Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

BoI Business Visa Credit Card

Options
  • 24-09-2013 3:22pm
    #1
    ImDave
    Registered Users Posts: 1,096 ✭✭✭


    Hi All,

    Was going to post this in Banking but thought as its a business card here might be more apt.

    I was approved for a new business visa credit card from BoI, and waiting for the card to arrive now. Just wondering if anyone knows if you must pay 100% of the balance off every month, or do you have the option to pay a minimum payment, or 25% of the balance etc? I assume not as they can't make money from interest charges if you must.

    In the future I would like to pay 100% per month but as I've just started trading, it would provide a source of finance for a few small bits for the first two months or so.

    Thanks


Comments

  • Options
    #2
    thecommander
    Registered Users Posts: 2,537 ✭✭✭thecommander


    100% payable every month was the standard when I got BOI business visa cards. Did you not ask when applying?


  • Options
    #3
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    They also make you sign a personal guarantee. And if you want to check the balance on the card online this counts as an additional service with a monthly fee.

    If you are a small business then avoid if possible, use a personal debit card instead and reimburse yourself.


  • Options
    #4
    ImDave
    Registered Users Posts: 1,096 ✭✭✭ImDave


    thecommander wrote: »
    100% payable every month was the standard when I got BOI business visa cards. Did you not ask when applying?

    Thanks.

    No I didn't think of asking as I had no idea a business card was viewed differently from a personal credit card in terms of re-payment minimums.


  • Options
    #5
    ImDave
    Registered Users Posts: 1,096 ✭✭✭ImDave


    srsly78 wrote: »
    They also make you sign a personal guarantee. And if you want to check the balance on the card online this counts as an additional service with a monthly fee.

    If you are a small business then avoid if possible, use a personal debit card instead and reimburse yourself.

    Yeah I had to sign a personal guarantee as well which doesn't really bother me as the limit on the card is fairly small.

    You're right on using the debit card in the long term. The reason I wanted the credit card and why I'm concerned about the 100% monthly payment is that I may be required to travel at short notice a couple of times a year and have to book my own flights and accommodation overseas which could be expensive. I wouldn't be reimbursed by the customer then for up to 7/8 weeks, making the 100% monthly payment a problem.

    I presume there wouldn't be a problem switching to like 25% payments as that is how the bank would make money off the card?! All will be revealed when I hear back from my business advisor anyway but just a little apprenehsive in the meantime.


  • Options
    #6
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    Just make sure you understand that the total banking fees (for having a boi business bank account) will probably be over e500/year once the free period runs out. That's before the charges associated with the credit card, which are also crazy. For example, they will charge you e15/month just for online banking. Then another e15/month on top of that if you want the credit card statement accessible online. This is all stuff you get for free with a personal account (hint: open a second one and run all business expenses through that).


  • Advertisement
Advertisement