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Credit Cards

What is a Cash Transaction fee?

When you use your credit card to make a ‘cash-like’ transaction, you’ll be charged a Cash Transaction fee.  Cash transactions include:

  • Gambling transactions - these include using your card to buy lottery tickets,  online gambling sites such as bet365 and Gala Bingo as well as traditional bookmakers like William Hill

  • Buying foreign currency from anywhere other than Tesco Travel Money – so if you use your Tesco credit card to buy your currency from other providers such as M&S, you’ll be charged a cash transaction fee. This also covers the purchase of cryptocurrencies such as Bitcoin or Coinbase.com

  • Payments to prepaid or virtual cards such as Parentpay, Nimbl, Western Union, etc

  • Wire or international money transfers through companies such as Transferwise, MoneyGram, Azimo, etc

  • Finance payments such as repaying borrowing (e.g. loans, mortgages and credit cards) – this includes student loans, store cards, car finance repayments, Klarna etc

  • Investments and share trading where you purchase shares/commodities using companies such as Trading 212, Plus500, eToro, etc

  • Spread betting with companies such as IG.com, City Index, etc

Comments

I have suddenly noticed several cash transactions fee for 7 or 8p. Seems there is something called a "cash like" transaction which I can only assume means a small amount of money. Purchases were in UK, I am not overdrawn and have not purchased currency. Is this a stealth charge?

Hi @Ross2612, have you made any transactions that match in the list above? These would be considered a Cash Transaction - Ross

Hello

 

I have been charged a cash transaction fee for purchasing a small amount of physical Gold online.

 

I have made similar purchases of Gold in the recent past and not been charged. I don't see physical Gold being mentioned as a cash transaction under

your T and C's.

 

Please can you explain why I am being charged now?

 

Thank you

 

Hi @MrPink, thanks for getting in touch. It sounds like it could be the way the merchant has processed the payment. So I can check this, can you please send a private message to @Tesco-Bank? - Caroline

Hi, 

I have been charge a cash transaction fee of £25.90 on my account and unsure what it is for? Could you please update me with why I have been charged this? Thanks 

Hi @Philbromhead, sorry to hear this. When you make a cash transaction, we charge a fee of 3.99% and interest at your standard cash transaction rate.This is from the date of the transaction until the date this cash balance is paid.

 

We consider the following types of payments to be cash transactions: gambling transactions, wire/international money transfers, repaying borrowing, purchasing non-Sterling currency outside of Tesco, payments to prepaid or virtual cards, purchasing gift cards, investments, share trading and spread betting.

 

Have you made any of those types of payments? If so, you will see interest charged over two statements. The first statement will show the cash transaction fee and the interest from the date of the transaction until the statement came out. The second statement will show interest accounting for the period between the first statement coming out and the balance being paid in full. After this there’d be no more interest applied to this specific transaction. Hope this clarifies things for you.