BOI rips off Credit Card holders from March

Stinicker

Just read the enclosed documentation with the my Credit Card statement today.


From 13th March they are going charging interest on Cash Advances from the date of withdrawal rather than it be included in the Interest Free period with all other purchases.



Similarly they are charging interest on Cross Border Handling Fee's which are incurred as soon as you leave the Eurozone.


I am closing my account with Bank of Ireland over this and so is my mother and father who are also frequent travelers abroad. Bank of Ireland will lose me over this and I hope many others do the same.



They are a low life bunch of scum.

ANXIOUS

Couldn't agree more, also if you don't pay your bill in full they are back dating the interest from date of purchase.

Doom

1st world problems, so between the 3 of you, ye have over a million on deposit in BOI....you're a knobend

650Ginge

Stinicker wrote: »

Just read the enclosed documentation with the my Credit Card statement today.


From 13th March they are going charging interest on Cash Advances from the date of withdrawal rather than it be included in the Interest Free period with all other purchases.



Similarly they are charging interest on Cross Border Handling Fee's which are incurred as soon as you leave the Eurozone.


I am closing my account with Bank of Ireland over this and so is my mother and father who are also frequent travellers abroad. Bank of Ireland will lose over €1m in deposit over this and I hope many others do the same.



They are a low life bunch of scum.

Sure post your address to make it easier for the tiger kidnaps. Completely silly to be bragging about a mil.

On the credit card front. Far as I know still a free country , it is their business, they have told you upfront and they haven't sent heavies to your house to make you keep their credit card.

So you're grand then....no?


OH AND YOU HAVE A MIL IN THE BANK. Nice one!

sandin

Stinicker wrote: »

I am closing my account with Bank of Ireland over this and so is my mother and father who are also frequent travellers abroad. Bank of Ireland will lose over €1m in deposit over this and I hope many others do the same.

You have €1m deposit in a bank account?

yeah right

and you have to get cash advances on a credit card.


thanks for the laugh your post has given me.:D

btw - afaik, ALL credit card companies charge interest on cash advances from the minute you withdraw them.

And most backdate the interest if the full amount is not paid on purchases. Bank of ireland and Danske bank were the exception. Danske bank are now gone.

But sure with €1m on deposit, maybe you should change to a debit card :P

Stinicker

sandin wrote: »

You have €1m deposit in a bank account?

yeah right

and you have to get cash advances on a credit card.


thanks for the laugh your post has given me.:D

btw - afaik, ALL credit card companies charge interest on cash advances from the minute you withdraw them.

And most backdate the interest if the full amount is not paid on purchases. Bank of ireland and Danske bank were the exception. Danske bank are now gone.

But sure with €1m on deposit, maybe you should change to a debit card :P

Bank of Ireland prior to this did not charge interest on anything in your Credit Card so long as you paid your Credit Card bill in full by the end of the month etc.

I use my Credit Card mainly for online purchases etc. and when I go abroad; when I'd be abroad I'd use it to withdraw cash and then pay my credit card bill when I returned home.

However now with Bank of Ireland any purchases I make abroad with Bank of Ireland will be subject to interest on the Cross Border Handling Fee and also on Cash Advances.

Since that useless Laser Card was abolished I have Visa Debit Card for typical transactions in Ireland but now if you buy something from Amazon.co.uk (e.g.) you will be charged interest on the Cross Border Handling Fee.

A visa debit card is practically of no use when renting a car and a Credit Card is very useful when you travel abroad, Bank of Ireland however are out to rip everyone off and I will never darken their door over this again.

Stinicker

ANXIOUS wrote: »

Couldn't agree more, also if you don't pay your bill in full they are back dating the interest from date of purchase.

Yes, this is another new development wheras before the interest started accruing later, however I always paid my Credit Card on time and was never subject to Interest. Also BOI charge around 28c per each transaction on their Visa Debit card but not on Credit Card so I'd use the Credit Card for day to day spending to avoid BOI 28c transaction fee.

ardmacha

I use my Credit Card mainly for online purchases etc. and when I go abroad; when I'd be abroad I'd use it to withdraw cash and then pay my credit card bill when I returned home.

Use the Visa Debit card for online purchases and at ATMS abroad.
Problem solved [/whine]

sandin

anyway surely with €1MILLION sitting in your bank account you can't be worried about a few euro? Now can you?

Cos if you were, you'd be having that €1million earning a lot more in other financial formats - which would more than make up for the few euro of charges.

btw - BOI must be the last bank to change to this, all the others changed a long time ago.

sandin

I see the statement about the €1m has been edited - has BOI taken that off you already?

Maybe you've een drinking a little too much poitin that you claim in another post has cured you from H1N1 Swine Flu and Also H5N1 Avian flu - and you suffered from both i see.

But not only that, you have posted that you also suffered from SARS and have had Pneumonia - wow, the WHO should put you under observation and possibly see whats in you that caused you to suffer from all these illnesses - a few quid charges from BOI should be the very least of your problems.

With the wind howling down here on the south west tip of Kerry - its giving me a great laugh before turning in.

the groutch

Stinicker wrote: »

Yes, this is another new development wheras before the interest started accruing later, however I always paid my Credit Card on time and was never subject to Interest. Also BOI charge around 28c per each transaction on their Visa Debit card but not on Credit Card so I'd use the Credit Card for day to day spending to avoid BOI 28c transaction fee.

gotta save all those 28c, god forbid you might make any indent into your million euro.

L1011

Being charged interest immediately on cash advances is industry practice. If I'd realised that BOI didn't, I would have used that more often.

Ditto on all charges.

Good luck finding another bank that doesn't charge these.

Dannyboy83

ardmacha wrote: »

Use the Visa Debit card for online purchases and at ATMS abroad.
Problem solved [/whine]

I've always been advised not to use debit cards abroad (especially outside the EU) or online.
Credit Card only - due to the insurance and protection.

As much as you might resist it, debit cards should not be used to pay for online transactions; a credit card is always safer for e-commerce. You're not as protected against fraud when you use a debit card, and disputes with those cards can be difficult to resolve. Plus, if someone steals your debit card number, your entire bank account is vulnerable.

I've hadn't realised that Visa Debit cards offer the same protection as a credit card, but it seems they do:
http://corporate.visa.com/_media/Visa-Debit-Card-Security-Fact-Sheet.pdf

keithclancy

Dannyboy83 wrote: »

I've always been advised not to use debit cards abroad (especially outside the EU) or online.
Credit Card only - due to the insurance and protection.



I've hadn't realised that Visa Debit cards offer the same protection as a credit card, but it seems they do:
http://corporate.visa.com/_media/Visa-Debit-Card-Security-Fact-Sheet.pdf

They do, but you have the issue in that they are directly linked to your bank account. So any fraud will suck your account dry while you try to sort it out.

German Visa Cards have the same problem, you end up saddled with a large bill until the fraud is investigated, the process can take around 3 months.

Sheldons Brain

These changes are not unusual in the market, except the charging interest for the Cross Border Handling fee. If you buy something in Newry, which may well be processed by Bank of Ireland, then not only will they stick on the handling charge but maybe a months interest as well, although you pay off the bill on the due date?