INCREASED INTEREST CHARGES FOR AIB CREDIT CARD HOLDERS

AIB credit card holders can expect to pay an extra month’s interest on unpaid balances, even if they are only a few days late, according to The Sunday Times. The new charges, which take effect in January, mean customers will have to pay at least two months’ interest charges if they fail to clear their balances in full or miss payment deadlines. Niall Brady, the newspaper’s personal finance editor, notes the new charges will come into effect just as card holders pay Christmas bills.

Under current rules, for example, anyone spending €2,000 a month on their card must pay in full by November to avoid interest. If someone pays only €1,000, they will incur interest on the full €2,000 – about €40. No additional interest will be charged if they clear the €1,040 balance outstanding by December’s payment deadline.

It’s a whole new ball game from January.