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Questions about student credit card

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  • 27-08-2011 8:49pm
    #1
    jc2008
    Registered Users Posts: 246 ✭✭


    I have a third-level account with Ulster Bank, and I am thinking about applying for a student credit card. Here are the details
    http://www.itsyourmoney.ie/costcomparisons/cs_tdetails.jsp?stID=45&sdID=62&suID=415&sfID=3&spID=428

    A few things I have questions about:

    1. The APR (which is based on a limit of €450) is 34.60%. This will sound stupid, but what does this actually mean?

    2. Annual (nominal) interest rate on purchases is 16.6%.
    Am I right in saying, that if I pay off the balance on time, all the time, I won't get charged any extra than the purchase amount? E.g. if I use the credit card to pay for flights where the total is €105, I will only be charged €105, and not €105 + 16.6%, or something like that, provided I pay the balance off? I know there's €30 a year stamp duty though.

    3. Is it possible to set up the bank account so the amount that is owed on the credit card gets automatically transferred by direct debit? Does it cost anything to pay off a credit card, or is it a simple matter of transferring funds onto the credit card.

    4. If the limit is €450, but I preload the credit card with money, e.g. €100, can I then make transactions for €550

    5. Are there any advantages to using a credit card over a debit card? My visa debit card works fine for online purchases, but is it safer to book things using a credit card (as you can do a chargeback)?

    Thanks for reading!


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    #2
    filmbuffboy
    Closed Accounts Posts: 894 ✭✭✭filmbuffboy


    I have a student credit card myself with ulster bank.

    Am I right in saying, that if I pay off the balance on time, all the time, I won't get charged any extra than the purchase amount?
    Yes

    Is it possible to set up the bank account so the amount that is owed on the credit card gets automatically transferred by direct debit?
    Yes

    Does it cost anything to pay off a credit card, or is it a simple matter of transferring funds onto the credit card.
    From your Ulster Bank current account its just a simple matter of transferring the funds. I dunno about inter bank transfers.

    If the card is 450, but I preload the credit card with money, e.g. €100, can I then make transactions for €550e?
    Different banks have different rules about this and IM not sure about what Ulster Banks policy is. Best to call them about it.

    Are there any advantages to using a credit card over a debit card?
    Yes, for one you are building up a credit history, and if you always make your payments on time this will make the bank trust you more with loans/mortgages in the future. Also, by purchasing online with a credit rather than debit card you are protected by fraud or if your purchase goes missing as you are spending the banks money and not your own. In the case of fraud, the bank usually refund the majority of the cost back onto your credit card.


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    #3
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    You may not pre load a UB credit card. It's not a bank account.


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    #4
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    unclebill98 wrote: »
    You may not pre load a UB credit card. It's not a bank account.

    I have a ulster bank account and yes you can add money to your account for example add 1k and now you could buy something for 1450. That's what I did when I bought my Mac. The important thing though is that if your account has money taken out with your permission. The bank will only cover over drafts. Eg if you have 1450 in your account. 500 is spent. They won't cover it. However if 1450 is taken out. They will cover 450 of it. Hope this helps


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    #5
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    It's not allowed.

    Plenty of complaints of customers having the cards stopped till the excess is cleared.

    Depending on how long you have your card it can be allowed but it's not commonly allowed.


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    #6
    jc2008
    Registered Users Posts: 246 ✭✭jc2008


    Thanks for the answers!

    I haven't applied for it yet, but I have no active source of income/grants etc., so I'm not sure they'll allow me to get one!

    Thanks again,
    JC.


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    #7
    filmbuffboy
    Closed Accounts Posts: 894 ✭✭✭filmbuffboy


    Ulster Bank wont ask you for income details when applying for a student credit card. YOur occupation is a 'student'. Though I wouldnt advise getting a credit card if you have no means of paying it back! :eek:


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    #8
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    jc2008 wrote: »
    Thanks for the answers!

    I haven't applied for it yet, but I have no active source of income/grants etc., so I'm not sure they'll allow me to get one!

    Thanks again,
    JC.

    Standard UB student package is current account, visa debit, €650max overdraft, student cc with max €450 and you'll be offered a savings account and online banking.

    Any thing outside that will require work or guarantor.


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