[Redlichtie]

Can you provide as response for the following question.

In my latest statement there is a transaction on 20/06/2023 for a cash transaction fee.

Where has this come from or advise of where this transaction has come from.

[ITUnurse]

@Redlichtie

Hi I don't in any way work for tesco bank or any department bit this may help

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

• 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

If you haven't done or made any sort of transaction like above please contact the tesco credit card line the number should be on a recent statement or your card

As even if someone was working for the credit card department they wouldn't be able to give you any sort of details due to security

Regards Simon

[ChristopherP]

@Redlichtie Hey, thanks for getting in touch. 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: wire/international money transfers, repaying borrowing, purchasing non-Sterling currency outside of Tesco, payments to prepaid or virtual cards, purchasing gift cards, investments and share trading. Have you made any of those types of payments?

If so, you will see interest charged over at least 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. I've also linked more information below on cash transaction fees.

Lots of great information above from @ITUnurse too. Thanks! 😃

https://community.tescobank.com/content/3323