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Cash Interest??

  • 10-01-2015 11:48am
    #1
    Bradt Pitt
    Registered Users, Registered Users 2 Posts: 179 ✭✭


    Hi,

    I see on my 365 Credit Card balance that there's a €0.12 CASH INTEREST charge - what is this for??

    I withdrew €70 a few weeks ago and was charged a CASH ADVANCE FEE of €2.54. I'm fine with that, well used to it and fair enough.

    What's this new CASH INTEREST charge about? Is this here to stay? Do other banks charge this? If not, then I'm seriously considering switching banks (and I'm an excellent customer by the way). Even though it's only small money, it's one new charge after another with BOI as far as I can see.

    Please let me know what's going on. Thanks.


Comments

  • #2
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    Hi Bradt Pitt,

    Thank you for contacting us here on Boards.

    There is a Cash Interest fee which is charged when you withdraw funds from your Credit Card at an ATM. While there is an Interest Free period for purchases if you have your bill paid in full each month, there would be no Interest Free period for cash advances. This was introduced in April 2014, when we notified all Credit Card Account holders of changes to their Terms and Conditions and Interest Free Periods. Inserts were included in all statements issued to customers to advise of these changes.

    We will charge you interest from the date the cash advance is posted to your account. You can more information on our Credit Card fees and charges here.

    I hope this helps and if you need help with any other query please let us know.

    Thanks,
    Sarah


  • #3
    Bradt Pitt
    Registered Users, Registered Users 2 Posts: 179 ✭✭Bradt Pitt


    Bank of Ireland: Sarah wrote: »
    This was introduced in April 2014, when we notified all Credit Card Account holders of changes to their Terms and Conditions and Interest Free Periods. Inserts were included in all statements issued to customers to advise of these changes.
     
    Wow. 
    So the CASH ADVANCE FEE wasn't enough for BOI? 
    Wow.

    No offence to you, Sarah - it seems like you do a great job - but I'm getting tired of all the extra little charges BOI keep adding.
    Time for a change of banks!

    Thanks for your reply btw.


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