AIB Options 1 Credit Card review 2020
Earn cashback on your day-to-day spending and enjoy interest-free days on your purchases with this AIB (formerly First Trust Bank) offer.
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In a nutshell:
Up to £25
per £2 spent
|Rep. APR||18.9% (variable)|
|Cashback details||0.5% after £5000 of yearly spend. Minimum of 12 transactions per year required. Maximum of £250 cashback paid per year. Cashback paid Anniversary into Card Account. For initial £5K a £25 cashback is paid, plus an additional £1 for every further £200 spent.|
|Additional Rewards Info||Option 2 is also available & customers can switch between the options even if the outstanding balance is not cleared in full each month.|
|Purchases interest-free period (days)||56|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
If you’re looking for a new credit card to make your spending go a little further, cashback deals such as this can be a smart choice. That’s provided you don’t expect to carry a balance from month to month and can therefore take advantage of the card’s 56 days of 0% interest on your purchases each billing cycle. If you do expect to carry a balance month to month, then with this card you’d likely pay more in interest than you’d earn in cashback.
It’s also worth noting the high minimum spend you’ll need to meet in order to qualify for cashback.
AIB cards are issued on the Visa or Mastercard networks (you can decide which you’d rather), meaning they’re accepted pretty much everywhere that takes plastic. For most of us, either network is perfectly fine, but you can read up on some of the differences between the biggest card networks.
The AIB Visa Option 1 is issued on the Visa network (used by a whopping 3.3 billion cards), so you'll be able to use it at more than 46 million merchants across more than 200 countries and territories.
Pros and cons
- Earn cashback on day-to-day spending
- No annual fee
- Applicants with low credit scores are unlikely to be eligible
- Only available to existing customers
You can make manual repayments through AIB's app, by logging in to your online banking or over the phone (0800 382265). Alternatively you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee (£12) or losing any promotional rates as a result.
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
|Minimum amount||Fixed amount||Fixed percentage||Full amount|
How to apply
If you have compared cards and want to apply, you’ll need to call AIB (or request a callback). A credit check will be performed based on the information you have given and you will normally receive a quick decision. Once approved, you should receive your new AIB credit card within 3–5 working days.
Frequently asked questions
What credit limit will I get with the AIB Visa Option 1?
If AIB is able to offer you this deal, the offer will specify a personalised credit limit based on AIB's assessment of your situation. The minimum limit offered on this card is £500 and AIB does not specify a maximum. Once you've had the card for a while and shown AIB that you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the AIB Visa Option 1?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) often incur steep fees and/or higher rates of interest.
The cash advance fee on the AIB Visa Option 1 is 1.5% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250, and you'll incur a fee of £3.75.
The interest rate on this part of your balance will be 18.9%, which is the same as the standard purchases rate (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
How much does it cost to use the AIB Visa Option 1 abroad?
Non-sterling transactions are subject to a 2.75% charge. For example, if you spend 200 euros (£177.37), it'll cost you around £4.88.
What is the minimum payment on the AIB Visa Option 1?
Each month you must pay at least 3% of your balance at that point or £5.00 – whichever of the two figures is greater. So if you had, say, £150.00 outstanding, you'd pay £5.00, and if you had £666.67 outstanding, you'd pay £20.00.
Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money which can lead to persistent debt.
Can I request an additional AIB Visa Option 1?
Yes, you can request one more. There's no fee for additional cards. Plus, with additional cards, you could earn cashback at a faster rate. Bear in mind that card debt accrued by additional cardholders is the sole responsibility of the account holder – not the additional cardholder.