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First credit card (student credit card)

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  • 30-09-2005 11:16pm
    #1
    oq4v3ht0u76kf2
    Closed Accounts Posts: 2,028 ✭✭✭


    Got my first credit card today - the standard student one from Bank of Ireland. I just have a few questions as I was busy all day and wasn't able to call into / ring the bank. I hope they are easily answerable but I understand if some of them are specific to my account.

    1. What happens if I try to buy something which costs more than my credit limit (which is €400)? Or if I buy several items with a combined cost that is greater than my limit? Will the card be rejected or ... ?

    2. The limit is €400 per month, is that per calendar month or is it something specific to my account?

    3. Let us assume I have bought something for €100 with the card. I have a 16.8% APR. If I was to not pay the balance when it was due, does the interest work like this (assuming I pay 1 month afetr the due date):

    Balance: €100
    Annual Interest (if unpaid): €16.80
    Balance due 1 month after due by date: €100 + €1.40
    The €1.40 being 1 twelfth (i.e. one month) of the interest due per year.

    Or have I made an erroneous assumption?

    Many thanks.
    Bob


Comments

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    #2
    OfflerCrocGod
    Registered Users Posts: 6,310 ✭✭✭OfflerCrocGod


    Bob wrote:
    1. What happens if I try to buy something which costs more than my credit limit (which is €400)? Or if I buy several items with a combined cost that is greater than my limit? Will the card be rejected or ... ?
    You wont be allowed buy the item.....just make sure you have enough cash in the CC before you buy something so if you want something for €1000 just put €500 into the CC account - sign up to online banking it makes paying your bills easy and fast and adding funds as well becomes easy.
    Bob wrote:
    2. The limit is €400 per month, is that per calendar month or is it something specific to my account?
    Calendar. But it doesn't matter just add more funds to the a/c
    Bob wrote:
    3. Let us assume I have bought something for €100 with the card. I have a 16.8% APR. If I was to not pay the balance when it was due, does the interest work like this (assuming I pay 1 month afetr the due date):
    Pay off the CC as soon as you buy something and pay no interest at all.


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    #3
    Nala
    Closed Accounts Posts: 1,959 ✭✭✭Nala


    I'd love a credit card but I'd go mad with it on the net so it's best I steer clear...


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    #4
    OfflerCrocGod
    Registered Users Posts: 6,310 ✭✭✭OfflerCrocGod


    Nala wrote:
    I'd love a credit card but I'd go mad with it on the net so it's best I steer clear...
    Go for it I have not payed a penny for it and I've had it ages - it's brilliant! Simply restrict purchases to things you require and can pay for immediately and you will never go wrong :D


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