Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

BOI charging me to transfer funds from my credit card..(which is in credit)

Options
  • 19-02-2008 7:01pm
    #1
    techguy
    Registered Users Posts: 2,234 ✭✭✭


    Hi,

    I recently transferred funds from my current a/c to my credit card a/c using 365 Online only to discover the company i'm ordering from online will only take bank transfer..Fine.

    365 online wouldn't let you transfer money from credit card back to current a/c.

    Went into the bank today to get it done. The clerk was putting it through as a cash advance fee which incurs a charge of 1.75% which is €5.25 (from €300). She said "it was the only way it can be done".

    I left it at that and left.. What a joke. They are basically charging me for moving money from one account to another, both of which are in my name.

    Does this seem wrong to anybody here or am I just raving..

    Thanks..


Comments

  • Options
    #2
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    techguy wrote: »
    Hi,

    I recently transferred funds from my current a/c to my credit card a/c using 365 Online only to discover the company i'm ordering from online will only take bank transfer..Fine.

    365 online wouldn't let you transfer money from credit card back to current a/c.

    Went into the bank today to get it done. The clerk was putting it through as a cash advance fee which incurs a charge of 1.75% which is €5.25 (from €300). She said "it was the only way it can be done".

    I left it at that and left.. What a joke. They are basically charging me for moving money from one account to another, both of which are in my name.

    Does this seem wrong to anybody here or am I just raving..

    Thanks..

    Absolutely correct. Lesson..... There should be no need to put your credit card in credit. Make a payment after the transaction has gone through. Interest is not due unless you have an outstanding balance from the previous month. Simple. A cash advance fee is charged whether your account is in credit or not.


  • Options
    #3
    Colonel Sanders
    Closed Accounts Posts: 7,669 ✭✭✭Colonel Sanders


    stepbar wrote: »
    There should be no need to put your credit card in credit.

    Why not? If the facility is on the card why not use it? For example one might only use a card for online buying where laser isn't accepted (e.g. Ryanair).

    I once had BOI's Gold Advantage Mastercard and wasn't charged a cash withdrawal fee when it was in credit (this was about 2 yrs ago). I regularly pre-loaded it when going abroad for withdrawing foreighn currency via ATM


  • Options
    #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Colonel Sanders wrote: »
    Why not?
    stepbar wrote:
    Interest is not due unless you have an outstanding balance from the previous month.
    .


  • Options
    #5
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    I think AIB don't charge you to do that. Would there have been a charge had you made a withdrawal form an ATM ?


  • Options
    #6
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    broker2008 wrote: »
    I think AIB don't charge you to do that. Would there have been a charge had you made a withdrawal form an ATM ?

    They do
    AIB wrote:
    Credit Card Fees and Charges
    1. Cash Advance Fee

    EUR1.90 or 1.5% of the transaction value, whichever is greater ('be' credit cardholders please note the cash advance fee will apply for accounts in debit and in credit)
    http://www.aib.ie/servlet/ContentServer?pagename=ROIPersonalPortal/AIBContent_C/pp_article&c=AIBContent_C&cid=1199721861976&channel=P004%20#Credit_Card_Fees_and_Charges


  • Advertisement
  • Options
    #7
    nadimmu
    Closed Accounts Posts: 49 ✭nadimmu


    stepbar wrote: »
    Absolutely correct. Lesson..... There should be no need to put your credit card in credit.

    Wat about my credit limit being only E400 and my order was more than...???

    By The Way This techguy....


  • Options
    #8
    John2002
    Registered Users Posts: 646 ✭✭✭John2002


    stepbar wrote: »
    Absolutely correct. Lesson..... There should be no need to put your credit card in credit.

    What if I win money on paddypower.com? AFAIK the only option is to get that transferred to my credit card.


  • Options
    #9
    techguy
    Registered Users Posts: 2,234 ✭✭✭techguy


    What? Are you sure.. about 12 months ago I was up about €40 and wanted it payed to me but they wouldn't pay to credit card.. They told me to contact customer services and arrange a transfer..

    Needless to say in the meantime I had gambled it all away on their site!! Scumbags!!


  • Options
    #10
    Hanley
    Banned (with Prison Access) Posts: 21,981 ✭✭✭✭Hanley


    John2002 wrote: »
    What if I win money on paddypower.com? AFAIK the only option is to get that transferred to my credit card.

