Change of Condition & Rates on PTSB credit Card

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roker

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There was a notice in the Independent today stating 2 changes in the condition of the PTSB credit card, I cannot understand what it is saying, I assume it is to do with the free period before interest, can anyone please explain?
 
I only glanced at the advert this morning. Can you post a scan of the advertisement and we can try and interpret it for you.

The main change is that PTSB are hiking their credit card rates yet again.
 
The notice is now [broken link removed] including the rate hikes.

What part did you need clarified?
 
CiaranT said:
The notice is now [broken link removed] including the rate hikes.

What part did you need clarified?
Click to expand...

Does this refer to monthly transfers into the account?

New Sub condition 18 (c)
No more than one Balance Transfer may be made to the Account.
 
I don't understand this bit;


For ICE Visa Credit Cards and Classic Visa Credit Cards, the date from which interest is charged will change as follows:
In the case of purchases, from the date of debit to the account to the date of purchase
 
roker said:
I don't understand this bit;


For ICE Visa Credit Cards and Classic Visa Credit Cards, the date from which interest is charged will change as follows:
In the case of purchases, from the date of debit to the account to the date of purchase
Click to expand...

The date of purchase is normally a few days before the date of debit to the account. Interest is now accruing from the date of purchase, a tactic to increase credit card interest.
 
It is my understanding that PTSB now charge interest on the full amount of the statement where the full amount is not paid before the due date. If a part payment is made, this is not applied to the balance (for interest calculations) until the next statement. Very confusing and perhaps misleading of PTSB not to have this noted on the statement besidde the minimum payment information.
 
Amendment to Condition 16 INTEREST AND CHARGES - INTEREST, Sub condition 16 (a)

Interest will, where applicable, be charged on a daily basis from the date of the Transaction or in the case of Cash Advances, from the date of the Cash Advance, to the date payment is received and credited to the Account. Interest will be debited to your account on a monthly basis at the rate specified in your Statement.
Click to expand...

I don't know what the original condition was, but this new condition is consistent with my description. It is just like an overdraft. You are charged interest on the outstanding balance every day. (I suspect that the change is using the "date of the transaction" rather than the "date the amount is debited")


Amendment to Condition 16 INTEREST AND CHARGES - INTEREST, Sub condition 16 (c)

If the full outstanding balance (including any Balance Transfer amount) is not repaid by the Payment Due Date in the Statement then:

  1. interest will be charged on each Transaction from the Transaction date until the Transaction is repaid in full and
  2. interest will be charged on each Cash Advance from the date of the Cash Advance until that Cash Advance has been repaid in full.
Click to expand...

This restates sub condition 16(a) . It could be reworded as

1) We charge interest on the outstanding balance at the end of every day
2) If you pay the amount in full by the payment date, we won't charge any interest.

It's only complicated because people think about interest-free periods. If you can reorient yourself to think about how interest is charged, and then, about how you qualify for an interest exemption, it's actually easy enough to understand.
 
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