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What is the minimum credit card repayment?

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  • 12-02-2019 3:37pm
    #1
    Tommo3434343
    Registered Users Posts: 190 ✭✭


    Hi there,

    Sorry, I'm a bit clueless about credit cards. I have a 5000 euro limit on my current card and I always pay off anything that I spend on it every month. If I don't pay this off in any given month, will the total money owed be deducted automatically or is there a minimum deduction that will take place? I may make some relatively big purchases this month that I won't make if the fully amount is going to be deducted at the end of next month as I would need a few months to pay them off. Thanks for your help.


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


    Hi there,

    Thanks for contacting us here on Boards.ie.

    To check if you have opted for a direct debit payment on the credit card, please contact our Credit Card Team on 0818251251 and an adviser will be happy to help. When a customer opts to pay by direct debit, they can select to pay the minimum which is 2.5% of the amount owed, a fixed percentage or the full amount.

    If you are planning a large purchase you may have the option to place this on an instalment plan, I've included a link here to more information.

    Hope this helps but if you do need further help please let us kow.
    Tara


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    #3
    Tommo3434343
    Registered Users Posts: 190 ✭✭Tommo3434343


    Bank of Ireland: Tara wrote: »
    To check if you have opted for a direct debit payment on the credit card, please contact our Credit Card Team on 0818251251 and an adviser will be happy to help. When a customer opts to pay by direct debit, they can select to pay the minimum which is 2.5% of the amount owed, a fixed percentage or the full amount.
    I'll give them a ring when I have time outside of work. But just to clarify, my account would deduct the full amount owed (whatever that might be) unless I call them to set it to the 2.5% minimum deduction? Do I have that right?

    Thanks so much for your help.


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    #4
    Bank of Ireland: Jennifer
    Closed Accounts Posts: 490 ✭✭Bank of Ireland: Jennifer


    Tommo3434343 wrote: »
    I'll give them a ring when I have time outside of work. But just to clarify, my account would deduct the full amount owed (whatever that might be) unless I call them to set it to the 2.5% minimum deduction? Do I have that right?

    Thanks so much for your help.


    It will only clear the full balance of the Credit Card if a Direct Debit was set up on the account. We would ask that you contact our Credit Card Services team on the number provided by Tara and one of our advisors will be happy to look into this for you.

    Thanks Jen


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