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APR % - Classic Credit Card?

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  • 05-05-2017 1:59pm
    #1
    oB1
    Registered Users Posts: 706 ✭✭✭


    Hi there,

    I have my BOI "Classic Credit Card" for years now, how do i find out what Interest Rate i am on? just wondering if id be on some legacy rate or something. I use it in different capacities at times. Some times i use it, and clear the balance in full within the month, other times for larger purchases i would let the balance roll over and clear down the amount.

    It's hard to understand how the interest is applied sometimes. I tried to look it up on the BOI Website, but hard to follow, could someone help explain it to me? I'd be very grateful.

    As an example, last month my outstanding balance was €1,504.00 and i was charged "Purchase Interest" of €21.79 - this balance rolled for two months and then i cleared it in full last week. Was that €21.79 just for that 1500 or for previous months balances? Is the interest charged monthly, quarterly or annually?

    thank you in advance

    Rob


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  • Options
    #2
    Bank of Ireland: Tara
    Closed Accounts Posts: 2,346 ✭✭✭Bank of Ireland: Tara


    oB1 wrote: »
    Hi there,

    I have my BOI "Classic Credit Card" for years now, how do i find out what Interest Rate i am on? just wondering if id be on some legacy rate or something. I use it in different capacities at times. Some times i use it, and clear the balance in full within the month, other times for larger purchases i would let the balance roll over and clear down the amount.

    It's hard to understand how the interest is applied sometimes. I tried to look it up on the BOI Website, but hard to follow, could someone help explain it to me? I'd be very grateful.

    As an example, last month my outstanding balance was €1,504.00 and i was charged "Purchase Interest" of €21.79 - this balance rolled for two months and then i cleared it in full last week. Was that €21.79 just for that 1500 or for previous months balances? Is the interest charged monthly, quarterly or annually?

    thank you in advance

    Rob
    Hi Rob,

    Thanks for your post. 

    We had a similar query recently here which will help with your questions.

    Thanks
    Tara


  • Options
    #3
    oB1
    Registered Users Posts: 706 ✭✭✭oB1


    Bank of Ireland: Tara wrote: »
    oB1 wrote: »
    Hi there,

    I have my BOI "Classic Credit Card" for years now, how do i find out what Interest Rate i am on? just wondering if id be on some legacy rate or something. I use it in different capacities at times. Some times i use it, and clear the balance in full within the month, other times for larger purchases i would let the balance roll over and clear down the amount.

    It's hard to understand how the interest is applied sometimes. I tried to look it up on the BOI Website, but hard to follow, could someone help explain it to me? I'd be very grateful.

    As an example, last month my outstanding balance was €1,504.00 and i was charged "Purchase Interest" of €21.79 - this balance rolled for two months and then i cleared it in full last week. Was that €21.79 just for that 1500 or for previous months balances? Is the interest charged monthly, quarterly or annually?

    thank you in advance

    Rob
    Hi Rob,

    Thanks for your post. 

    We had a similar query recently here which will help with your questions.

    Thanks
    Tara
    Thanks Tara,

    It was helpful. The fact that i now know i can see the APR on the end of my eStatement is hugely beneficial, i didn't know that.

    Rob


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