AIB has launched a new rewards scheme, which will allow customers to get cashback directly to their current account by spending with the likes of Lidl, Boots, Topaz and H&M.
Good news for AIB customers! From today, if you have a debit card or credit card with the bank, you can get up to 29% cashback on certain purchases.
AIB’s new ‘Everyday Rewards’ scheme is a joint venture between the bank and Visa, and has over 70 participating retail partners.
The scheme is the latest in a series of creative moves from Ireland’s leading bank’s to re-vamp their current account offerings.
How does it work?
If you use your AIB debit card or credit card to pay for items in one of the 70 participating stores, you can get cashback directly into your AIB current account, usually within five working days of the transaction.
To avail of the ‘AIB Everyday Rewards’ scheme, you have to register your card online and you can link up to five cards to your account.
Which shops are participating?
One of the most attractive cashback offers comes from Lidl, who will give you €10 cashback if you spend €35 or more in store with an AIB debit card or credit card between now and May 24th.
Along with Lidl, the likes of Elvery’s, Parking Tag, Boots, Eason’s, Topaz, H&M, Apache Pizza and Butlers Chocolate Cafe have signed up to reward customers who use an AIB card when paying for items.
Will my data be shared?
If you’re wondering if your spending habits will be recorded and shared with retailers, you needn’t worry.
A Visa spokesperson confirmed to the Irish Times that no individual customer data or spending habits will be shared with retailers, but it will be possible for participating stores to analyse the effectiveness of their offers.
Cashback for current account holders
The ‘Everyday Rewards’ scheme makes AIB the second bank to make it possible for customers to get cashback directly to their current account for making debit card transaction.
Last June, Permanent TSB launched its Explore Account, which pays customers 10c for every debit card transaction, up to a maximum of €5 a month. This makes is possible for customers to not only offset their current account fees, but actually make a profit of €12 a year, if they transact enough times.
AIB currently charges 20 cent for every debit card transaction and 35 cent for every ATM withdrawal so its new scheme will go some way to helping customers offset these fees.
Current account shake-up
AIB’s new scheme is the latest in a series of moves by Ireland’s banks to shake-up their current account offerings.
AIB, KBC and Ulster Bank have all recently made Android Pay available to customers. Apple Pay is also available to KBC and Ulster Bank customers.
KBC also makes it possible for customers to open a current account from their mobile phone and just announced that 6 in 10 of their new current account customers in Q1 signed up via digital channels.
These offers give customers new features to consider when picking a current account and have brought some much-needed creativity to the space in the Irish market.
To find out which current account has the lowest fees and best features for you and your spending habits, visit our Compare Current Accounts page.