visa=56 days?

Ok.
This is something I will be getting onto AIB Visa about later on today.
My account period ends on the 15th of each month.
In other words if I have a transaction on the 15th it appears on my next bill, if I have one on the 16th it doesnt, it will be on the one after that.

I usually pay the bill in full on line anytime after the 10th of each month and it is always in and on the statement by the 14th of the month.

Yet for the past couple of months AIB have been charging me interest on purchases, I mean wtf???

wheres my 56 days gone??

Is there something I'm missing?
Now I do note that the date they ask me to pay on the bill is always a week or so before the 15th, but thats not 56 days which I thought was standard with visa.
Anyone know what the story is, before I get onto them??
Sounds to me like they are stealing a little cream here!

Big al

1. Are you paying it off fully? If not your will be charged

2. Look at the end of the statement it will say that payments should reach your account by DD/MM/YY

Victor

Yeah they usually saw it takes them a few days to process payments.

str8_away

Did you withdraw any cash from your card?

When you withdraw cash interest is charges from the date money is withdraw.

RainyDay

It can take 2-3 months for interest charges to 'wash' through your CC account. Interest charges are treated like cash advances, i.e. there is no 56-day free credit period. So from the day your bill is generated, they are also charging you interest on the interest for your next bill, if you follow. So once you incur any interest charge, you should really pay a bit extra on top of your bill to cap this off.

I'm not clear if you understand that the 56-day limit does not apply to each an every transaction. You will only get 56-days on those transactions that hit your account on the first day of your billing month. Those that hit on the 2nd day get 55 days, etc etc etc.

Originally posted by RainyDay

I'm not clear if you understand that the 56-day limit does not apply to each an every transaction. You will only get 56-days on those transactions that hit your account on the first day of your billing month. Those that hit on the 2nd day get 55 days, etc etc etc.

Oh I do understand that.
I was off the assumption that if I pay in full, that I should be charged no interest.
The acount runs from the 15th to the 15th and the payment is always in the account in full before that.
So the interest charge and the payment are on the same statement!

To clarify, I am aware that the 56 days only applies top purchases on the first day of the new accounting period and that its 55 on the 2nd 54 on the third etc.

But where is the justification for charging interest when the payment of the last balance is in and on the statement in full before the start of the next 56 day period.
Because, it is not 56 days on purchases from day one of that a/c period if they are doing that, which they are.
I havent had the time to call them as yet and this is the second month that they have done this .
Also to clarify, the bill is always paid in full , and that payment is done online and has always been in before the 15th ie within the statement period.

RainyDay

Originally posted by Man
The acount runs from the 15th to the 15th and the payment is always in the account in full before that.

The payment due date is not necessarily the 15th. Check your statement for the actual payment due date, which may vary +/- a day or two each month, depending on the number of days in the month etc.

I'm begining to sense doom here.
Do the 56 days begin then the day after the payment due date?
Is that an "out" clause for aib in this case.
Why for instance should I pay the credit card bill on a due date well before the 56 days is up when an item is on it from the 16th.
the due date varies from the 8th to the 12th which when its the 8th means in practice, that i have to send the funds in on the 6th
Even discounting the days when the money goes "missing" from my account and makes its way to the credit card on the 8th, this will on a 31 day month mean i will only get a maximum of 31 days credit on that purchase.
Or 35 days if it is the 12th.

Wheres the 56 days

By the way I have a Bank of Ireland visa card whose statement date ends on the 5th and which I also always pay in full on the 4th usually online and on which i am never charged interest.
I'm confident BOI are giving me the 56 days on a day one purchase but AIB arent.

Our man in Havana

Confront AIB on this. AIB credit card division is not the nicest place to have dealings with. I had a similar problem and I ended up closing the account and moving to BOI, which was much better, larger limit nicer staff.


Ask them whats the story and if they dont give a satasfactory response close up shop and move on.

RainyDay

Originally posted by Man
Do the 56 days begin then the day after the payment due date?

No - the 56 days begin on the day after the statement is generated. For the sake of simplicity, let's assume we have all 30 day months.

If your last month statement was generated on 30th last month, the 56 day period starts on the first of this month. A transaction that occurs on 1st of this month will appear on your statement generated on 30th this month. That statement will have a payment due date of 26th next month.

Originally posted by Man

Wheres the 56 days

30 days of this month + 26 days of next month = your 56 days.

Originally posted by Man
By the way I have a Bank of Ireland visa card whose statement date ends on the 5th and which I also always pay in full on the 4th usually online and on which i am never charged interest.
I'm confident BOI are giving me the 56 days on a day one purchase but AIB arent.

If you are making payments from a BOI current account to a BOI credit card via a 'funds transfer' facility, the money goes through instantaenously.

If you are making payments from a BOI current account to an AIB credit card, that payment goes through the normal bank 3-working-day clearing process.

Originally posted by Bond-James Bond
Ask them whats the story and if they dont give a satasfactory response close up shop and move on.

Remember that you will be hit with the Govt €40 stamp duty for each account you have open during the year, so by closing one account & opening another, it will cost you an additional €40 (unless you time it very carefully, close the AIB account before the key date [1st April, I think] and don't open the new account until after that date)

Originally posted by RainyDay


If you are making payments from a BOI current account to a BOI credit card via a 'funds transfer' facility, the money goes through instantaenously.

If you are making payments from a BOI current account to an AIB credit card, that payment goes through the normal bank 3-working-day clearing process.

I've both actually.
The aib card is paid online from an aib a/c and the boi is paid online via a boi a/c.
The latter is instantaneous but aib is over night.

I will be dealing with this on monday.
The issue is genuine, in that I am being asked to pay by the 8th of the following month even though the statement end is the 15th.
If the payment in full is on that statement ie it is received before the 15th I dont see why I should pay interest...
Look at it this way I purchase on the 16th of december , and have to pay the bill on the 8th of january.
I presume rainy from what you say the interest is on the previous months purchases? ie november?

Looks like a lovely un transparent way to catch out a customer and grab money off him, one that always pays in full...
If thats the case.

RainyDay

I'm still a bit confused about your concern, to be honest. Can you give me the statement date (as printed on the statement, not the date you may have received it) and the payment due date from your last few statements, so I can see if there is a trend there.