Credit Card Query

Little Sunshine

I have a query in relation to my credit card - Why do I get charged purchase interest? It states that u have to pay a minimum each month off the card which I have done - (paid way above the minimum) - so whats this purchase interest?

3DataModem

You pay interest if you don't clear the entire balance each month by the due date.

Little Sunshine

Thanks for that - so if there is a big outstanding balance - which there will be next week >€2,000 will the interest be at the same rate or a a higher rate - Its a BOI CC

cookie1977

Same rate base on the APR of your credit card. If you dont clear the entire balance you will always pay interest. Different BOI CC's have different rates:
http://personalbanking.bankofireland.com/credit-cards/

At a minimum you will have 30 days to pay off a credit card without incurring interest but if you time it write and buy a day or two after your bill date then you should have up to 56 days to clear the balance

chris85

The rate is constant but the the balance on which interest is calculated will increase unless more is paid as the interest which you get charged is put on the balance.

Pay the full balance each month to avoid paying interest. Anything below this will result in interest being charged.