Credit cards can provide great flexibility and financial freedom
Some credit cards do not charge transaction fees when you buy goods and services in Euro*. You might also get interest-free credit for up to 56 days. It all depends on the credit card provider.
So, if you pay your bill in full and on time each month, you can avoid paying any interest on what you buy. Additionally, some providers offer interest-free credit for cash advances.
You might also get additional features such as an instalment plan option. An instalment plan helps you break down larger purchases into bite-size chunks repayable at a lower rate.
You can choose to pay a portion of the monthly balance owing, the whole amount, or the minimum amount.
It is important that you stay in control of your credit card and that your card works for you.
Here are some Dos and Don’ts to help you use your card responsibly.
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Don't |
- Do check your credit card statements and set up a direct debit, to make sure you don’t miss your payments.
- Do check the available repayment options, before buying something expensive. Then decide whether you should buy it on a credit card instalment plan, use savings or take out a loan.
- Do clear off your balance in full whenever you can, to avoid paying interest.
- Do understand the different features and benefits of your credit card as well as the fees and charges. Your current provider may have other cards with lower rates that you can easily move to. Also, if you are switching credit card providers you may be eligible for introductory offers on new purchases or any balances that you move across.
- Do understand if there are reward programmes or specific benefits for a card.
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- Don't use minimum payments to pay off your credit card. They may seem convenient but paying the minimum means the interest will build up quickly. It will take you a lot longer to pay off even a small balance.
- Don't miss paying your credit card bill on time. Missing payments will add charges to your account and may cause you to go into arrears. This could affect your credit profile and your ability to get lending in the future.
- Don't use your credit card to withdraw cash unless you really have to. Most banks charge interest from the first day.
- Don't overspend on your credit card. Be mindful of your limit and think about whether it meets your needs. If you feel it is too high contact your bank to lower it.
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* Cross border handling fees apply for non-Euro transactions made on BOI credit cards.
Terms and conditions will apply to additional benefits or features referenced in this article. Please contact your Credit Card provider for more information and conditions of additional features.
If you have fallen into arrears or have any concerns about your credit card, please speak with your card issuing bank who will be able to discuss any concerns you may have and will work with you to identify the best solution to get you back in control of your finances.
If you have any queries on your credit card you can chat to us in your nearest branch, or call us directly on 0818 251 251.
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The information contained in this article has been prepared by Bank of Ireland (“BOI”) for information purposes only and is not meant as advice. BOI believes any information contained in the article to be accurate and correct at the time of publishing.
Bank of Ireland is regulated by the Central Bank of Ireland.
