards will also charge you a fee for purchasing foreign currency.


* Maestro, and Nationwide Visa Debit being the most notable exceptions.


BTW, you can ring M&S at Chester for free on 0800 997996.

littlejimmy

If you really like travelex you could get an card from the MBNA group, they have a deal going with travelex that their will be no cash advance fees charged, however for interest purposes it still counts as cash.