cash interest on boi mastercard

sham69

Hi,
I was just going through my boi mastercard statement and noticed that ther have been 2 charges every month.
1 is purchase interest which I would expect because i have made purchase and the other is cash interest which I am a bit puzzled about.
Would this not be for cash withdrawn from the card?
I don't withdraw cash as I can't even remember the pin.
I only use my card for online purchases?
Any advice appreciated.

3DataModem

Some online purchases are classed as "cash" by MasterCard.

E.g. online gambling or poker.

sham69

cheers for the reply.
Anywhere I could find out for sure, apart from being stuck on hold on the phone to find out?
I don't gamble online or play poker?
Thanks.

coylemj

When you make a payment on a credit card a/c there is an order in which the payment is applied. Usually it is first applied to any outstanding cash withdrawal, then to outstanding interest, then to purchases.

This means that the cash item should be on the current or previous bill, take a look at your statements and see where it hit your bill and the description beside it.

sham69

It just seems to be added at the end of each bill with the purchase interest

coylemj

When you say 'each bill', how many bills has it (cash interest) appeared on? Whichever bill it first appeared on is the same bill where the cash item was billed because cash incurs interest from the day it's billed, there's no free credit period with cash withdrawals as there is for regular purchases

sham69

thats the strange thing.
Its on bills for the last year at least.
I havent checked beyond that.
I havent taken cash from card in about 2 years as I lost the pin and was trying not to use it for cash.
I just thought it strange when I saw the cash interest.
I was going to ring BOI but don't want to make a fool of myself if its correct.

coylemj

sham69 wrote: »

I was going to ring BOI but don't want to make a fool of myself if its correct.

You'd be an even bigger fool to let it run on forever which is what's going to happen if you don't fix it.

sham69

very true,
I just thought i would check and see if someone knew what it was for.
I thought that someone with a BOI mastercard might have been able to shed some light on what the interest is for.
I will give them a buzz when I get home from work.
Cheers for the replies.

cpaul

Apologies for bumping a thread nearly three months old but did you find out what this 'cash interest' is about?

I have the same charge on my account (also BoI Mastercard) now monthly for well over the last year and I haven't withdrawn any cash. Only use it for online shopping.

rev2.0

Isn't Paypal now classed as a cash advance?