Credit card FAQs | Interest, fees and payments

What is interest?

How do I avoid paying interest?

What is the interest rate on my credit card?

What is the interest free period?

What is the purchase finance charge I see on my Internet Banking?

What is the cash finance charge I see on my Internet Banking?

How do I avoid paying interest?

I cleared my balance in full by the due date but I was still charged interest. Why did that happen?

I paid the balance on the due date but I was still charged a late payment fee. Why did that happen?

To make your payment on time it must be credited to your account on or before the due date. Make sure you allow for sufficient payment processing times for this to happen, particularly allowing for weekends and public holidays.

There are a number of ways that you can pay your credit card bill each month and the payment processing times will differ depending on the payment method you choose. The following methods of payments are available: Internet Banking, Phone Banking, Mobile Banking, AIB Branch or Post Office, Cash & Cheque Lodgement Machine or By Post, For more information on these payment methods please see question How can I make payments to my credit card account?

I was charged an overlimit fee. Why was my account allowed to go over its limit?

An over limit fee is charged when your account exceeds its assigned credit limit. At times a credit card can go over the limit assigned to it. This can happen for reasons such as

The date that the transaction is completed by the customer and the date that the merchant requests payment. If other transactions are completed in between this time period it may cause the balance on the account to go over the credit limit assigned.
Where a transaction is slightly over the limit assigned we can at times accept these transactions. This is to ensure that our customers do not experience inconvenience when attempting to complete credit card transactions.

Tips to avoid fees and charges

Avoid over limit charges by monitoring your spending on internet/mobile/tablet banking
Allow sufficient time for your payment to reach your credit card
Pay your balance on time each month
Pay at least the minimum amount due as advised on your monthly statement
Ensure sufficient funds are available if paying from your bank account
Keep receipts for all transactions and check against your monthly statement

What is Government Stamp Duty and why was I charged?

GSD (Government Stamp Duty) is a Government levy charged to credit card accounts annually in January (covering the preceding year) and on account closure. Please be advised that this is a Government levy.

If you require any further information on the Government Stamp Duty, please contact the Revenue Commissioners on 01 738 3646. Alternatively all relevant legislation can be located on the revenue website.

What is a statement period?

Every month you are issued a statement (either in the post or via internet banking if you are on e-statements). The statement shows details of any transactions debited or credited to your credit account since your last statement. Typically an example would be, your statement may issue on the 5th of every month and details all transactions which posted to your account from the 6th of the previous month, this is the statement period.

How can I make payments to my credit card account? (new app)

Log in to your AIB mobile app.
Tap the ‘Payments’ option in the bottom tab.
Tap ‘Pay a bill’.
First, enter the amount you want to ‘Pay’.
Then, tap ‘From Account’ which is the account you want to send the money from.
Then, tap the ‘To Account’ which is the credit card account you want to make a payment to.
Before you press ‘Continue’, select the ‘Payment type’. The payment type will default to ‘Standard’ (money arrives on the same or next business day), but you can choose ‘Instant’ (money normally arrives within seconds). The transaction charges for these payments are the same.
Confirm the details are correct and tap ‘Pay bill’.
If your payment is over €250, we will make sure it’s you making the payment. We will do this using Selfie Check. If you’re paying a saved payee, we will not ask you to do Selfie Check.
You can see the completed payment in the ‘Payments' section of the app.

How can I make payments to my credit card account? (old app)

There are several different ways to pay your credit card account which are outlined below. You must always ensure that your payment is credited to your account on or before the payment due date. The payment processing times differ depending on the different payment method chosen.

Internet Banking – by clicking on the ‘Bill Pay’ option on AIB Internet Banking. Pay before 6pm on a working day and payment value will be given on that day. Pay after 6pm or on a weekend/public holiday and payment value will be given on the next business day.
Phone Banking – by using Automated Self Service option by phoning 0818 724 724 (or +353 1 771 24 24 from abroad) Pay before 6pm on a working day and payment value will be given on that day. Pay after 6pm or on a weekend/public holiday and payment value will be given on the next business day.
Mobile Banking – by using the ‘make a payment’ option on your Mobile Banking app. Pay before 6pm on a working day and payment value will be given on that day. Pay after 6pm or on a weekend/public holiday and payment value will be given on the next business day.
Direct Debit –by clicking on the ‘manage my accounts/my credit card/set up a Direct Debit’ on AIB Internet Banking. This option will make sure that at least the minimum payment is taken from your bank account each month so you won’t have to worry about remembering to pay your account on time. It is processed automatically.
AIB Branch or Post Office –by using the Giro slip attached to your statement and cash at the counter. Pay before Branch or Post Office closing time and payment value will be given on that day.
Cash & Cheque Lodgement Machine – by using your credit card at the machine in the self service lobby of an AIB branch. Pay before Branch closing time and payment value will be given on that day.

By Post – by posting a cheque or postal order along with the Giro slip found at the bottom of your statement. Allow for up to 4 working days for the payment to be processed and payment value given.

Kiosk Banking – by clicking on the ‘Pay a Bill’ option on Kiosk Banking. Pay before 6pm on a working day and payment value will be given on that day. Pay after 6pm or on a weekend/public holiday and payment value will be given on the next business day.

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