Interest
(b) Interest Free Periods.
(i) Cash advances: There is no interest free period for cash advances or cash
advance fees and we will charge interest from the date the cash advance
transaction is posted to the Account, unless your Account is in credit to fully meet
the cash advance and the cash advance fee.
(ii) Cross Border Handling Fees: There is no interest free period for cross border
handling fees and we will charge interest from the date the transaction is posted
to the Account.
(iii) Purchases: If you repay us everything you owe us on the Account as shown
on a monthly statement by the payment date we specify in the monthly
statement, we will not charge you interest on any purchases shown in that
monthly statement. Otherwise, you forfeit the interest free period and we will
charge interest, on each purchase, from the date of the transaction.
We charge such interest at the rate we show you on your latest monthly
statements. This rate may differ from the rate in force on the date of the cash
advance or purchase
Cross Border Handling Fees: There is no interest free period for cross border
handling fees and we will charge interest from the date the transaction is posted
to the Account.
(i) Cash advances: There is no interest free period for cash advances or cash
advance fees and we will charge interest from the date the cash advance
transaction is posted to the Account, unless your Account is in credit to fully meet
the cash advance and the cash advance fee.
So do they charge a one off fee for cash advances and interest? Seems a bit much.
(ii) Cross Border Handling Fees: There is no interest free period for cross border
handling fees and we will charge interest from the date the transaction is posted
to the Account.
Thanks for the update
So on this one, if you buy something on tinternet from UK then interest will kick in straight away? As in even before you get the credit card bill.
Time to search out credit card best buys thread!
Here is clarification:
[FONT=Calibri, sans-serif]For an oversees purchase that incurs a cross border handling fee, the fee will be incorporated into the purchase transaction and treated with the 'up to 56 days grace' as is the case today. Therefore no change here.[/FONT]
[FONT=Calibri, sans-serif]If a customer takes out cash oversees and a cross border fee is charged (outside eurozone), this is incorporated into the cash advance transaction and falls into the new cash change, effective 18th March. Cash interest will be charged from the posting date of this transaction.[/FONT]
.. from Bank of Ireland's Press Office
.. an oversees purchase ..
.. takes out cash oversees ..
I got an update from Bank of Ireland's Press Office
They will need to revise their notice.
Brendan
If the interest for overseas (non Euro?) cash advances kicks in immediatly, how can you ensure that you pay the full bill?
E.g. I withdraw £200 on 17 March, so interest starts being calculated from that date. I receive bill on 30 March, with some interest added. If I pay the full sum on the bill by 15 April, will I have cleared everything? Or will the additional interest from 30 March to 15 April appear on my next bill?
That update from the press office is completely different from their updated terms and conditions that I received today with regards the cross border handling fees being subject to interest from date of purchase.
Could you scan them and email them to me at brendan @ this site.
AIB charges a cash advance fee, but no interest if it's cleared on time.
However, to avail of an interest free period generally with AIB, you must clear your balance in full two months in a row.
Brendan
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