Card interest calculation query

L1011

I can't get through on the phone (gave up after over 20 minutes on hold) - may need to talk to someone with specific details that can't be given out here

The amount I was charged for card interest last month does not tally with any amount I can see as being logical to charge on - it is higher than it would be on all purchases and does not take account of the large amount paid off before the minimum payment date at all as far as I can see. By my calculations its up to twice as much as it should be. 

Can I get details of exactly how its calculated? An uncharacteristically late salary payment (last Friday being the last day of the month etc) meant that a clearing payment went in after the payment date but before the statement date so I expected to be charged, but not this amount.

Bank of Ireland: Elaine

Good Afternoon L1011, 

Thank you for getting in touch with us here on Boards.ie. 

Purchase interest is charged on an account if the balance shown on your statement is not cleared in full by the due date. This interest is charged on each and every transaction, from the date the transaction was made up until the account is paid in full. The purchase interest which appears on a statement is related to the transactions on the previous months statement. 

Cash interest is a little different. If you withdraw cash using the card, you will have cash interest on the statement where you made the withdrawal and on the subsequent statement and up to the payment date if you pay the balance in full by the due date. This will mean that cash interest will apply on at least 2 statements. 

Further information on fees and charges an your current Annual Percentage Rate (APR) can be located on the final page of your estatement in the summary box. Alternatively, you can view your current Terms and Conditions on our website here. 

If you would like a full break down of how your specific interest was charged on your recent statement, you can submit this request via the 'Ask a Question' option in the Service Desk on 365Online. Please remember to choose your credit card number from the drop down list when submitting this query. 

I hope this helps and if you need anything else, please let us know. 

Thanks, 
Elaine 

L1011

Because I use the card extensively (15-20k a year and the same amount paid off) I doubt the balance is ever zero. I presume there  some handling of older transactions being paid etc? In that case I can't see how I haven't been massively overcharged.

Bank of Ireland: Nicola

L1011 wrote: »

Because I use the card extensively (15-20k a year and the same amount paid off) I doubt the balance is ever zero. I presume there  some handling of older transactions being paid etc? In that case I can't see how I haven't been massively overcharged.

Hi L1011, if you use 365 Online please send us the details through the the 'Ask a Question' option in the Service Desk.

If you select the relevant credit card number from the drop down list when sending your query, we'll be able to check this information in relation to your card. 

Thanks

Nicola