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AIB Credit Card - New T&C

  • 11-09-2006 9:07pm
    #1
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭


    Got my credit card bill today. AIB Mastercard. There's a leaflet in it about new terms & condtions.

    I find one of them a bit confusing, and wondered if someone might be able to explain.
    Interest on Cash Advances
    For cash advances occurring after your October 2006 statement date, interest will be charged from the transaction date.

    Can anyone explain what this means? Currently you're charged on average €1.90 per cash withdrawel. What this means now is that as soon as you take money out you pay €1.90, and then you pay interest each day until you pay off your bill? Clearly I'm missing something here.



    (I will proberly end up ringing the bank to confirm .. but any advice right now would be great)


Comments

  • #2
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    the one idea that occurs is that for foreign withdrawals, the posting date, ie the day it hits your account could be several days after the tranaction date, which may be the procedure prior to this new rule.

    for example, I have to hand a statment where I did a trns on 30th july but did not get posted till 4th July

    One thing u can be crystal clear on, it is not done for ur benefit:)


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