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Credit card terms on BoI Business Account

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  • 22-07-2008 5:50pm
    #1
    jerryob
    Closed Accounts Posts: 52 ✭✭


    I am in the process of opening a Business Account, and am considering BoI, which gives me a current account free for 2 years of charges, plus chequebook, plus credit card (plus other extras not relevant to this discussion). It was explained to me that the credit terms on the credit card are as follows:
    o repayment is via direct debit out of my business current account
    o the direct debit will come out ~5-6 days after my monthly statement being issued

    - this will give me approx. 6(min) to 36(max) days of credit, depending on when in the monthly cycle that I put purchases on the credit card.

    Has anyone successfully agrued for longer credit terms on their credit card? I am trying to exercise good financial management by maximising my debtors days, and want to be prepared for when I go back to the bank...


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    #2
    ImDave
    Registered Users Posts: 1,096 ✭✭✭ImDave


    If you are only making a small percentage of the outstanding amount for the monthly repayments it won't matter too much, so you could go like direct debit for 25% of balance and make payments as you are able throughout the month to reduce the balance.


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    #3
    information
    Closed Accounts Posts: 362 ✭✭information


    jerryob wrote: »
    I am in the process of opening a Business Account, and am considering BoI, which gives me a current account free for 2 years of charges, plus chequebook, plus credit card (plus other extras not relevant to this discussion). It was explained to me that the credit terms on the credit card are as follows:
    o repayment is via direct debit out of my business current account
    o the direct debit will come out ~5-6 days after my monthly statement being issued

    - this will give me approx. 6(min) to 36(max) days of credit, depending on when in the monthly cycle that I put purchases on the credit card.

    Has anyone successfully agrued for longer credit terms on their credit card? I am trying to exercise good financial management by maximising my debtors days, and want to be prepared for when I go back to the bank...
    You could try push for longer but with a new business its doubtful and also with a new business expect most supliers to reguirement up front payment.


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