AIB Options 2 Credit Card review 2021

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A no-frills low-rate card for existing AIB (formerly First Trust Bank) account holders.

Representative example: When you spend £1,200 at a purchase rate of 16.9% (variable) p.a., your representative rate is 16.9% APR (variable).

16.9%

Representative APR

£0

Account fee

Up to 51 days

Interest-free each billing period

£500

Minimum credit limit

Details

IssuerAIB
NetworkVisa
Annual/monthly fees£0
Balance transfers16.9%
Balance transfer fee1.5%
Purchases16.9%
Purchases interest-free periodUp to 51 days
Cash advances16.9%
Min credit limit£500
Max credit limitNot specified
Additional cards available1
IncentiveOption 1 is also available & customers can switch between the options even if the outstanding balance is not cleared in full each month.
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Review by


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.

Expert review

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.

Pros and cons

Pros

  • No annual fee

Cons

  • Applicants with low credit scores are unlikely to be eligible
  • Only available to existing customers

How does it compare?

AIB's card

Name Product Purchases Balance transfers Annual/monthly fees Rep. APR Incentive Link
AIB Options 2 Credit Card
16.9%
16.9%
(1.5% fee)
£0
16.9% (variable)
Option 1 is also available & customers can switch between the options even if the outstanding balance is not cleared in full each month.
Representative example: When you spend £1,200 at a purchase rate of 16.9% (variable) p.a., your representative rate is 16.9% APR (variable).
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Other popular low rate deals

Table: sorted by representative APR, promoted deals first
Name Product Purchases Balance transfers Annual/monthly fees Rep. APR Incentive Link
TSB Advance Credit Card Mastercard
0% for 3 months reverting to 7.95%
0% for 3 months
(0% fee)
£0
7.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 7.95% (variable) p.a., your representative rate is 7.9% APR (variable).
The Co-operative Bank 3 Year Fixed Rate Credit Card
8.9%
8.9%
(0% fee)
£0
8.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 8.9% (variable) p.a., your representative rate is 8.9% APR (variable).
MBNA Long Term Low Interest Credit Card
4.9% for 48 months reverting to 8.9%
4.9% for 48 months
(0.5% fee)
£0
8.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 8.9% (variable) p.a., your representative rate is 8.9% APR (variable).
Ulster Bank Credit Card Mastercard
9.9%
6.9%
(0% fee)
£0
9.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.9% (variable) p.a., your representative rate is 9.9% APR (variable).
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Approval for any credit card will depend on your status. The APR shown represents 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.

Repayment options

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 Options 2 Credit Card?

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 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" (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 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 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 Options 2 Credit Card abroad?

Non-sterling transactions are subject to a 2.75% charge. For example, if you spend 200 euros (£174.17), it'll cost you around £4.79.

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 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.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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