Bank of Ireland Credit Cards Review – Simplified Payment Solutions

Bank of Ireland Credit Cards Review – Simplified Payment Solutions

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Bank of Ireland
Screenshot of Credit Cards Home Page Bank of Ireland

A credit card is one of the best ways to ease a cash flow situation, as it provides access to funds for the short term. Furthermore, if used properly a credit card can be a great asset in any wallet. Bank of Ireland Credit Cards offers customers simple solutions to their cash flow needs. This review takes a closer look at these credit cards to see how they compare on a global playing field.

Read here to find out how Ally Bank did in its credit card review.

About Bank of Ireland

Bank of Ireland
Screenshot of the History of Bank of Ireland

Bank of Ireland has been around for a number of years as it found its roots in 1783. Apart from the Dublin branch, the bank soon opened branches in Cork, Waterford, Clonmel, Newry, Belfast, Londonderry, and Westport. The bank expanded over the next century and by 1920, there were over 75 branches.

After both World Wars, Bank of Ireland was instrumental in the repair of infrastructure in Europe. It provided the necessary funding for projects that boosted both infrastructure and trade & industry. For the next few decades, the bank focused on mergers and acquisitions. Towards the end of the millennium, the bank had the opportunity to use technology to advance their products and services. This brought into effect the wildly popular 365 Online.

2008 was a massive year for financial institutions as they needed to ride the storm of the subprime market crash. Bank of Ireland was one of the banks that were forced to approach the government for a bailout. Currently, the bank is looking to expand their market share and increase their profits.

for a full review on Bank of Ireland, read here.

How to Use A Credit Card Wisely

Ever since credit cards came about in the fifties, customers have been exposed to easy credit and high credit limits. Credit cards, if used wisely, can add value to a budget and makes financial commitments a little easier to manage. Customers who wish to take up credit cards, need to do so knowing all the risks and pitfalls as well.

Choose to Increase Annual Limits With Permission Only

This option allows customers to take control of their limits. This ensures that customers remain within a safe limit and they will still be able to manage their payments according to the budget. The alternative is that the financial institution increases it according to the customer’s account conduct, which will soon see the account spiral out of control.

Learn to Differentiate Between a Need and a Want

This is an important step in managing credit card debt. This is because customers often use the credit card on things they want, which could get them into trouble when they need the card for items they need. Before long, their debt could spiral out of control as customers apply for more and more debt.

Keep an Eye on the Interest Rates

Many card companies offer customers free interest on purchases or balance transfers for a set period, however, many customers forget about it. When the period is over, they face mounting credit card debt due to the interest payable.

Annual and Other Fees

Customers need to bear in mind that the interest rate isn’t the only thing that can set a credit card bill sky high. There is also the mounting fees the accumulates when customers use their cards overseas, draw cash, or request special payments. Customers also need to ensure there are sufficient funds for transactions, as penalty charges are steep.

Pay On Time

A credit card is the fastest way to build up a good credit score, but it can also be the fastest way to ruin it. Slow payments or non-payments have an adverse effect on credit ratings and customers are encouraged to know when their credit card payment due date is.

Bank of Ireland Credit Cards Product Offerings

Bank of Ireland
Screenshot of Some Credit Card Products Bank of Ireland

Classic Credit Card

This is a straightforward credit card that carries no annual credit card fee. Furthermore, customers can apply for the card online or via telephone.

  • Customers enjoy 0% interest on purchases for the first 6 months.
  • There are no transaction fees, however, cross-border handling fees apply.
  • Also, although there is no annual card fee, customers are required to pay the government stamp duty fee.
  • Furthermore, this card offers a low-cost installment option.
  • Finally, customers will have access to SuperValu Real Rewards.

Platinum Advantage Card

This card offers customers the lowest interest rate credit card available to new and existing Bank of Ireland customers. Furthermore, customers can apply for the card online or via telephone in minutes.

  • Customers enjoy 0% interest on purchases for the first 6 months.
  • Furthermore, those who provide the required information could have an answer within 24 hours.
  • There are no transaction fees, however, customers are required to pay cross border handling fees.
  • The card provides access to SuperValu Real Rewards.
  • Finally, customers enjoy free travel insurance.

Affinity Credit Card

Customers who wish to give back to their Alma Mater have the opportunity to do so with the Affinity Credit Cards. Furthermore, the donation takes place at no expense to the client. This donation will go towards a college of their choosing.

  • Customers receive a college branded card.
  • Also, there are no transaction fees on the card except cross-border handling fees.
  • Furthermore, there is no annual fee on the card, however, government stamp duty applies.
  • The card offers a low-cost installment option.
  • Finally, there are SuperValu Real Rewards available.

Student Credit Card

Students who find themselves strapped for cash will find this card ideal. This is an easy card to apply for, and once approved, customers will have access to a credit limit of up to EUR 500 in the first or second year of study. Furthermore, this limit can increase to EUR 1,000 in the third year or above of full-time study.

  • There is no annual account fee on the card, however, government stamp duty applies.
  • Customers enjoy 0% interest on purchases for the first 6 months.
  • Furthermore, customers who provide all the necessary information could have an answer within 24 hours.
  • Also, customers enjoy free travel insurance with this card.
  • Finally, the card offers SuperValu Real Rewards.

We recently did a review on some of the other loan products offered by Bank of Ireland. Read here to learn more.

What We Like About Bank of Ireland Credit Cards

Credit cards have the uncanny ability to tick a lot of boxes, especially when there is low cash flow in a household. This is the ideal opportunity to take advantage of specials in stores as customers replace their faulty appliances with new ones, or do some minor reparations to their properties.

The Bank of Ireland Credit Cards are easy to apply for and customers can attend to their needs within just a few short days. Customers have the option of applying for the card online or via telephone, which saves them the hassle of trudging to the branch.

Furthermore, we also like the fact that there is a focus on students and alumni, with the two different credit cards.

Finally, customers benefit from great savings such as the 0% interest in the first 6 months, no annual fees, and of course, minimal transaction fees.

What We Don’t Like About the Bank of Ireland Credit Cards

There are only 4 cards to choose from, and while that allows customers to keep things simple, it doesn’t do much for choice. The cards offer some neat discounts on fees and interest, but after the first 6 months, there are a number of other products that will gladly take up where these cards drop the slack.

Furthermore, there are no cards specifically designed for customers who are frequent travelers, although the Platinum Advantage Card offers free travel insurance. Once again, there is a massive market that Bank of Ireland is missing out on.

Finally, the sales pitch on the website can be a little misleading to those who don’t bother scrolling down to read the fine print. This could end up in angry customers and sales disputes. The need to know info on the pricing and interest rates can easily be accommodated in each card’s sales pitch area.

Critical Reviews Rating Bank of Ireland Credit Cards – 7 of 10

Bank of Ireland
Screenshot of Conditions of Credit Cards Bank of Ireland

From a bank that brings us some of the best transactional products, the effort that goes into the credit cards section is disappointing. With only 4 credit cards to choose from, the bank can hardly expect customers who want a little more out of their cards to remain loyal to the bank. This is especially true for those who like the status certain credit cards bring, as well as the doors they open.

Bank of Ireland has quite a bit to do in order to attract the right customers to their bank where this is concerned. Furthermore, they will also benefit from a revamp in terms of the sales side of the credit cards. Information that is available upfront will allow customers to make an informed decision, and minimize queries and complaints later.

Customers who prefer to save for their purchases should consider the Bank of Ireland Savings accounts. Read here to learn more.

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