Repaying credit card bill (AIB Student Credit Card)

DJKendo

Hi everyone, question here about the time you have to pay your credit card bill, and how many days you have to pay before charges start being put on it.

From the 20th-29th December (First ever time credit card was used) I reached €598.01 on my card with christmas presents etc. My limit is €600.

My payment of that bill in FULL was paid online and went through yesterday (4th Jan).

My question is will I be charged extra or anything, or was what I did perfectly fine? Do charges start occurring when it's more than 30 days after the first charge, or is it simply the 31st of each month if you aren't fully paid you will be charged more?

Apologies of the question is stupid but needed to ask as I'm not fully sure.

Thanks in advance

littlehedgehog

I think AIB student credit cards have 56 days interest free - so you won't be charged anything. I'm open to correction, but I think most credit cards have ~2 months interest free?

DJKendo

Jean wrote: »

I think AIB student credit cards have 56 days interest free - so you won't be charged anything. I'm open to correction, but I think most credit cards have ~2 months interest free?

lovely, thanks

is that 56 days from the first purchase or is it 56 days from the end of the month?

DJKendo

DJKendo wrote: »

lovely, thanks

is that 56 days from the first purchase or is it 56 days from the end of the month?

anyone?

Rebel1977

56 days interest free credit from date of purchase of the item. I think with that card you have to pay certain portion of it by direct debit every month

DJKendo

Rebel1977 wrote: »

56 days interest free credit from date of purchase of the item. I think with that card you have to pay certain portion of it by direct debit every month

lovely, sound

dotsman

Actually, that is wrong.

You have UP TO 56 days interest free.

How it works is like this:

You have a monthly billing period. For the sake of argument, let's say that your bill is produced on the first of every month (so your monthly period coincides with a calendar month). That means that on the 1st of January a bill is produced for everything you spent during December. It doesn't matter if you made the purchase on the 1st or 31st of December, they all get included on the bill. That bill is then sent to you (either online, or a couple days later via snail mail). You then have until the 1st of February to pay off the total. Any outstanding amount after the 1st of February attracts interest.

Therefore, if you make a purchase on the 31st, you only get 30 days interest free, if you make a purchase on the 1st, you get circa 60 days. However, 56 days is the standard as it allows for the processing time (ie to pay your bill in time for the February 1st deadline, you would be making the payment circa 56 days after the purchase on the 1st December goes through).

This is the standard for Credit Cards around the world.

RachaelVO

Dotsman has it spot on correct. It's a fairly common query, but if in doubt it should either say it on your credit card bill or you can always just call their customer services and save yourself a whole load of heartache