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A debit spread option on your credit card allows you to spend money on purchases made at restaurants, bars, retail stores and other retail outlets without incurring additional fees.
The option was created in April 2016 to provide the option to avoid high credit card fees for small and medium businesses.
You can use the option on credit cards of up to €200,000 or less, and up to four accounts.
You can only use the Debits Spread option for a maximum of two transactions per month, and the maximum amount you can spend per month is €1,000.
You’ll need to pay the following fees on each transaction:Debits Spread €200 per monthDebits Amount €1 per transactionDebits Rate €0.005 per transactionThe option is available on credit card issuers and cardholders from Ireland.
You will be able to transfer the amount you have spent to the card from your bank account within the next 12 months.
You’re not required to pay interest on the Debitt Spread balance at the time of the card balance transfer.
The Debits Share option can be used on debit cards of less than €200 or €200/$200, but is not available on Visa, MasterCard or American Express cards.
You must have the Debitter Spread option active at the start of each month to transfer any amount.
The debitt share option allows you the option of transferring the amount of the balance you have already spent to a card you own.
You need to open a new debit card each month.
The credit card issuer and cardholder may apply a 1.5% fee on the transfer.
If the balance on the debitt is less than the amount on the debit, the issuer will be liable to repay the balance.
If the balance is more than the balance, the cardholder will be responsible for repay the amount.
Debitt shares are payable in full monthly on the balance transferred.
If you use the debits share option, you may be charged interest at a rate of 0.25% per month.
You won’t be liable for any fees.
If there is no interest on your Debitt Share balance, you can use it to repay up to two per cent of the total amount transferred to the debit card.