Support with managing your debt
You can get free confidential and independent debt managing advice from your local Money Advice & Budgeting Service (MABS) office. They can help you draw up a budget, advise you on any benefits you may be entitled to, and work out a revised repayment schedule that works best for you.
Telephone: 0818 072 000
www.mabs.ie
Interest Rates and Fees and Charges Information
Consumer Credit Card
- APR: This stands for Annual Percentage Rate which is the annual rate of interest you will be charged on a credit card. It takes account of all the costs involved for the card, such as annual fees and the interest rate.
- Late Payment Fee: This fee is charged if you do not pay at least the minimum repayment by the due date
- Over limit Fee: You are charged an over-limit fee in relation to any statement period in which an over-limit position occurred (if you go over your credit limit, your card may be declined when you try to use it).
- Your current credit card limit is stated clearly on all credit card statements and related correspondence. Any excesses over the agreed limit however small should be avoided.
- All rates quoted for credit cards are variable except for introductory rates and balance transfer rates which are fixed for the period of time specified.
- If you do not pay off your full bill each month, interest will be charged on a set date. The amount of interest you are charged depends on the variable APR that applies to your credit card account.
- Credit Cards are liable to Government Stamp duty, currently €30 per account, per annum
- The Principal Cardholder remains solely liable for all charges, interest and fees incurred on the account including those of additional cardholders.
Consumer Credit Cards Default Charges
|
Student Card |
Clear Card |
Classic Card |
Affinity Card |
Platinum Card |
Advantage Card |
Gold Advantage |
Personal Card |
Aer Card |
Switch Card |
| Unpaid DD or Cheque |
€3.17 |
€9.50 |
€5.00 |
€3.17 |
€3.17 |
€3.17 |
€3.17 |
€3.17 |
€5.00 |
€7.00 |
| Late Payment Fee |
None |
€7.50 |
€7.50 |
None |
€7.50 |
€7.50 |
€7.50 |
€7.50 |
€7.50 |
€7.00 |
| Over Limit Fee |
None |
€6.25 |
€7.50 |
None |
€7.50 |
€7.50 |
€7.50 |
€7.50 |
€7.50 |
€7.00 |
For further information on current rates, fees and charges on personal credit cards please see Classic Card Charges, Platinum Card Charges, Affinity Card Charges, Student Card Charges, Aer Card Charges.
Personal Loan
A loan account is liable to the interest rate that is agreed when taking out a loan. The interest rate may be a fixed or a variable rate. The interest rate is set when the loan is taken out.
A fixed interest rate means that the interest is fixed at a particular rate over a fixed time. If rates fall you can miss out on the benefits.
A variable interest rate is subject to change and may rise and fall. Variable rates offer more flexibility than fixed rates.
If you are having difficulties meeting your loan repayments you should contact 0818 200 334 or your branch and speak to a financial advisor.
Click to link to a PDF which contains a glossary of loan terms.
Payment Protection Insurance
Check to see if you are availing of Payment Protection Insurance on your Credit Card. This is an optional extra that you may have taken out when applying for your Credit Card. To see if you are availing of this insurance cover, please check your Bank of Ireland Credit Card Statement or call 0818 251 251.
Current Accounts & Overdrafts.
A current account is liable for overdraft interest when the account is overdrawn. Details of interest rates are available on our website, from your branch or if you have an agreed overdraft facility it will be detailed on your letter of sanction. The rate is variable which means it can go up or down.
If your account is overdrawn, interest is charged on the full overdrawn balance, regardless of whether the overdraft is within an agreed overdraft limit or there is an unauthorised overdraft. You can avoid having to pay overdraft interest by keeping your account in credit.
Overdraft Facility Fee: There is an annual overdraft facility fee of €30. This is charged on negotiation, re-negotiation and annual renewal (anniversary) of a personal overdraft facility.
For further information on the fees and charges that apply to your current account refer to the Schedule of Fees and Charges for Personal Customers. Bank of Ireland 365 provides an easy way to check your balance by phone or online.
Please contact us on 0818 200 334 if you are having difficulties clearing your overdraft.
Glossary of Loan Terms
Fixed rate
This means interest is fixed at a particular rate over a fixed time. If rates fall you can miss out on the benefits. If you want to pay off your full loan within the set time, you have to pay penalty fees
Variable rate
Variable rates rise and fall in line with general interest rate changes in the euro zone. Variable rates offer the most flexibility (over fixed rates) and allow you to pay off part or all of your loan without having to pay any fees or penalties.
Interest on loans
This is the amount you pay to borrow money and is added to the loan.
Interest on payments overdue
If you do not pay us a repayment instalment or other money by the date you were due to pay it, we will continue to charge you interest at the rate that applies to the Loan on the instalment or other money that is overdue. (If the interest rate that applies to the Loan is variable, the way we can vary will be set out in the credit agreement.)
Joint account
These are accounts you open in the names of more than one person. Before you open a joint account, consider if the permission of all those taking part is required to make any withdrawals and what happens to the account if one of the holders dies.
Payment protection insurance (PPI)
PPI is an optional purchase when you apply for a credit card. There is an additional cost associated for this insurance. For a credit card, the customer agrees the level of cover they require. PPI pays you a regular amount if you are unable to work for health reasons or redundancy. This insurance can also cover some bills for a limited time. This type of insurance may be limited to certain circumstances.
Standing order
This is an instruction you give to your bank to make regular payments out of your account to another account. Unlike a direct debit, you instruct your bank directly about how much is to be paid and the amount is fixed and can only be changed by you.
Cost of credit
The cost of credit shows you the real cost of borrowing. It is the difference between the amount you borrow and the total you will repay including the interest by the end of the loan period.
Credit history
Your credit history or profile is a record of how you repay your loans or other forms of credit. Irish lenders have a legal duty to use the Central Credit Register and to send reports about your loans to it. It keeps files on individual borrowers, and uses the information it gets from lenders to build up each borrower's credit history.
Default
This is when a payment or series of payments on a loan are missed.
Guarantor
This is a person who agrees to pay off a loan if the borrower fails to pay.