If you're looking for a credit card that gives you something extra, then the new Aer credit card from Bank of Ireland in partnership with Aer Lingus could be for you.
The new co-branded card offers all the convenience of a regular credit card but comes with a whole host of unique travel rewards for customers.
Each year, customers who sign up to the card will receive:
Card holders also have the choice of 0% interest on purchases for the first six months OR 0% interest on balance transfers for first seven months. Not bad!
The Aer credit card also comes with Bank of Ireland's nifty instalment plan feature, which allows you to transfer a credit card purchase greater than €500 onto a separate, lower interest rate of 6.90% APR and to pay it off in 12 equal monthly instalments.
Here’s how it works:
The instalment plan is a perfect alternative to getting a small loan and Bank of Ireland is the only bank to offer it currently. Just remember that the purchase to be transferred must be a single purchase of €500 or more and any other purchases will be at the normal, higher rate of interest.
The interest rate on the card is 16.12% variable for purchases and 21.36% for cash advances (though as always we don’t recommend you use your credit card for taking out cash if possible).
There’s also a €7.99 monthly fee as well as the standard €30 annual Government stamp duty.
When all the fees and charges are taken into account, the APR is 26.60%
The Aer credit card comes with some great benefits but unless you’re going to spend over €5,000 a year on the card, you won’t get your two free flights a year, which will be the main selling point of the card for many people. The €7.99 monthly fee also means you’ll pay almost €100 a year for the card on top of stamp duty and any interest that might apply. And remember you’ll have to pay taxes, fees and charges for any ‘free’ flights that you earn.
However, if you’re a big spender and a frequent traveller, the card benefits should outweigh the costs, and the free travel insurance by itself will cover the cost of the monthly fee. And by getting Avios points every time you use your card, you could earn even more free flights each year!
Remember to check out all the options before deciding on the card that's right for you.
You easily compare interest rates, balance transfer options, and card features from all Ireland’s main credit card providers right now with our free credit card comparison service.
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