Getting a credit card

Dapos

Hey all just after finishing college and i was thinking of getting a credit card with bank of ireland. I'm just wondering how much it will cost me and if maybe people could give me a few pro's and con's.

Terry

go to http://www.3v.ie and get yourself a 3v card. you won't end up in debt this way.

RandomOne

Just don't! Seriously, why do you want to head straight for debt? Regardless of good intentions that it's there "for emergencies", trust me, you'll use it, then you'll need another one because you'll be making card payments on top of all other living costs. It's one of the most expensive debts there is. If there's something you particularly need, and can't afford to buy outright, compare loans with credit card fees.

Ruu_Old

If you are going to get a credit card, get one with a small credit line on it. There is the government tax every year (i think its €20) per card. Otherwise what julep said would work fine too and you won't have to worry about the bill coming each month.

joebhoy1916

I got a 3v card there awaile ago there great!!

declanoneill

I've had a credit card since 1st year in college. It'll cost you €40 Euro a year in government stamp duty and assuming you pay your bill each month, nothing more. You have to have some self control not to spend more then you have, but it's not as hard as everyone makes out. Tesco are doing a credit card which, if they give you one, they give you €40 worth of tesco vouchers. Score.

Bluetonic

Ruu wrote:

There is the government tax every year (i think its €20) per card.

40 euro.

OP: check out the key posts on Ask About Money

http://www.askaboutmoney.com/forumdisplay.php?f=8

Tazzle

The system in the US is really handy, and I think AIB have somewhat adopted it. When you open an account the atm card you receive is also a debit card, ala Laser, except it's Mastercard. And so can be used for transactions where normally you would use a Mastercard creditcard. It means you can actually shop online without the whole, "I'll pay it off later", attitude.

My point is, perhaps you should consider moving to AIB and getting their debit card. I think it's a Laser/Maestro/Mastercard?? mix, so it can be used the same way.

Dapos

Thanks for replies. The main reason i want a credit card is to buy stuff online. It's a bit annoying to get stuff from komplett or ebay etc. Would the 3V voucher work on these sites?

biko

Dapos wrote:

Thanks for replies. The main reason i want a credit card is to buy stuff online. It's a bit annoying to get stuff from komplett or ebay etc. Would the 3V voucher work on these sites?

Had you clicked juleps link this would have been the first thing to read:

A 3V Voucher is a disposable 16-digit prepaid VISA debit number issued by permanent tsb in association with VISA.

tbh

Ruu_Old

3v works just like a visa card, so I would assume it works with most online stores (you would just click VISA as the payment type).

Ruu_Old

Bluetonic wrote:

40 euro.

OP: check out the key posts on Ask About Money

http://www.askaboutmoney.com/forumdisplay.php?f=8

Ah must be €20 eurons for the laser card then, they make their money don't they our government?

Dapos

I'm a bit confused with this 3v voucher thing. U get a voucher for wat u need and u pay 5 euro extra a go is it?

Ruu_Old

Correct, then you get the 16 digit visa number and you're away. Have a look at 3v.ie for a location near you that sells them.

Dapos

seems a bit much compared to spending 40 for a year for a credit card

Ruu_Old

Some people would rather use it for once off purchases than having to get a credit card and be afraid of going over their limit, its a good idea for some.

WhiteWashMan

from ah

jum4

what about a charge card, no risk of dept building up since you have to pay the full amout every month. + no interest to pay either.

Dapos

like can i pay off credit card whenever? all i want is to use credit card then just pay it off straight away. Like i say i only really want it for buying online. will there be any extra charge then (other than 40 euro?)

monkeyfudge

I love my credit card anyway.

It's incredibly handy... I originally got it for online purchases, but it's great for eating out and not worrying if you have enough cash on you or not.

Great to have on holidays as well, as you can use it for things like paying for the hotel.

I did get hit for €2050's worth of fraud on it once though, despite being careful... but it isn't a huge problem as the bank covered it all.

I'm stupid though and rarely pay it all off, but the interest isn't too bad... my bill in the door this morning was about €2000, but the interest was only about €20 or so on top of it.

Ruu_Old

Yes you can pay it off anytime you wish. I think the only charges are if you end up paying late or if the card has an annual fee issued by the credit company.

