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Credit Cards

How much do I pay for cash withdrawals and cash transactions on a Tesco Bank Credit Card?

You can use your card to make cash withdrawals at an ATM, over the counter at a bank or from a cash provider. 

 

You can also use your card to make cash transactions. Examples of cash transactions are gambling transactions (lottery tickets, scratch cards and betting etc), wire or international money transfers, repaying borrowing (e.g. loans and mortgages), purchasing foreign currency outside of Tesco, payments to prepaid or virtual cards, investments, share trading and spread betting.

 

Depending on the type of transactions, a fee will be applied:

  • Cash withdrawals  3.99% handling fee (minimum charge of £3.00)
  • Cash transactions – 3.99% handling fee (no minimum charge)

For more information on transaction types, your APR and interest rates, please refer to the summary box which can be found on the back of your Credit Card monthly statement or the Terms and conditions that you received with your Tesco Bank Credit Card.

 

We also confirm all interest on fees on your monthly statement which can be viewed via Online Banking or our Mobile App. If you are unsure if the transaction will be classed as a purchase or a cash transaction, then please check with the retailer or merchant and ask them how they will process the transaction.

 

For more information on using your Credit Card overseas, you can view the following FAQ:
What do I need to know before using my Credit Card abroad?

Comments
Khrisjun

Good Morning,

 

Im wondering if I pay an amount towards my Student Loan (Student Loans Company) will this count as a cash advance and i will be charged accordingly or will this count as a purchase and fall into my normal spending?

 

Thanks,

Khris

Tony3

Hi im sure i have got a 0% offer on transferring cash to my uk bank account from my tesco credit card but i want to be sure before i action it. How do i find out my offers as ive looked at my account online and can't find this information. Thanks 

@Khrisjun - it depends how they take the payment as this could be processed as a cash advance or purchase. So I would suggest contacting Student Loans direct to find this out. 

 

@Tony3 - this information isn't available online unfortunately, but if you call us on 0345 300 4278 (available 24/7) someone can confirm this for you. Alternatively, follow the instructions here to message us privately and we can check. 

 

 

Khrisjun

@sarah_d Thanks - I did a sample payment to the student loans company and it has now appeared on my statement with 'Transaction Type: Purchase'

 

I think this answers our question - Good information to know as i get closer to paying it off, would prefer to have the debt on my creditcard.

@Khrisjun - pleased you have figured it out! Thanks for letting me know - Sarah

Gab

Hi 

I’ve just done a balance transfer and accidentally have put 6000 instead of 600!!!!!!! so my tesco credit card  will be in credit by over 5,000. What should I do about this? Can I get the cash back? Obv I don’t want to just spend 5,000

Hi @Gab, we certainly can arrange for your credit balance to be refunded, however we will need to speak to you to complete this. Please give us a call on 0345 300 4278, selecting option 2 and then option 0 to speak directly to an adviser. I hope this helps, let me know if there is anything else we can do for you - Ross

esmo

I had to withdraw money from an ATM to pay for groceries as the card machine was not working. I only had my credit card on me. I understand I will have the £3 cash advance charge. How do I avoid the interest charge? Can I avoid the interest?

Hi there @esmo 

 

Interest is accrued on a daily basis following the cash withdrawal, so the best way to minimise the interest amount is to clear the balance off as soon as possible. For example, if you were to clear the balance of cash today then only 1 day of interest would apply. 

 

I hope this helps, if you have any follow up questions then send them over :-) 

 

Jay 

esmo

Ok. Great. Will clear the balance. Thanks