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AIB Mastercard interest calculations

  • 15-11-2008 12:47AM
    #1
    SAVE_ME.222
    Closed Accounts Posts: 153 ✭✭


    I have a mastercard with aib and just curious as to how they calculate the monthly interest. I am being charged 1.24%/month on purchases. Is this just taken as 1.24% of my balance the day before it's charged, or is it calculated every day (e.g. in October - 1.24% / 31 = 0.04% per day) ? Thanks.


Comments

  • #2
    IsThatSo?
    Closed Accounts Posts: 988 ✭✭✭IsThatSo?


    Interest on loans, mortgages and the like is calculated on a daily basis. It accrues and then is charged to the account quarterly.

    I think mastercard is the same, it accrues daily but only charged once a month. Therefore if you make a payment your interest reduces the following day.

    With regard to what rate the daily charge is you should contact the company involved. You should probably ask for confirmation of the above, mastercard is not my strong point and I am basing my reply on what happens with other borrowings and common sense :o


  • #3
    SAVE_ME.222
    Closed Accounts Posts: 153 ✭✭SAVE_ME.222


    Ah that makes sense anyway, thanks !


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