PTSB Credit Card

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ridiculus

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I would just like to inform/advise everyone not to get a Permanent TSB credit card. I did one ebay purchase for €1.85 and did not pay this within the month and have now been charge €7.50 late payment fee which if I have worked it out correctly is about 400% in a month. I understand that it a fixed charge however to be applied to such a small balance is ridiculous. I have been in touch with PTSB in relation to this and they will not remove the charge. Thus my advice DO NOT GET A PTSB CREDIT CARD. I have now cancelled my card and will not be giving them anymore of my money
 
I don,t get it, if you had paid on time there would have been no charge.
I have a pts Visa card and set up a direct debit from my current accont so the bill is cleared at end of each month. Works well for me, never had any problems in the four years I have it.
 
That's fair enough, however the point is that PTSB obviously believe that it is acceptable/reasonable/morally correct to apply a charge that equates to 400% interest (monthly) not 100% sure how that equates to APR but would imagine it's somewhere in the region of 4800% which is substantially more than even the quick loan web companies you see advertised on the telly which I also wouldn't recommend
 
ridiculus said:
I would just like to inform/advise everyone not to get a Permanent TSB credit card. I did one ebay purchase for €1.85 and did not pay this within the month and have now been charge €7.50 late payment fee which if I have worked it out correctly is about 400% in a month. I understand that it a fixed charge however to be applied to such a small balance is ridiculous. I have been in touch with PTSB in relation to this and they will not remove the charge. Thus my advice DO NOT GET A PTSB CREDIT CARD. I have now cancelled my card and will not be giving them anymore of my money
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Most, if not all, cards work like this. The amount doesn't matter - it's whether or not the balance was paid. Not all that ridiculous really.
 
Again fair enough, however again the point is the size of charge compared to amount outstanding, just because this is the norm does not mean that it is correct. For instance it used to be normal to use corporal punishment, it used to be normal that only men voted, it used to be normal that your local lord could bed your wife on your first night married. All of these things used to be normal, it doesn't mean that they were necessarily correct and should not have been changed.

So yes I may be ranting, I suppose over all the years I have a credit card, well over 10, I have never had the misfortune to encounter this charge. And although no excuse I didn't pay it off due to the amount being so small and have in my opinion been excessively penalised for it.

This kind of standard fee IS WRONG and I believe people should know about it.

I'm wondering when we're going to stop just accepting ridiculous charges and expenses from people/organisations that are just trying to screw us.
 
I have a PTSB ICE visa, never any problem with it, but how do you pay if you go away for a couple of months? I do not like to rely on online payments and take passwords away with me etc.(I cannot remember all of my Account numbers, Passwords and Memorial data) plus I may not have secure access to my online account.
 
I am not a big fan of PTSB but I don't think they have done anything wrong in this example. It is standard for all credit card providers to have such a charge. Very annoying to have to pay it but don't think you can blame PTSB.
 
Not sure how the local Lord bedding your wife comes into it. But immensely cheering thread on a dull Friday.

You signed up for a credit card, one of the most notorious methods of credit if you don't comply with the terms and conditions, which you didn't, and apparently it was you that didn't bother to pay it because it was such a trifling amount. Well now it's not trifling. Your choice is to learn and never let it happen again or get rid of the card.
 
LOL, local lord....was the norm ....not any more :)

Yes I do understand that it's a standard charge that credit cards have and I only have myself to blame as I didn't pay it, and yes I have learnt and as I mentioned I have let PTSB know my thoughts on it by cancelling my card.

I have to say though that I am a bit disappointed by how defeatist the response has been and now I am a little bit wiser as to why the country is in the state it is. If we are not willing to take a stand and try and change how companies/organisations/government work it's no wonder that they keep pushing what's acceptable for their own benefit.

All I am hoping for is that some of us may grow some kahunas and start making a stand to try and change society for the better.

Living in optimism (or possibly naivety),

Ridiculus
 
ridiculus said:
LOL, local lord....was the norm ....not any more :)

Yes I do understand that it's a standard charge that credit cards have and I only have myself to blame as I didn't pay it, and yes I have learnt and as I mentioned I have let PTSB know my thoughts on it by cancelling my card.

I have to say though that I am a bit disappointed by how defeatist the response has been and now I am a little bit wiser as to why the country is in the state it is. If we are not willing to take a stand and try and change how companies/organisations/government work it's no wonder that they keep pushing what's acceptable for their own benefit.

All I am hoping for is that some of us may grow some kahunas and start making a stand to try and change society for the better.

Living in optimism (or possibly naivety),

Ridiculus
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Hardly naive, more realistic. One could easily say that folks expecting to get something for nothing might be more to blame than those who use a service and expect to pay appropriately.
 
Thanks for the response Willy, it's sometimes hard to gauge the tone of posts in forums like this so I'm going to assume that you are in somewhat of an agreement with me on this as I would also agree about people expecting something for nothing and also about appropriate payment for services.

However I do still believe that a standard fee that equates to 400% monthly interest is not an appropriate fee for services received.
 
PTSB have a fee if you do not pay the minimum charge on time. This has become standard with lots f CC providers. I assume that you will refuse to do business with any of the other card providers that also have this fee.

You are annoyed that they refused to waive this fee when the minimum payment was so small. Actually, I'd be miffed too.

However, you insist seeing this as unfair by equating it with an interest rate, when it isn't. It is a fee.
 
Again, seem to be missing the point that I believe the fee to be in this case disproportionately large. To illustrate how disproportionately large it is I have quantified it in % terms.

I believe that a sliding scale for fees would be acceptable. From following the responses I've received in this thread I'm starting to think that my moral compass is not in sync with the masses.

However I run my own business and I try to ensure that none of my customers or staff are ripped off, admittedly this may cost me money at times but I sleep well at night.

Anyway enough said, if I have even highlighted to one person the fact that this is common practice and ensured that they do not fall into the same trap as I have due to my ignorance/naivety/This post will be deleted if not edited to remove bad language ways moral compass at least that will be something.
 
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