Credit Cards - Frequently Asked Questions
Definitions
APR
This stands for Annual Percentage Rate. Any firm that lends money is required by law to quote the APR. Introductory rates do not include arrangement fees you may be charged and also don’t reflect any higher rate of interest that your borrowings will ultimately revert to. The APR takes into account the interest on a loan plus and additional charges making it easier for you to compare products. In general, the lower the APR the better the deal.
Balance Transfer
Balance transfer rates are applied to existing card debt that is being moved from one issuer to another or a consolidation of other debts. These rates tend to be lower than standard rates and apply to the debt transferred or consolidated for a specified term or until it is repaid in full.
Credit Cards
Credit cards are a form of borrowing used to purchase goods and services, to obtain cash advances and for consolidating debt.
Interest-free period
The time between when you buy something on the card and the date when you must pay your monthly bill. This can be 50 days or more and is interest-free. So if you settle your bill in full every month, it's free borrowing.
FAQ
Why should I consider switching my credit card??
There is a range of credit cards on offer in Ireland from local and international financial organizations and all credit cards are not the same. Choosing a card that is just right for you is important. You should ask yourself several questions and decide whether your current credit card is right or you would benefit from switching.
If you clear your balance every month, the lowest interest rate may not be the most important feature of your credit card, you may instead benefit from a credit card that offers rewards of travel insurance.
If you are currently carrying a balance with your current credit card, you may consider switching to a card with a 0% or low interest balance transfer offer. That way you could save on the interest you are currently paying.
Why should I consider a new credit card?
Credit cards offer an easy and convenient way to access unsecured credit. When credit cards are used properly, they can be extremely valuable financial tools. They can provide funding in an emergency, they are accepted by merchants worldwide and they offer useful services such as online fraud protection, travel insurance and flexible payment terms.
There are many different credit cards available in Ireland from local and international financial organizations so it can be difficult to choose the one that’s right for you. Bonkers.ie can help you choose based on features, interest rates, introductory purchase offers and balance transfer offers. Some cards also offer rewards.
How does the bonkers.ie credit card comparison work?
bonkers.ie lists and compares credit cards that are available to customers in Ireland from a range of Irish and International banks and financial institutions.
With bonkers.ie you can select the type of card you want, the brand, and whether you’d like to compare balance transfers and introductory purchase offers.
Your credit card results are generally listed by APR first, but you can also choose to filter your results by APR on balance transfers, APR on new purchases and card types such as Standard, Gold, Platinum and Student credit cards.
You can also compare up to four of your credit card results side by side by clicking on the compare check boxes and clicking on compare. You can see the full details of the credit card by clicking on see details.
When you have selected the card that best meets your needs, just click on the proceed button and you will be brought to the provider’s website to complete your application.
What are the advantages of using bonkers.ie?
Our credit card comparison service is comprehensive, impartial and independent. We show credit cards available in Ireland from local and international banks and financial organizations and list them according to your preferences so you can choose the card that’s right for you. Our service is free to use.
How do you keep rates up to date?
We monitor all credit card rates and features on a continuous basis. It is our aim to provide you with accurate and up to date credit card rates, features and information at all times so you can compare in confidence.
Will I be accepted for a Credit Card?
A credit card is essentially an unsecured loan that can be accessed at any time. Therefore credit card issuers will look at your credit history when deciding whether or not to lend to you. For that reason, a good credit score can greatly improve your chances of getting the card you want.
If you’d like a copy of your credit history, the Irish Credit Bureau will provide you with one for 6.00 euro. You can apply online at www.icb.ie.