cash interest on cleared credit card?

celticbhoy27

hi i recently cleared my credit card balance to 0. i've noticed on my new statement that ive incurred a cash interest fee of 6.21, so my new balance is 6.21. how/why have i incurred this if my balance was 0 before the statement date?

Bank of Ireland: Alison

Hi celticbhoy27

Thanks for posting your query here.

Just to mention, there is no interest free period for cash advances or cash advance fees and interest will be charged from the date the cash advance transaction is posted to the Account, unless your Account is in credit to fully meet the cash advance and the cash advance fee.

If your credit card account is in credit when the cash withdrawal is fully billed onto your account you will avoid the cash advance fee and cash interest. However you must take into account any transactions that you are making the same day or in the next few days as they may be billed before the cash withdrawal is billed to the account (dependant on merchant processing times).If you were not in credit for the full amount of the cash withdrawal on the credit card account you would incur a cash advance fee of a min €2.54 up to 1.5% of the amount of cash that has been withdrawn and you will be charged cash interest from the date the charge is billed and will continue until the cash withdrawal has been paid.

Here I have attached details of the insert that went out to our customers and the press.

Any further queries please feel free to ask.

Thanks
Alison