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Repayment of Credit Card

  • 19-01-2009 7:46pm
    #1
    samhail
    Registered Users, Registered Users 2 Posts: 2,699 ✭✭✭


    Can someone verify the following:

    if i buy something for 100e on a credit card, and pay it back either immediately or when the statement somes back in full, that i will not be charged any form of interest. so will have a bill of 100e (of top of what ever charges for the cc use itself (stamp duty)).

    if i buy something for 100e and pay back the minimium amount, lets day 5%.
    so i pay 5e this month, then 95e next month. is that right ? or will i be charged

    If i pay back the minimium amount on the card for 6 months in a row ? will i not be charged interest.



    I am just wondering about this. i dont intend to spend out of my means on a credit card


Comments

  • #2
    drunkmonkey
    Registered Users, Registered Users 2 Posts: 28,691 ✭✭✭✭drunkmonkey


    samhail wrote: »

    i dont intend to spend out of my means on a credit card

    neither did any of us..;)

    first fifity something days are free, second month you will start paying interest on any outstanding balance...
    if this is a new credit card there might be some offer for the first 6mts so yes you would pay no intrest if you payed back over the first 6mts...

    any good credit card offers out there...?


  • #3
    samhail
    Registered Users, Registered Users 2 Posts: 2,699 ✭✭✭samhail


    i just applied for the BOI clear cc. Most of them were saying that its 0% on transfers or payments or something. i think i saw one the other day (maybe with halifax) that gives you either 0% transfers&0% balance or €100 free on your first transation !

    i stuck with boi cos they were the only one that gave me one ! heh. hmm.


  • #4
    Sarn
    Registered Users, Registered Users 2 Posts: 3,109 ✭✭✭Sarn


    Usually what happens for the majority of cards is that if you only pay off say 5% you still get charged interest on the remaining amount. The interest is then back dated to when you bought the item (so you could be paying up to 56 days interest). Clear it off in full within the specified period to avoid charges.

    The interest is cleared first before you start reducing your purchases.

    Read the T&Cs to see what way they charge you.


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