I am trying to understand interest charges on a PTSB ICE VISA credit card when there is a 0% balance transfer period involved. Here is an illustrative sequence of transactions:
New PTSB ICE VISA Card
5 March Balance transfer of say €1000
23 March Purchase of €190
24 March Payment of €190 (I assumed this would pay for the purchase)
... <other payments to reduce balance> ...
1 April Stamp Duty
... <other payments to reduce balance> ...
11 May purchase interest (of an amount that suggests I am being charged interest on the purchase of 23 March)
There were no other purchases prior to the interest charge.
I was only expecting to pay purchase interest on the €200 purchase for the one day between the posting of the purchase and the payment of the same amount to the account. This expectation was based on the following PTSB T&Cs (with my emphasis):
and
Can anyone shed any light on how interest is calculated if there is a purchase during a 0% balance transfer period? The T&Cs suggest to me that my payment would have been applied against the purchase first and that would have repaid the purchase transaction in full.
New PTSB ICE VISA Card
5 March Balance transfer of say €1000
23 March Purchase of €190
24 March Payment of €190 (I assumed this would pay for the purchase)
... <other payments to reduce balance> ...
1 April Stamp Duty
... <other payments to reduce balance> ...
11 May purchase interest (of an amount that suggests I am being charged interest on the purchase of 23 March)
There were no other purchases prior to the interest charge.
I was only expecting to pay purchase interest on the €200 purchase for the one day between the posting of the purchase and the payment of the same amount to the account. This expectation was based on the following PTSB T&Cs (with my emphasis):
16 (c) If the full outstanding balance (including any Balance Transfer amount) is not repaid by the Payment Due Date specified in the Statement then:
(i) interest will be charged on each Transaction from the date that each Transaction was debited to your Account until the Transaction is repaid in full
(i) interest will be charged on each Transaction from the date that each Transaction was debited to your Account until the Transaction is repaid in full
and
16 (e) Payments will only take effect when received at our processing centre and are credited to your Account.
(i) Payments are applied to the opening balance on the Account in the following order against the Transactions and Cash Advances already shown on the Statement:
Interest and charges (if relevant);
Fees (if relevant);
Cash Advances (in order in which they were applied to the Account);
Purchases (in order in which they were applied to the Account);
Balance Transfer (where applicable).
(i) Payments are applied to the opening balance on the Account in the following order against the Transactions and Cash Advances already shown on the Statement:
Interest and charges (if relevant);
Fees (if relevant);
Cash Advances (in order in which they were applied to the Account);
Purchases (in order in which they were applied to the Account);
Balance Transfer (where applicable).
Can anyone shed any light on how interest is calculated if there is a purchase during a 0% balance transfer period? The T&Cs suggest to me that my payment would have been applied against the purchase first and that would have repaid the purchase transaction in full.