Dapos

Cheers. Think i'll go ahead and get a credit card. Thanks for the help.

mikep

Dapos

Bank of Scotland Ireland do a credit card that has a max limit of €750.

I was gonna get one but need a higher limit.

Might be good for a first time one so you don't get carried away!!

http://www.bankofscotlandireland.ie

Dapos

Why was this thread moved?

Sleepy

Because it was posted in the wrong forum.

My advice on getting a credit card is to set up your direct debit payment so that it takes the full amount out of your account every month. Makes sure you don't end up landing yourself hugely in debt with it.

Dapos

Sleepy wrote:

Because it was posted in the wrong forum.

Is after hours not just general discussions?

Ruu_Old

Yes but this isn't really a general discussion, its a question about money. There are forums for nearly everything on boards, AH is for everything else.

raheny red

OK, I have plenty of money with my local EBS, can I get a credit card with them, or would I have to open an acount with a bank rather than a building society??

Cheers!

Ruu_Old

It looks like you can, EBS have a credit card application located here, you can apply online by the looks of it.

raheny red

Ruu wrote:

It looks like you can, EBS have a credit card application located here, you can apply online by the looks of it.

Cheers for that, just went through all that there, but I was a afraid to submit if for some reason!

shoegirl

Tazzle wrote:

The system in the US is really handy, and I think AIB have somewhat adopted it. When you open an account the atm card you receive is also a debit card, ala Laser, except it's Mastercard. And so can be used for transactions where normally you would use a Mastercard creditcard. It means you can actually shop online without the whole, "I'll pay it off later", attitude.

My point is, perhaps you should consider moving to AIB and getting their debit card. I think it's a Laser/Maestro/Mastercard?? mix, so it can be used the same way.

AIB also have the highest charges of any Irish bank and its more difficult to evade them than with other banks.
They also are notorious for opening a current account for customers (especially young people) and then refusing to give them anything but an ATM card, so effectively the customer is forced to pay current account charges for what is essentially only a cash account. In my own experience they are very slow to give you anything at all if your credit is not perfect - even if you've been banking with them for years.

In my surveys of bank accounts for best value, NO bank in Ireland gives you a credit card that is linked into the account. NIB do offer a mastercard as part of a package that includes a current account but its still a separate account, albeit at quite cheap interest rates.

Royal Bank of Scotland, Ulster, Permanent TSB and NIB all offer rates on standard cards between about 9.5 and 10.2%.

Both BOI and AIB are charging customers nearly double that. Its easy to say "but I'll pay it off every month" but in practice at some point you will probably end up only paying off part of the balance. If you bank with them for both credit card and current account you'll be pretty much fleeced, especially with AIB.

Only tip I would give is to setup a standing order to pay off the balance in full every month, or if you're not sure, maybe pay off a fixed amount each month which then gives you a credit balance some months.

If you're going for a standalone card, the PTSB or Bank of Scotland deal looks attractive. If you're looking for a package, then NIB's Freedom Package might be for you, you get a charge free current account plus a mastercard with a rate of 9.9%, which is pretty good.

daveirl

This post has been deleted.

BendiBus

daveirl wrote:

This post has been deleted.

You don't have to maintain a minimum balance with BOI, just used 365online/phone banking 3 times per quarter.

To automatically qualify for transactions at the end of any quarter4, you must:

Keep a minimum credit balance of €500 in your account for the full quarter

OR

Make at least 3 payments from your current account using Bank of Ireland 365 online and / or phone in that quarter

http://www.bankofireland.ie/html/gws/personal/why_pay_fees/index.html

daveirl

This post has been deleted.

Ruu_Old

raheny red wrote:

Cheers for that, just went through all that there, but I was a afraid to submit if for some reason!

Odd, you can just apply in your local branch then I suppose and deal with people who might recognise you.

Dapos

Hey again. Was looking at the Bank of Ireland credit cards and i was wondering would the advantage credit card be the best to get. I don't really know much about credit cards but i'm wondering about a few things:

1) If i buy something with my credit card is the an additional cost induced by the bank for using the credit card. If so how much is it typically?

2) Can i pay off credit card using online 365?

Dapos

Anyone?

dermot_sheehan

No, the bank charge no trasaction charges to the customer.
You can transfer money to it when you wish using online banking.