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Credit limits and interest

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  • 17-05-2007 10:18pm
    #1
    ro_chez
    Registered Users Posts: 574 ✭✭✭


    Hello all,

    I am about to apply for my first credit card and am considering the AIB "be" card for the online payments. I was wondering how do credit card companies and banks determine your credit limit. Is it a set amount or does it depend on your income etc?

    Also am I right in believing that you pay no apr or interest if you were to pay off any purchases immediately which would just leave the €40 government tax?

    Apologies if these are idiotic questions but I am quite the idiot when it comes to this stuff!!

    Thanks in advance.


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    #2
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Credit limits are normally judged on income/capacity to reply (i.e. income after outgoings like rent, mortgage etc)

    If you pay off the purchases immediately, then yes, you should pay no interest, and should only pay the stamp duty every year


  • Options
    #3
    ro_chez
    Registered Users Posts: 574 ✭✭✭ro_chez


    Thanks for the swift reply Buffybot.


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