Useful information about financial products and debt management
On Competition and Consumer Protection commission's (CCPC) website you can find useful information about consumer rights, personal finance and make complaints to business or financial service providers.
To better manage your money and achieve your financial goals, here you can find many tools and calculators such as budget planner, spending calculator, loan calculator and other useful tools that can help you manage your finances.
If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
Before you apply
- Choose the right type of credit card for you.
- Different cards have different features, for example, reward points.
- Choose the right credit limit for you.
- Make sure that there are not high monthly fees.
- Take a look at your budget, decide carefully whether you will be able to make repayments.
Make sure you have
- Proof of income. It can be payslip, tax return report, etc.
- Information about your current income and expenses.
- Copy of your bank statement that shows your savings and other repayments you have made.
- Passport or drivers licence.
To be eligible, you must
- Have a regular income, either from full-time employment, self-employment, or disability or Social Security benefits.
- Meet the minimum income guidelines.
- Be at least 18 years old. Each company sets the limit on age themselves that's why it can differ.
- Have a positive credit history and no debts.
Main features of credit cards
- Reward points - these types of credit cards gives you reward points that can be redeemed for gifts or other goods;
- Cashback cards - you can get certain amount of money back, this depends on how much you have charged from your credit card;
- Travel miles - these types of credit cards gives you mile points, which can be used to make travel related purchases, for example, plane tickets;
- Petrol - these types of cards offer you to get petrol related benefits.
Fees and charges
- Application or processing fee some credit card issuers may charge this fee when you sign up for a credit card;
- Annual Fee - some credit card issuers may charge you with annual fee. Annual fee is set by the credit card issuer and can be more than 200$; Keep in mind that exclusive credit cards usually are design for people with higher income and such credit cards are more expensive;
- Foreign Transaction Fee - this fee can be charged for transactions that are processed outside of Ireland;
- Cash Advance Fee - if you withdraw cash from ATM machine you have to pay additional fee for the withdrawn amount;
- Late payment Fee - you may be charged interest if you fail to repay money borrowed from the credit card.
Credit card minimum repayments
If you make only the minimum repayment on your credit card each month, you will pay more in interest and it will take longer to pay off your balance. Your monthly statement must give you information about how long it will take to pay off the entire balance by making minimum repayments.
Unless you use a card that is interest-free and fee-free, buying items with a credit card will always cost you more than if you pay with cash.
Credit card interest rates
Credit cards tend to have higher interest rates than other forms of credit, and the rate can vary depending on what features the card offers. You are charged interest on all outstanding transactions if you don't pay your full balance each month.
If you have a credit card without an interest-free period, you pay interest either from the day you make a purchase or from the day your monthly statement is issued.
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MoneyGuru24 is not a bank, lender, broker or product issuer. MoneyGuru24 is not owned by a financial institution but is an independent company owned by private shareholders. All information provided on MoneyGuru24 has general and informative nature. Although MoneyGuru24 covers wide range of loan products and providers, keep in mind that those are not the only options available in the market and may not be the best fit for you. We do not consider your personal circumstances and financial situation and we are not recommending any particular products. If you choose to apply for a loan product through MoneyGuru24 website you will be dealing directly with the loan provider not with MoneyGuru24. It is recommended for you to read all relevant documentation given by the loan provider before accepting any financial product offer.