Avant Money, a prominent credit card provider in Ireland, announced that approximately 4,200 customers would receive refunds due to an administrative error that led to overcharging on interest rates for cash transactions. The average refund amount is reported to be €20.43, with some customers receiving significantly higher sums.

The Overcharging Incident

The error was identified during an internal review conducted by Avant Money in March 2025. It was discovered that an incorrect interest rate had been applied to cash transactions on certain credit card accounts. One affected customer from County Meath reported receiving an unexpected email stating he was due a refund of €544.48, despite not having used his Avant Money card for four years. Initially suspecting a scam, he confirmed the legitimacy of the communication after consulting with a colleague who had received a similar notification.

Avant Money has stated that the issue was resolved within the required regulatory timeframe and, although there was no obligation to notify the Central Bank of Ireland, the company chose to do so as a courtesy. The Central Bank has acknowledged the notification and emphasized the importance of regulated firms having adequate systems and controls in place to protect customers’ interests.

Broader Context of Financial Overcharging

This incident is part of a broader pattern of overcharging issues within the Irish financial sector. In December 2024, it was revealed that thousands of AIB customers were to receive refunds after the bank charged stamp duty on credit cards that had been canceled, in some cases, years prior. Approximately 10,000 customers were affected, with an average refund of about €90.

Similarly, in August 2024, Ulster Bank announced that it would write off outstanding personal credit card balances for thousands of customers as part of its exit from the Republic of Ireland’s banking market. Customers were informed that their outstanding balances had been refunded and that their accounts would be closed.

For more stories and insights, visit It’s On

Instagram:@itson.ie

TikTok videos and information:@itson.ie