AIB Options 2 Credit Card review
- Representative example:
- When you spend £1,200 at a purchase rate of 15.72% (variable) p.a., your representative rate is 16.9% APR (variable).
- Account fee
- £0
- Interest-free each billing period
- Up to 51 days
- Minimum credit limit
- £500
Our verdict
A no-frills low-rate card for existing AIB (formerly First Trust Bank) account holders.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.
Pros
- No annual fee
Cons
- Applicants with low credit scores are unlikely to be eligible
- Only available to existing customers
Details
Product Overview
| Issuer | AIB (NI) |
| Network | Visa |
| Annual/monthly fees | £0 |
| Balance transfers | 15.72% |
| Balance transfer fee | 1.5% |
| Purchases | 15.72% |
| Purchases interest-free period | Up to 51 days |
| Cash advances | 15.72% |
| Minimum credit limit | £500 |
| Maximum credit limit | Subject to status |
| Additional cards available | 1 |
| Additional Rewards Info | Option 1 is also available & customers can switch between the options even if the outstanding balance is not cleared in full each month. |
Fees and charges
| Minimum monthly payment | 3% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 1.5% |
| Foreign usage charge (EU) | 2.75% |
| Foreign usage charge (rest of world) | 2.75% |
| Cash advance fee | 1.5% (min. £3) |
| Late payment fee | £12 |
| Exceeding limit fee | £12 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application Requirements
| Minimum Age | 18 |
| Availability | Available to existing customers |
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 it compare?
AIB (NI)'s card
Other popular low rate deals
Approval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Moneyfacts.
Repayment options
You can make manual repayments through AIB (NI)'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 Options 2 Credit Card?
If AIB (NI) offers you this deal, it will specify a personalised credit limit based on AIB (NI)'s assessment of your situation. The minimum limit offered on this card is £500, and AIB (NI) does not specify a maximum. Once you've had the card for a while and shown AIB (NI) you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the AIB Options 2 Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on the AIB Options 2 Credit Card 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 15.72% (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 Options 2 Credit Card abroad?
Non-sterling transactions are subject to a 2.75% charge. For example, if you spend 200 euros (£171.94), it'll cost you around £4.73 in fees.
What is the minimum payment on the AIB Options 2 Credit Card?
Each month, you must pay at least 3% of your balance at that point or £5.00 – whichever of the 2 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.
Finder credit card scores
Our experts score low rate credit cards to determine their value against similar products on the market. We look at a number of important factors, like exactly how low the low rate is, any perks/benefits, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.
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