What Does TST Mean on a Credit Card Charge?
I feel bad for people who have been charged “TST Credit Card Charge” on a bank statement and do not know about the charge. Don’t worry about it. Let’s break down the mysterious charge.
What is TST?
TST stands for Transaction Service Tax. It is a tax imposed by certain governments like India, Pakistan, Malaysia, and the Philippines. TST transactions include from credit card purchases to ATM withdrawals.
The rates vary from country to country. If you are concerned about the TST charges on your bank statement, it is best to contact your credit card issuer.
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What does TST mean on a credit card charge?
Now I understand what is TST, please also explain what TST means on a credit charge. It means that if you have purchased using your credit card or use ATM withdrawals, there is a good chance you’ll see it on your bank statement. Because tax is a part of the total transaction amount.
What is the TST Charge on Debit Card?
Now I understand what is the TST charge on a credit card. Please also tell me if is there any TST charge on the debit card.
Yes, it is a similar tax that you see on your credit card bank statement. Tax is also imposed on debit card transactions. Just like the credit card, rates and details vary from country to country.
If you are concerned as I said earlier contact your credit card issuer and get the details.
Is the TST Credit Card charge on a Scam?
No, it is not a scam. It is a legitimate tax that is imposed by the government authorities. If you’re unsure about it, then it is a good idea to contact the credit card issuer for clarity. Please make sure before contacting, to collect sufficient information about it like transaction amount, date, and time.
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How Can I Avoid TST Charges?
No, you can’t avoid the charges but you can minimize it. Ok but how? Let me tell you:
- Using cash is the best option, paying cash will help you to avoid the transaction tax.
- Regularly review your bank statement to make sure that all charges are accurate on your bank statement.
- If you notice an unauthorized TST charge on your bank statement, quickly contact your credit card issuer and dispute it.
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FAQs – Frequently Asked Questions
Conclusion
In conclusion, transaction service tax is a common tax that you may see on your credit card statement. The reason for appearance is when you use your credit card. It is a legitimate charge, not a scam so don’t worry about it.
You just have to minimize this tax by using more cash transactions. By understanding its purpose, you can better manage your finances and avoid any surprises.
