Credit Card Cash

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banker

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first time ever used credit card to withdraw cash last month - BOI now not only charging me Purchase Interest and a cash advance fee of 2.54 but they are ALSO charging me Cash Interest on my whole credit card balance as well as Purchase Interest on my credit card.

Ffair enough I should be clearing my balance anyway but I just bought my first house so furniture was required.

This can hardly be right is it?

Bit fed up of BOI anyway, I never darken the door of their branches and do all transactions on 365 or net and they still seem intent on charging me for everything.

Firstly I'd like to know the best credit card to switch to and secondly, if i transfer the balances, will i have to pay govt duty again?
 
Read this Key Post and check out the Best Buys forum.

Taking out cash on a credit card is a bad idea, unless the account is in credit.
 
CCOVICH said:
Read this Key Post and check out the Best Buys forum.

Taking out cash on a credit card is a bad idea, unless the account is in credit.
Click to expand...

Yes I gathered that and its done now but this is the last straw for me with BOI so any advice re switching or views on how BOI are allowed to get away with charging custimers interest on a full credit card balance when the cash advance interest will soon match the amount taken out in cash?
 
Did you read the Key Post (composed by me) or look at the Best Buys forum?

BoI are within their rights as laid out in the terms and conditions attached to the card.
 
CCOVICH said:
Did you read the Key Post (composed by me) or look at the Best Buys forum?

BoI are within their rights as laid out in the terms and conditions attached to the card.
Click to expand...

just read it - v informative - still fed up of BOI though - card locked in cupboard for a while - and would i get chargerd €40 govt duty again if i switch?
 
As long as you don't have more than one account open at any one time, you will not be liable for another €40. You will pay €40 on closing your BoI account, you must get a letter from them saying

(a) that your account has been closed; and
(b) stamp duty for 2006/07 was deducted on closure.

A word of warning-it took 5 letters and 9 months for me to get this letter from BoI Card Services.
 
when you close BOI cc account you will get charged govt duty. When you open new accoun you will be charged for new card. I think the charge on the new card will be at the annual time. Think its april, but someone correct if wrong, may be jan.
 
CCOVICH said:
As long as you don't have more than one account open at any one time, you will not be liable for another €40. You will pay €40 on closing your BoI account, you must get a letter from them saying

(a) that your account has been closed; and
(b) stamp duty for 2006/07 was deducted on closure.

A word of warning-it took 5 letters and 9 months for me to get this letter from BoI Card Services.
Click to expand...

many thanks. even switching so you get charged for. pardon me now if i have got this wrong but even though i have already paid €40 in govt duty this arpil, if i switch BOI will then charge me ANOTHER €40 and the new bank will charge €40 next april?
 
BoI are not charging you €40.

Stamp duty is charged by the Government, and levied/collected by the card provider.

You don't have to pay twice if you follow the steps I have outlined:

- Close you BoI account (stamp duty levied on closure)
- Get a letter saying this has happened.
- Give it to your new card provider.

It's the same for any other card provider.
 
CCOVICH said:
BoI are not charging you €40.

Stamp duty is charged by the Government, and levied/collected by the card provider.

You don't have to pay twice if you follow the steps I have outlined:

- Close you BoI account (stamp duty levied on closure)
Click to expand...

i know its the govt - i am not stupid now but its as clear as mud - take example

i paid the €40 in april - if i switch now you are telling me a stamp duty levy will be payable on closure as well - and will that cancel out the 40 euro due next arpil? if not then there is a charge on closure
 
banker said:
i paid the €40 in april - if i switch now you are telling me a stamp duty levy will be payable on closure as well - and will that cancel out the 40 euro due next arpil?
Click to expand...

Yes.
 
banker said:
first time ever used credit card to withdraw cash last month - BOI now not only charging me Purchase Interest and a cash advance fee of 2.54 but they are ALSO charging me Cash Interest on my whole credit card balance as well as Purchase Interest on my credit card.
Click to expand...

I don't follow this ..

Cash advance fee - OK
Interest on purchases where you don't clear your bill - OK
Interest on cash advance when you don't pay by the due data - OK

banker said:
.. they are ALSO charging me Cash Interest on my whole credit card balance ..
Click to expand...

That's the bit I don't follow.

I had thought they had done away with charging interest back to date of cash wirhdrawal - perhaps not ?

Anyway even though you feel you have been badly treated, do you believe that the other credit card companies would charge you less for this type of transaction ?
 
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