The behaviour of the Pd phase in three way catalysts (TWCs) having a Ce-Zr oxide as a promoter component has been examined under CO/NO cycling conditions. In order to extract information on the role of the noble metal and the metal-promoter interface, two catalysts in, respectively, the presence or the absence of the promoter and having a similar Pd particle size were analyzed by a synchronous multitechnique approach using X-ray absorption (XAS) or high energy X-ray diffraction (HXRD) in combination with diffuse reflectance Fourier transform infrared spectroscopy (DRIFTS) and mass spectrometry (MS). From a structural point of view it is shown that the promoter oxide strongly influences Pd behaviour, limiting morphological (size/shape) and structural (formation of carbide/oxide phases) modifications occurring under dynamic conditions in the absence of the promoter. Activity measurements show that these phenomena have important chemical consequences in terms of CO/NO pollutant metal coverage(s), the occurrence of NO and/or CO dissociation steps as well as the subsequent transformation of the pollutants into CO2 and N2.