These are the lowest interest rates charged on credit cards in Ireland.
Figures checked June 3rd 2020 (on purchases) APR.
Lowest Rates listed first
- 13.8% AIB Click (Visa)
- 16.1% Ulster Bank Black (Mastercard) (Min €40k Salary)
- 17% AIB Platinum (Visa) (Min €40k Salary)
- 18.25% KBC (Mastercard)
- 19.6% BOI Platinum Advantage (Mastercard) (Min €40k Salary)
- 20.6% Avantcard
- 22.1% BOI Classic (Mastercard)
- 22.53% PTSB Ice (Visa)
- 22.7% Ulster Bank Classic
- 22.9% AIB be
- 22.9% An Post (Mastercard)
- 22.9% Chill
See here for the current Zero Percent Interest Offers on Credit Cards
Some credit cards come with extras – such as free worldwide Travel Insurance with the BOI Platinum card (but you need an income of at least €40k to get one).
The Bank of Ireland Student card also has free travel insurance. Both of these require that you paid for at least 50% of the “fare” with the card.
The cheapest way to use a credit card is to always pay it off in full every month – and then you pay no interest at all. But – if you don’t manage to pay off the full balance – it’s nice to know which card has the lowest rate of interest before you apply.
Minimum Payment Warning:
Paying just the minimum repayment amount each month on a credit card is a costly and lengthy way of paying off debt.
For example – on a credit card with a balance of €2000 and an interest rate of 19.2% with a minimum payment of 3% of the balance (or €25).
Paying just the minimum off each month would mean it would take 8 years to pay off the balance and you would end up paying a total of €3417.
If instead, you paid a fixed amount of €60 a month – it would only take 3 years and 11 months to pay off. The total repaid would be €2772. (€645 less).
Tip – Try and ensure you have at least two different types of payment card, ideally from two different banks – just in case there are any IT problems or outages with one of them.
In May 2018 – there were issues with Visa payments across Europe and we have seen major problems with Ulster Bank in the past.
If you want the functions of a credit card without the chance to get into debt – then take a look at the prepaid travel card from Bunq
See our article about Visa or Mastercard in Ireland to see which provider issues the different types of cards.