Bank of Ireland clear credit card

desaparecidos

Can I get a "live" view of my credit card purchases on banking365 online? I know the classic credit card says you can view and manage your credit card online.

Also, the credit limit on a credit card, does it run from month to month or over the last 30days?

rameire

you can see transactions online,
and for me it goes from the 5th to the 5th

desaparecidos

Where?

coylemj

desaparecidos wrote: »

Also, the credit limit on a credit card, does it run from month to month or over the last 30days?

It doesn't work like that, the limit is a point in time thing. If a merchant attempts to charge your card for an amount of money which would put you over the limit, the transaction will be refused, end of story.

So if you think you're in danger of going over the limit, either you ask them to increase the limit or pay money off the account such that the new balance plus your planned spending will be below the limit.

desaparecidos

coylemj wrote: »

It doesn't work like that, the limit is a point in time thing. If a merchant attempts to charge your card for an amount of money which would put you over the limit, the transaction will be refused, end of story.

So if you think you're in danger of going over the limit, either you ask them to increase the limit or pay money off the account such that the new balance plus your planned spending will be below the limit.

I don't get you.

Jet Black

There's 2 limits. Your daily withdrawal limit, its usually around €1500 but depends and your card limit which is agreed at the start and can be changed if an agreement is made between you and the bank. I'm not sure which one you mean in your post but I think its overall limit. So i will try explain that.

You have a limit on your card that's agreed between you and the bank. In simple terms imagine the bank has opened you an account and put €5000 in it (this is your limit) You spend €5000 today, the account is now empty but you have to pay the money back. You can only spend what you pay back to the account. So tomorrow you put €1000 in the account, you now have €1000 to spend but owe €4000.

chris85

desaparecidos wrote: »

I don't get you.

Your balance on the credit card at any time cannot go over the credit limit of the credit card.

If you dont understand how a credit card works I would suggest you not get one as they can be very easy to get into serious debt seriously quick.

desaparecidos

Jet Black wrote: »

There's 2 limits. Your daily withdrawal limit, its usually around €1500 but depends and your card limit which is agreed at the start and can be changed if an agreement is made between you and the bank. I'm not sure which one you mean in your post but I think its overall limit. So i will try explain that.

You have a limit on your card that's agreed between you and the bank. In simple terms imagine the bank has opened you an account and put €5000 in it (this is your limit) You spend €5000 today, the account is now empty but you have to pay the money back. You can only spend what you pay back to the account. So tomorrow you put €1000 in the account, you now have €1000 to spend but owe €4000.

Ok, but it's paid back on a monthly basis is it not? Mine is anyway with direct debit. So therefore my limit (a measly €500) "resets" after each monthly direct debit?

desaparecidos

chris85 wrote: »

Your balance on the credit card at any time cannot go over the credit limit of the credit card.

If you dont understand how a credit card works I would suggest you not get one as they can be very easy to get into serious debt seriously quick.

Thanks for your concern but I've plenty of money in my current account and saving accounts. The point of getting a credit card was to have plastic rather than using cash all the time. I chose the option to always repay 100% rather than build up interest.

I just don't know why the limit is so low and trying to understand exactly from what point in time to another does the limit reset.

Your first sentence implies that you can't go over the limit from the beginning of time til the end of time. People need to work on their powers of explanation

rameire

if you use online banking and you pay off what you have charged to the card then you have the full balance available to you.

Jet Black

desaparecidos wrote: »

Jet Black wrote: »

There's 2 limits. Your daily withdrawal limit, its usually around €1500 but depends and your card limit which is agreed at the start and can be changed if an agreement is made between you and the bank. I'm not sure which one you mean in your post but I think its overall limit. So i will try explain that.

You have a limit on your card that's agreed between you and the bank. In simple terms imagine the bank has opened you an account and put €5000 in it (this is your limit) You spend €5000 today, the account is now empty but you have to pay the money back. You can only spend what you pay back to the account. So tomorrow you put €1000 in the account, you now have €1000 to spend but owe €4000.

Ok, but it's paid back on a monthly basis is it not? Mine is anyway with direct debit. So therefore my limit (a measly €500) "resets" after each monthly direct debit?

Yep. My post was just an example. You recieve a bill each month and have to pay at least the minimum balance which is about 2%. You can only spend up to re your limit until you pay it back. If your paying in the bill in full each month you it will be back at €500.

desaparecidos

rameire wrote: »

if you use online banking and you pay off what you have charged to the card then you have the full balance available to you.

Do you use banking365 to do this?

I asked them to add my credit card onto the 365 account so I can now see transactions and and past statements.

I guess I'll have to add a Beneficiary, confirm it and send payment then.

chris85

desaparecidos wrote: »

Thanks for your concern but I've plenty of money in my current account and saving accounts. The point of getting a credit card was to have plastic rather than using cash all the time. I chose the option to always repay 100% rather than build up interest.

I just don't know why the limit is so low and trying to understand exactly from what point in time to another does the limit reset.

Your first sentence implies that you can't go over the limit from the beginning of time til the end of time. People need to work on their powers of explanation

reset? There is a balance available to use. You cannot go over this at any time.

http://money.howstuffworks.com/personal-finance/debt-management/credit-card.htm

desaparecidos

chris85 wrote: »

reset?

Yes, if I pay back 100% of the balance, it is "reset".