Tesco Credit Card 0% 36 Months

smitherz87

Hi,

I am looking for a bit of advice.

I have the above credit card as the thread title suggests. I recently transfered the remaining balance from a car finance to the credit card and I noticed I had some fees in my last card statement. I phoned customer service from Tesco Bank and they told me that it was treated as a cash transfer, so not only do I have to pay a fee I also now have 30% APR applied to the full balance until it has been cleared. Apparently this have been the case since April/May this year.

I feel a little ripped off as my car finance was already 0% and I only transfered the debt in order to sell the car. Anyone else heard of this? Can this be classed as a cash transfer?

They also said they wrote to me about the change, I dont recall ever reading this and I am not the type to chuck any communication in the bin, unless it was buried in some small print.

Willing2Learn

Hi,

Unfortunately you needed a 0% money transfer card for the transfer for the loan. Can you get another BT card to transfer from the 30% Tesco card?

Edit: https://www.moneysavingexpert.com/credit-cards/money-transfers/

smitherz87

That was my next thought to get another then transfer the balance again. I was a little confused by Tesco saying they had recently made that changed that has incurred me these charges.

Also why call it cash as by definition cash was not involved?

molerat

It is a "cash like" transaction, paying off non credit card finance with a credit card has always been 50/50 with any card. Tesco have recently become very strict over what is a cash transaction - recent thread about cashless school dinner card top up being treated as a cash transaction.

SnowTiger

smitherz87 wrote: »

That was my next thought to get another then transfer the balance again. I was a little confused by Tesco saying they had recently made that changed that has incurred me these charges.

Also why call it cash as by definition cash was not involved?

Tesco updated their credit card T&Cs a few months ago. They sent a leaflet out to customers: https://www.tescobank.com/assets/sections/credit-cards/pdf/tb-credit-cards-personal-nov.pdf.

The expanded the definition of cash.

dazzaofdagenham

molerat wrote: »

It is a "cash like" transaction, paying off non credit card finance with a credit card has always been 50/50 with any card. Tesco have recently become very strict over what is a cash transaction - recent thread about cashless school dinner card top up being treated as a cash transaction.

Yeah that was me.....topped up kids school dinner account....tney call it squidcard ( use fingerprint to buy food ) ...

So didn’t realise this was treated as a cash transaction and attracted fee / interest....
Lesson learnt

Elvie100

SnowTiger wrote: »

Tesco updated their credit card T&Cs a few months ago. They sent a leaflet out to customers: https://www.tescobank.com/assets/sections/credit-cards/pdf/tb-credit-cards-personal-nov.pdf.

The expanded the definition of cash.

Slightly off topic, but thanks for posting that link. It just reminded me to change my statement date to tomorrow otherwise I would be missing a DD for my Halifax account for September as they have pushed it back to 25 days instead of 20. I know it is only £3 but still......