Tesco Credit Card users no longer able to pay off with cash
Tesco Credit Card users will no longer be able to pay off the outstanding balance using cash from this month.
Tesco Credit Card users no longer able to pay off with cash”
Tesco Credit Card customers will no longer be able to pay off their outstanding balance using cash from this month, as the Payments Services Directive comes into force.
Previous, users were able to visit their local bank to pay off credit, but new rules mean that all banks must ensure any cash payments made at a banking branch not owned by the credit card provider art in the holders account within 48 hours.
Any firm failing to meet this deadline could face a fine from the Financial Services Authority (FSA).
The move means Tesco credit card holders will no longer be able to pay off their debt using cash, as the company does not operate a banking branch network and would therefore be unable to meet the deadline.
Speaking to thisismoney.co.uk, a Tesco Bank spokesperson said that while the change was likely to prove a hindrance in the short term, the company was dedicated to helping customers find a solution.
“We’ve received very few complaints and customers can contact us for help in arranging other payment methods - customers can continue to pay by direct debit, online, by phone, by post or by cheque at a branch,” they said.
Approximately 2.8 million people currently own a Tesco Credit Card with users benefitting from an extra clubcard point for every £4 spent.
Posted by Sarah Nyman
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