Paying cash into Credit Card accounts

• Look for a 0% balance transfer deal and transfer existing card balances. Check to see whether the interest free deal applies to new purchases as well as the balance you have transferred. Try to clear the balance within the interest free period.
• If you can't get a 0% deal then check out the typical Annual Percentage Rate (typical APR) on the credit card you use. The higher the annual percentage rate the more interest you will pay on any outstanding balance. Look for the credit card that offers the lowest possible annual percentage rate remembering to also check out what penalties are likely to be added for any late payments.
• Store cards and credit cards are different. Store cards can only be used within the group that issues them while credit cards can be used much more widely. Store cards can be very expensive so only use them if you qualify for some special deal or if you can afford to pay off the balance before the interest starts to be applied.
• Try to avoid using credit cards for cash as the interest rate is likely to be higher than if you use it to purchase goods.
• Check out the interest free period between buying goods and interest starting to become due and try to clear your balance before that happens.
• Don't build up a wallet or purse full of credit cards. Pick one that offers good value and stick with it. It's much easier to budget this way.
• Pay more than the minimum payment every month otherwise your balance will take a long time to go down. Just because your credit limit is €5,000 doesn't mean that you have to maintain a balance at that level.
• Set up a Direct Debit to make your regular monthly payments to your credit card. That way you will not be liable for late payment charges. If you want to make extra payments then you can still do so at other times.
• Paying Cash into Credit Card Accounts. On 1 November new regulations came into effect which change the way payments are made across Europe. Ulster Bank is working to these new regulations on account information and payment transactions in Euro, sterling and other EU and EEA currencies.
  
  

  We would like to inform you that due to the need for extensive systems changes there is a slight delay to accommodating some of these requirements, which means that cash lodged to Ulster Bank credit cards will not be immediately available on your card. You will be able to access such funds 3 business days after the transaction date (excluding Saturdays, Sundays and Bank Holidays).