I have occurred an interest charge of 15p due to 'cash withdrawal or cash transaction' - I never use my card for withdrawals and don't understand what qualifies as a cash transaction. Help!
Hey @suelambert56, 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: 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 three 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. The final statement shows the final amount of interest to be charged. With cash interest, interest gets charged on the interest which appears on the last statement.
I've attached a FAQ page that gives the different types of cash transactions, I hope this helps😀.
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