PTSB - Credit Card conditions 40 pages - is it a bit light?
- Thread starter WizardDr
- Start date
Brendan Burgess
Founder
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- 52,118
Does it tell you how they calculate the interest-free period and does it give examples?
Brendan
Brendan
Isn't that covered in section 19?
Current Terms and Conditions | permanent tsb
Check out our current terms and conditions on the products and services we offer. If you need more details, call us or drop into your local branch.
www.permanenttsb.ie
Do you think that they shouldn't explain the terms and conditions of the credit card or something?
Doesn't the Central Bank require them to do so?
What's an acceptable number of pages?
It's formatted for brochure print. If they did like AIB, reducing the font and printing A4 it'd easily squish onto 8 or 9 pages.
Total brochure, including a bit of marketing blurb, is13,194 words vs AIB Visa at 12,805 words, and BOI Classic at 12,314 words.
I had a quick scan through it, and it doesn't appear light to me. Covers all the contractual terms I'd expect, and all the relevant regulatory requirements.
It's formatted for brochure print. If they did like AIB, reducing the font and printing A4 it'd easily squish onto 8 or 9 pages.
Total brochure, including a bit of marketing blurb, is13,194 words vs AIB Visa at 12,805 words, and BOI Classic at 12,314 words.
I had a quick scan through it, and it doesn't appear light to me. Covers all the contractual terms I'd expect, and all the relevant regulatory requirements.
Brendan Burgess
Founder
- Messages
- 52,118
I am with Dr Wizard on this.
This document is of no use to ordinary users.
There should be a one page summary with an example of how to get an interest-free period.
After that, they can do as many pages as they like.
Brendan
This document is of no use to ordinary users.
There should be a one page summary with an example of how to get an interest-free period.
After that, they can do as many pages as they like.
Brendan
So the sales bit before you read the terms and conditions?
Something like this?
"With a permanent tsb Credit Card you will enjoy 0% fixed interest on balance transfers for the first 6 months. Plus 0% fixed interest on new purchases for the first 3 months. After the introductory period, you’ll still enjoy up to 56 days interest-free credit once you clear your balance in full and on time each month. Giving you the freedom to pay for what you need, when you need to.
After that, we offer a competitive purchase rate of 16.50% variable, 22.53% variable annual percentage rate (APR). This will apply to all new purchases and any new or previous balances transferred, that are not cleared during the 3 month interest-free period. An interest rate of 22.46% variable will apply to all cash withdrawals, including during the introductory period. See representative example here."
VISA Credit Card Ireland - Credit Cards | permanent tsb
Freeze your interest with our ICE VISA Credit Card. 0% (fixed) interest on purchases for the first 3 months, get a Credit Card with so many great benefits.
www.permanenttsb.ie
Brendan Burgess
Founder
- Messages
- 52,118
I would write it differently
We will charge you 16.5% interest on any purchases you make except in the following situations:
1) Balance transfers - nothing for the first 6 months.
2) New purchases - 0% for the first 6 months.
3) After that we won't charge you interest if you clear your balance in full and on time every month.
Brendan
We will charge you 16.5% interest on any purchases you make except in the following situations:
1) Balance transfers - nothing for the first 6 months.
2) New purchases - 0% for the first 6 months.
3) After that we won't charge you interest if you clear your balance in full and on time every month.
Brendan
My cousin works for and part owns one of the companies based in NYC/Hong Kong who make a small fortune writing prospectuses and legal documentation for international financial houses, and going by how profitable they are, wouldn't be surprised to see banks trying to limit verbiage as producing these documents is incredibly expensive.
The important thing is to cover all likely eventualities so customers don't find loopholes which they can hold banks accountable for to their advantage later on.