Interest Free Cash from BOI

Bank of Ireland are offering 6 months interest free credit on cash withdrawals with their credit card for new applicants who apply before October 30th 2009. BOI were already offering an introductory 0% credit on balance transfers and purchases – this added bonus may look more attractive – but beware of the 1.5% cash withdrawal fee (min fee €2.54) .

There is a danger that people may get carried away and use this interest free cash to buy stuff they don’t need. After 6 months – the full rate of interest will be payable – 17.4% APR.

It would not really be possible to make money by withdrawing the cash up to your credit limit and putting in into a deposit account paying 3.75% . After you take DIRT and the withdrawal fee into account you would only just about break even.