AIB Options 1 Credit Card review August 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.
Up to £25
Up to 56 days
Interest-free each billing period
|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|
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 (see table below).
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.
How does this card compare with other cashback cards?
When it comes to repayments, you can make manual repayments online or over the phone (0800 382265), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee 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 for the AIB Options 1 Credit Card
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.