    In fairness guys, you're using exceptions to disprove the rule.


  • Options
    #11
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    John2002 wrote: »
    What if I win money on paddypower.com? AFAIK the only option is to get that transferred to my credit card.

    A cheque.....
    nadimmu wrote: »
    Wat about my credit limit being only E400 and my order was more than...???

    A draft, EFT or a get a higher limit!


  • Advertisement
  • Options
    #12
    Sangre
    Registered Users Posts: 12,168 ✭✭✭✭Sangre


    stepbar wrote: »
    There should be no need to put your credit card in credit.

    There are loads of reasons. A few would be being able to make purchases above your credit limit, avoiding having to pay the bill every month if inconvienent e.g. you're travelling. The most obvious reason is to be able to make ATM withdrawals while abroad without occurring cash advance fees.

    Of course this only applies to certain visa/mastercards. If in the BOI mastercard T&C they state they charge even while in credit then there is nothing you can do. Except move to a card that doesn't charge such fees, which there are many.
    stepbar wrote: »
    They do

    EUR1.90 or 1.5% of the transaction value, whichever is greater ('be' credit cardholders please note the cash advance fee will apply for accounts in debit and in credit)
    http://www.aib.ie/servlet/ContentServer?pagename=ROIPersonalPortal/AIBContent_C/pp_article&c=AIBContent_C&cid=1199721861976&channel=P004%20#Credit_Card_Fees_and_Charges

    The 'be' card is only one of about 4 cards that AIB offer.


  • Options
    #13
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Sangre wrote: »
    There are loads of reasons. A few would be being able to make purchases above your credit limit, avoiding having to pay the bill every month if inconvienent e.g. you're travelling. The most obvious reason is to be able to make ATM withdrawals while abroad without occurring cash advance fees.

    Of course this only applies to certain visa/mastercards. If in the BOI mastercard T&C they state they charge even while in credit then there is nothing you can do. Except move to a card that doesn't charge such fees, which there are many.

    Of course, there are "loads" of reasons, but you shouldn't really have to. Get your Credit card on Direct Debit / Internet Banking and make payments accordingly. In fairness, why would you be giving the bank money that you could have on deposit somewhere else? Make the payments when they come through or wait for the direct debit. Simple.

    You are still going to be charged a fee for withdrawing from an ATM, home or abroad.
    Sangre wrote: »
    The 'be' card is only one of about 4 cards that AIB offer.

    Its the same fee structure for them all except cash advances for the other 3.


  • Options
    #14
    Sangre
    Registered Users Posts: 12,168 ✭✭✭✭Sangre


    stepbar wrote: »
    You are still going to be charged a fee for withdrawing from an ATM, home or abroad.

    As in a cash advance fee? Not with certain few credit cards if you're in credit. Apparently with aib and boi though!

    If you're withdrawing foreign currency you'll obviously be charged the conversion rate as set by visa/mastercard.
    Its the same fee structure for them all.

    Assumed it wasn't since it singled 'be' out. I'm actually suprised boi and aib charge cash advance fees on withdrawls while in credit. Always thought the norm was not to. Better get rid of the BOI card before I go away.


  • Options
    #15
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    stepbar wrote: »
    EUR1.90 or 1.5% of the transaction value, whichever is greater ('be' credit cardholders please note the cash advance fee will apply for accounts in debit and in credit)

    Wow one really does need to keep an eye on those terms and conditions.


  • Options
    #16
    Colonel Sanders
    Closed Accounts Posts: 7,669 ✭✭✭Colonel Sanders


    there's a credit card survey on www.itsyourmoney.ie (altho I can't find the actual page at the moment!!!). Does a cost comparison for all the major credit card providers.


  • Options
    #17
    parsi
    Site Banned Posts: 5,904 ✭✭✭parsi


    @stepbar: your reference mentions that "EUR1.90 or 1.5% of the transaction value whichever is greater.('be' credit cardholders please note the cash advance fee will apply for accounts in debit and in credit)"

    only applies to be cards and not platinum, gold or classic.

    Perhaps you may identify what the policy is for each BOI card ?

    Edit: As per http://www.boi.ie/includes/pdfs/card_rates.pdf BOI cahrge 1.5% minimum 2.54.


Advertisement