Ulster Bank Credit Card Rates Rip Off

liverpool2007a

Just noticed that as of Sept first Ulster bank are charging 19.4% and 22.4% ( cash advances) on their credit card rates. Anyone think 22.4% Apr is nothing short of extortion. I know some money lenders that dont charge that. They have to be having a laugh.

Sizzler

Not excusing it ! But this is prob because they had a great offer of 9 mths interest free on purchases and balance transfers so they are trying to screw those people once that amnesty expires. My advice would be to move the whole lot on month 8 to another bank

mcaul

The best value credit card on the market is National Irish bank. I don't know why they don't promote it more.

With NIB you get the full credit days and if you only pay of a portion of the bill, interest is only added AFTER the credit free period ends. No interest is applied on the goods you have paid for with the portion payment.

With all other banks especially AIB/ BOI / Ulster you are charged interest from the day you purchase the goods including the goods you have paid off with the portion payment unless you have paid the FULL balance by the due date.

The changes by the main banks were made in July 2003 by way of a flyer with tiny print informing those with magnifying glasses that the changes in interest calculations were being made. - If you hadn't magnifying glasses you were inable to read the print.

eamon234

It's bloody nuts - I'm moving my two UB cards to Bank Of Scotland (who funnily enough OWN Ulster Bank) Plastic - APR is 9.5% and 0% on balance transfers - ever since they introduced "free" banking they've been finding other ways to charge us. They also stopped branches from allowing accounts to go over the overdraft limit and they are making a fortune in returned direct debit and cheque charges - this used to be a great bank to deal with but no more

dazberry

eamon234 wrote:

It's bloody nuts - I'm moving my two UB cards to Bank Of Scotland (who funnily enough OWN Ulster Bank)

Royal Bank of Scotland (RBS) own Ulsterbank, Bank of Scotland is a different bank altogether.

... funny enough, as per IFSRA guidelines, UB must offer credit at an APR less then 23% or they are classed as "moneyleaders" (I'm sure there are other criteria too) - but they're not leaving a lot of room there are they...

D.

nlgbbbblth

eamon234 wrote:

It's bloody nuts - I'm moving my two UB cards to Bank Of Scotland (who funnily enough OWN Ulster Bank)

As stated above Ulster Bank is owned by Royal Bank Of Scotland.

Bank of Scotland are changing their brand name in Ireland to Halifax. The reason for this is people constantly confusing them with Royal Bank Of Scotland.

Hotblack Desiato

nlgbbbblth wrote:

Bank of Scotland are changing their brand name in Ireland to Halifax. The reason for this is people constantly confusing them with Royal Bank Of Scotland.

makes sense, why didn't those high paid brainy banker types think of it beforehand though?

NIB have got a hell of a lot of bad press in the last few years but almost all of this actually relates to the old Northern Bank regime, not NIB as owned by National Australia Bank. Certainly not NIB as now owned by Danske. I've been with them for ten years and am very happy (current a/c and credit card.)

Their online banking is very good. They have the option (free) of getting a security tag thingy which I think is a lot better than the usual downloaded security certificate. You can use the tag on any PC (Mac/Linux/Windows) while the cert is Windows only and tied to one PC.
Rabobank made a big fuss of the advantages of these tags when they launched, why do NIB keep quiet about them?

I was even able to use the online system to edit a standing order I'd set up years ago in-branch. The only reason to visit the branch now is to open an account or make a lodgement.

nlgbbbblth

ninja900 wrote:

makes sense, why didn't those high paid brainy banker types think of it beforehand though?

they shouldn't have to make such a change.

if the general public cannot differentiate between two very different banking groups then that should be general public's problem.

ircoha

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