A Guide to your Credit Card Fees and Interest

Interest is the charge for ‘borrowing’ money to use your credit card.  There is typically a different rate of interest charged for purchases and for cash transactions.

Typically interest will not be charged if you pay off your full balance on time, each month.

Your monthly interest rate is available on your statement. For details of where this is displayed on your statement please see a sample statement. The purchase interest rates on some of our credit card products are also available here. If you need more information please contact us on 01-6685500.

This is the amount of days which are interest free once you pay your balance in full each month. The interest free period on our Click, Platinum, Student and ‘be’ credit cards is up to 56 days. For other products please contact us on 01-6685500.

Purchase Finance is the interest charged on purchases made on your credit card.

Cash Finance is the interest charged on cash withdrawals made on your credit card.

Typically interest will not be charged if you pay off your full balance on time, each month.

If you pay the full balance on your current statement but had not paid the full balance on your previous statement, then you will incur interest on the amount not paid on your previous statement. Interest is calculated from your current statement date until the date full payment is credited to the account and will appear on your next statement.

To make your payment on time it must be credited to your account on or before the due date. Make sure you allow for sufficient payment processing times for this to happen, particularly allowing for weekends and public holidays.

There are a number of ways that you can pay your credit card bill each month and the payment processing times will differ depending on the payment method you choose. The following methods of payments are available: Internet Banking, Phone Banking, Mobile Banking, AIB Branch or Post Office, Cash & Cheque Lodgement Machine or By Post, For more information on these payment methods please see  question How can I make payments to my credit card account?

An over limit fee is charged when your account exceeds its assigned credit limit. At times a credit card can go over the limit assigned to it. This can happen for reasons such as

• The date that the transaction is completed by the customer and the date that the merchant requests payment. If other transactions are completed in between this time period it may cause the balance on the account to go over the credit limit assigned.

• Where a transaction is slightly over the limit assigned we can at times accept these transactions. This is to ensure that our customers do not experience inconvenience when attempting to complete credit card transactions.

Tips to avoid fees and charges

• Avoid over limit charges by monitoring your spending on internet/mobile/tablet banking

• Allow sufficient time for your payment to reach your credit card

• Pay your balance on time each month

• Pay at least the minimum amount due as advised on your monthly statement

• Ensure sufficient funds are available if paying from your bank account

• Keep receipts for all transactions and check against your monthly statement

GSD (Government Stamp Duty) is a Government levy charged to credit card accounts annually in January (covering the preceding year) and on account closure. Please be advised that this is a Government levy.

If you require any further information on the Government Stamp Duty, please contact the Revenue Commissioners on 01 738 3646. Alternatively all relevant legislation can be located on the revenue website.

Every month you are issued a statement (either in the post or via internet banking if you are on e-statements). The statement shows details of any transactions debited or credited to your credit account since your last statement. Typically an example would be, your statement may issue on the 5th of every month and details all transactions which posted to your account from the 6th of the previous month, this is the statement period.

There are several different ways to pay your credit card account which are outlined below. You must always ensure that your payment is credited to your account on or before the payment due date. The payment processing times differ depending on the different payment method chosen.

• Internet Banking – by clicking on the ‘Bill Pay’ option on AIB Internet Banking. Pay before 6pm on a working day and payment value will be given on that day.  Pay after 6pm or on a weekend/public holiday and payment value will be given on the next business day.

• Phone Banking – by using Automated Self Service option by phoning 0818 724 724 (or +353 1 771 24 24 from abroad) Pay before 6pm on a working day and payment value will be given on that day.  Pay after 6pm or on a weekend/public holiday and payment value will be given on the next business day.

• Mobile Banking – by using the ‘make a payment’ option on your Mobile Banking app. Pay before 6pm on a working day and payment value will be given on that day. Pay after 6pm or on a weekend/public holiday and payment value will be given on the next business day.

• Direct Debit –by clicking on the ‘manage my accounts/my credit card/set up a Direct Debit’ on AIB Internet Banking. This option will make sure that at least the minimum payment is taken from your bank account each month so you won’t have to worry about remembering to pay your account on time. It is processed automatically.

• AIB Branch or Post Office –by using the Giro slip attached to your statement and cash at the counter. Pay before Branch or Post Office closing time and payment value will be given on that day.

• Cash & Cheque Lodgement Machine – by using your credit card at the machine in the self service lobby of an AIB branch. Pay before Branch closing time and payment value will be given on that day.

• By Post – by posting a cheque or postal order along with the Giro slip found at the bottom of your statement. Allow for up to 4 working days for the payment to be processed and payment value given.

• Kiosk Banking – by clicking on the ‘Pay a Bill’ option on Kiosk Banking. Pay before 6pm on a working day and payment value will be given on that day.  Pay after 6pm or on a weekend/public holiday and payment value will be given on the next business day.