Credit Card Question

bestinwest90

Ok Im getting a credit card but will only use it occasionally, eg getting a laptop off dell or buying the odd thing online. But I want to know if i use it in E.g July and pay off the money used by the end of july, is there much interest. if i dont use it in e.g August or september , is there a charge even though im not using it . Thanks

prendy

in my experience as long as you pay off the total balance each month it will cost you nothing other than the standard €40 govt charge.

bestinwest90

prendy wrote: »

in my experience as long as you pay off the total balance each month it will cost you nothing other than the standard €40 govt charge.

€40 Per Year?? Can You Pay It Off Over Internet Banking?

Gazza22

From your first billing date, that will normally be the date every month you are billed. You will be given a date for the balance to be paid by without interest being charged.

So if your billing date is say the 1st of September, you buy something on the 2nd of September you then have until your next billing date to clear that payment. Should you buy something on the 25th of August then you have less than a week to clear that payment...and so on

There's no charges for not using your card every month

bestinwest90

Gazza22 wrote: »

From your first billing date, that will normally be the date every month you are billed. You will be given a date for the balance to be paid by without interest being charged.

So if your billing date is say the 1st of September, you buy something on the 2nd of September you then have until your next billing date to clear that payment. Should you buy something on the 25th of August then you have less than a week to clear that payment...and so on

There's no charges for not using your card every month

Great Stuff !! One Last Question, How Can one clear payments With BOI? Internet Banking Using Transfer Funs Is it?

Also a friend told me if i have a limit of €600 and want to buy something for €900 i can do that by using adding on €300 of my own money.. Any truth of this?

Woden

Yeah you can put the card in credit so to speak if you wish to purchase something more expensive then the card has a limit for. Just bare in mind it takes a few days for the transfer to go through.

And yes you do a transfer with 365online to pay the card just need to set it up over the phone.

One thing also if you put your credit card in credit and take money out abroad I don't believe you pay a fee which you do if you are just working off the card normally. Perhaps someone can confirm this it seems like the type of thing that could vary from bank to bank and card to card but it is how my BOI cards seem to work

bestinwest90

ok Cheers!!

Toots

prendy wrote: »

in my experience as long as you pay off the total balance each month it will cost you nothing other than the standard €40 govt charge.

Government duty on credit cards was reduced to €30 per year in this year's budget. As long as your credit card balance is cleared by the time it says 'payment due by' on your statement, you will not incur an interest charge, and yes, for most banks you can pay your card on the internet banking. You just need to register your card with the online banking first.

CSC

If you pay your balance before your statement due date you will not get charged any interest - bear in mind if this is for retail purchases only (e.g using the card in a shop, over internet). If you use it for cash transactions (e.g atm withdrawls, taking money over the counter) you pay interest on a daily basis.
If you put your card in credit you still pay the atm fee (in most banks - there may be an odd exception) but you don't pay interest. It is not a good idea to put the card in credit as if the card is lost/stolen the money you have it in credit by is not covered. Also, because of money laundering a lot of banks will block cards put in credit and you have to prove to them the reason for doing this.

justbringit89

Ya well it would be a once off , If, E.G I had a student Credit Card With €400 limit and wanted laptop off the net worth €600!

The women on the phone seemed very positive about getting one but what are the chances of a 19 year old college student earning €150 a week been appoved for one?

omb0wyn5ehpij9

Toots85 wrote: »

Government duty on credit cards was reduced to €30 per year in this year's budget.

That's the first i've heard of that! Bit of good news for a change

CSC

It's hard to say, as where I work every application is reviewed on an individual basis. When credit is being approved it's always based on Stability, Ability and Willingness to pay.
If you are declined, a lot of students have one of their parents take out a card and they become the authorised user on it.

justbringit89

CSC wrote: »

It's hard to say, as where I work every application is reviewed on an individual basis. When credit is being approved it's always based on Stability, Ability and Willingness to pay.
If you are declined, a lot of students have one of their parents take out a card and they become the authorised user on it.

ya i said the women would my parents need to sign as being a gaurentee or whatever but she said no they wouldnt as it was my own business.. Would the fact i would only have a e.g. €400 limit?

CSC

No, the limit would be decided after you were approved.