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New B.O.I Creditcard Charge !!

  • 08-10-2010 8:59pm
    #1
    Stu
    Closed Accounts Posts: 249 ✭✭


    Does anybody know what this "Purchase Interest" charge is. I got my creditcard statement today and there was a 1.5% interest charge on Purchases made even though i have never gone over my limit and only spent 200 euros on my Creditcard last month.

    I've never had this charge before and i'm wondering if anybody can enlighten me as to why Bank Of Ireland are now charging me for using my Creditcard. Thanks in advance for any replys.


Comments

  • #2
    HarryPotter41
    Registered Users Posts: 1,402 ✭✭✭HarryPotter41


    Stu wrote: »
    Does anybody know what this "Purchase Interest" charge is. I got my creditcard statement today and there was a 1.5% interest charge on Purchases made even though i have never gone over my limit and only spent less than 200 euros on my Creditcard last month.

    I've never had this charge before and i'm wondering if anybody can enlighten me as to why Bank Of Ireland are now charging me for using my Creditcard. Thanks in advance for any replys.


    If you have a neagtive balance on your credit card when the statement is issued they will charge you interest, thats how they make money.


  • #3
    Stu
    Closed Accounts Posts: 249 ✭✭Stu


    I don't have a negative balance on my Creditcard. I've never spent above my limit in any given month. This months statement is the first statement in 7 years that has had this charge on it. I know that going over my credit limit will incur a heavy interest charge but i only spend a few hundred per month on my card.

    I haven't received any notification of this new charge from Bank Of Ireland. It just appeared on my statement for this month. Any ideas exactly what this new charge is?

    Surely, this charge must be illegal. I haven't been notified of any change in Bank of Irelands terms & conditions regarding creditcard interest fees.


  • #4
    Cheshire Cat
    Registered Users Posts: 2,276 ✭✭✭Cheshire Cat


    Strange one. Got my credit card statement from BOI today and it doesn't have this charge - total spend just under €300.-
    The only time I have ever seen something like that was for transactions in a foreign currency. They charge something then.

    CC


  • #5
    Kalimah
    Registered Users Posts: 1,101 ✭✭✭Kalimah


    Do you clear it in full every month? If you even left it short a couple of euros you'd be charged interest. Best thing is to ring credit card services and ask them if they can explain it.


  • #6
    HarryPotter41
    Registered Users Posts: 1,402 ✭✭✭HarryPotter41


    Stu wrote: »
    I don't have a negative balance on my Creditcard. I've never spent above my limit in any given month. This months statement is the first statement in 7 years that has had this charge on it. I know that going over my credit limit will incur a heavy interest charge but i only spend a few hundred per month on my card.

    I haven't received any notification of this new charge from Bank Of Ireland. It just appeared on my statement for this month. Any ideas exactly what this new charge is?

    Surely, this charge must be illegal. I haven't been notified of any change in Bank of Irelands terms & conditions regarding creditcard interest fees.

    If you hadn't your balance cleared before the statement date they will charge you interest, not just when you go over your limit. Credit cards don't work on the basis of the limit, they work on the basis of clearing your balance before the date required.


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  • #7
    Stu
    Closed Accounts Posts: 249 ✭✭Stu


    My Balance has always been cleared on time. I always pay my creditcard bill in full at the end of every month. I have never incurred this charge before. I was charged 1.5% on a 200 euros bill. There is no mention of this charge in the T&C's.


  • #8
    HarryPotter41
    Registered Users Posts: 1,402 ✭✭✭HarryPotter41


    Stu wrote: »
    My Balance has always been cleared on time. I always pay my creditcard bill in full at the end of every month. I have never incurred this charge before. I was charged 1.5% on a 200 euros bill. There is no mention of this charge in the T&C's.

    So the current balance on your bill when you got it was €0.00?


  • #9
    Stu
    Closed Accounts Posts: 249 ✭✭Stu


    My creditcard bill was 204 euros. I payed the bill as normal at the end of the month. There was a charge at the end of the statement called "Purchase Interest". I have never incurred this charge before in 7 years of owning a creditcard. A checked back over previous creditcard statement and i have definately never incurred this charge. I have payed my bill as normal, the same as i do every other month.


  • #10
    HarryPotter41
    Registered Users Posts: 1,402 ✭✭✭HarryPotter41


    Stu wrote: »
    My creditcard bill was 204 euros. I payed the bill as normal at the end of the month. There was a charge at the end of the statement called "Purchase Interest". I have never incurred this charge before in 7 years of owning a creditcard. A checked back over previous creditcard statement and i have definately never incurred this charge. I have payed my bill as normal, the same as i do every other month.

    Contact the company but my feeling is that some payment didn't make it in time to clear the card and you have been charged interest on the same.


  • #11
    Jet Black
    Registered Users Posts: 3,841 ✭✭✭Jet Black


    Did you buy anything in a different currency? 1.5% seems like a forgien exchange charge. The reason you may not have seen it before is because a new rule was only brought in fairly recently that the bank have to have the charge clearly show. It was just added to the purchase before so thats why you would not have seen it.

    <edit>I just had a look and its 1.75% for cross border transactions. 1.5% is on cash advances but it would not say a purchase? I'm going to have a look at my own statements later.


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  • #12
    Ste.phen
    Registered Users Posts: 2,808 ✭✭✭Ste.phen


    Did you top up a paddypower account or something? some cards treat that as if it was a cash withdrawal


  • #13
    Stu
    Closed Accounts Posts: 249 ✭✭Stu


    The charge is not on a single purchase, its 1.5% of 204 euros (total purchases for the month). The charge was 3.06 euros. I haven't put any money into Paddy Power or a similar website. I guess i'll just ring them and see what the story is.


  • #14
    KillerShamrock
    Registered Users Posts: 1,383 ✭✭✭KillerShamrock


    I think i know what this is, instead of the card showing the annual rate of (put your cards annual rate here)%, it maybe they have to show the rate on a monthly basis or something like that so thats why its never been seen before but has always been there so your not actually paying anything extra just the charges have been made clearer if you get me!

    Someone correct me if im wrong.


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