Why am I suddenly being charged interest?

Danger781

I've had a credit card with BOI for something like 7 years now. From my understanding as long as I pay off the minimum charge on the credit card every month, I do not get charged interest. From my understanding I only get charged interest if I do not manually pay off the minimum of 2.5% per month. 

Last month, and the month before I was charged interest on the balance despite paying well over 50% of the balance on the card each month. I don't understand why, because I have never seen this on any other statement in all of the years I've had my card, except for the months where I simply forgot to pay off the minimum balance. 

What am I missing? 

Bank of Ireland: Kathryne

Hi Danger781,

Thank you for reaching out to us here on Boards.ie.

In order for us to give you the best advice, may we ask, what type of Credit Card do you have? Also, do you have a direct debit set up or do you make a transfer through your Online Banking?

Many thanks,
Kat

Danger781

I do not have a DD set up for card. I pay it off manually every month. The DD only comes out when I forget to manually pay off the card. These payments are done via 365 Online through the app.

It's Student Mastercard. 

Bank of Ireland: Kathryne

Hi Danger781,

Thank you for linking back in with us with that information.

Bank of Ireland Student Credit cards are not subject to any interest when the bill is paid in full. You would need to pay off the full amount each month to avoid paying any interest. Any outstanding balances will be charged interest.

For more information on your interest rate and charges please see the below link.

https://personalbanking.bankofireland.com/borrow/credit-cards/student-credit-card/terms-conditions/

I hope this information helps.

Many thanks,
Kat

Danger781

Has it always been this way or did something change recently? 

I've looked back at statements over the last year or so and I have not been charged interest in any other statement except this one, and my CC is very rarely paid off. 

Something isn't adding up for me here  

Bank of Ireland: Jennifer

Danger781 wrote: »

Has it always been this way or did something change recently?

I've looked back at statements over the last year or so and I have not been charged interest in any other statement except this one, and my CC is very rarely paid off.

Something isn't adding up for me here

Hi Danger781,

thanks for getting back in touch with us here. The is 0% interest on purchases made within the first 6 months of having the student credit card. After this time no interest is charged on your Credit Card Account provided you pay your bill in full by the payment due date.

For more information on this please see here.

I hope this helps.

Thanks Jen