AIB Options 2 Credit Card review 2020
A no-frills low-rate card for existing AIB (formerly First Trust Bank) account holders.
Up to 51 days
Interest-free each billing period
Minimum credit limit
|Balance transfer fee||1.5%|
|Purchases interest-free period||Up to 51 days|
|Min credit limit||£500|
|Max credit limit||Not specified|
|Additional cards available||1|
|Incentive||Option 1 is also available & customers can switch between the options even if the outstanding balance is not cleared in full each month.|
Designed for those who don’t expect to carry a balance from month to month, this card offers up to 51 days of 0% interest on your purchases each billing cycle… but not a lot else.
If you’re after a straightforward and relatively cheap card, this is the sort of deal that might appeal to you. If you occasionally need to spread repayment over a couple of months, then the card’s standard rate is competitive. What’s more, although this rate is variable, it won’t expire only to be replaced with a punishingly high rate (as is the case with many popular cards).
However, if you’re specifically seeking to minimise interest while you pay off existing card debt, or to spread the cost of a large upcoming purchase, then there are more specialised deals out there which could work out cheaper.
To apply you’ll need to be 18 or over and resident in the UK. You’ll also need to hold an existing AIB account.
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 low-rate deals
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 for the AIB Options 2 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.
Frequently asked questions
What credit limit will I get with the AIB Visa Option 2?
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 2?
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 2 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 16.9%, which is the same as the standard purchases rate (chargeable from the day of the transaction – the card's usual "up to 51 days interest-free" grace period won't apply).
How much does it cost to use the AIB Visa Option 2 abroad?
Non-sterling transactions are subject to a 2.75% charge. For example, if you spend 200 euros (£179.15), it'll cost you around £4.93.
What is the minimum payment on the AIB Visa Option 2?
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.