Cheaper Credit from Bank of Ireland

Bank of Ireland today unveiled a new ‘2 in 1’ credit card that will give customers the option of transferring purchases to a payment plan that allows them pay for larger purchases over 12 months at a discounted rate of 6.9pc APR. This rate is as good as the best personal loan rates available – and may be a viable atlernative to taking out a loan.

It enables customers to use their credit card to make purchases worldwide and phase the cost of larger purchases over twelve months at a market-leading rate.

The minimum purchase is €500 and the total amount that can be transferred to the payment plan at any one time is limited to 80% of the total credit limit for that account.

Customers can transfer purchases to the payment plan within two months of it appearing on their statement and must repay the loan within twelve months.

Customers may also repay their payment plan early without incurring any additional fees or charges.

The purchase plan is available for new customers and on request for existing Standard, Gold and Platinum Bank of Ireland credit card customers who can add the facility to their existing account

The banks says that new customers can also avail of a 0pc APR introductory rate for purchases for the first six months.