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Do you have accumulated credit card debt? If you are looking for a solution to organize your finances and save on interest, a balance transfer credit card Ireland may be the answer. With several options on the market, the choice can be difficult, as each bank offers different rates and promotional periods.
It is common for the question to arise: after all, which balance transfer credit card Ireland is worth it? With so many alternatives offering zero interest for a limited time, you should understand the advantages and disadvantages of each.
In this article, we will help you learn about the main options for balance transfer credit card Ireland, understand how they work and make the right choice to put your financial life in order.
How do balance transfer credit cards work
Simply put, it allows you to transfer debt from one or more existing credit cards to a new card with a lower interest rate.
The bottom line is that these cards offer 0% interest for an initial period. This gives you a chance to focus on paying off the principal without worrying about rising interest costs.
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But what happens after the promotional period ends?
That’s where many go wrong. The interest rate can rise back up to a much higher annual interest rate (APR), usually 22% or higher.
Therefore, it is important to have a plan in place to pay off your debt before the promotional period ends, or you may end up paying more in the long run.
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Best Credit Cards for Balance Transfer Available in Ireland
When it comes to credit card balance transfer in Ireland, there are several options available. Here’s a comparison of the top options on the market.
1. An Post Money Classic Card
The An Post Money Classic Card is an option for those looking for a long period of 0% interest.
At first, it offers 12 months of zero interest rate on balance transfers. This is great for those who need time to pay off their debts without worrying about high interest rates.
The credit limit is determined based on the applicant’s financial situation, and the transfer can cover up to 95% of the available credit limit.
After the promotional period ends, the standard interest rate rises to 22.9%.
In addition, An Post does not charge a setup fee, but the card has an annual cost of €30 due to government stamp duty.
2. Avant Money One Card
The Avant Money One Card stands out for its 9-month offer with 0% interest on balance transfers.
In addition, you will have an additional promotion, getting a cashback of €150 for those who transfer at least €1,000 in the first 90 days after opening the account.
The transfer can cover up to 95% of the credit limit, and the credit limit is evaluated according to the customer’s ability to pay.
After the promotional period, the standard interest rate rises to 22.9%, which is the typical rate for Irish credit cards.
In addition, the card does not charge a setup fee, but there is an annual government stamp duty of €30.
3. Bank of Ireland (BoI) – Classic, Platinum and Aer Cards
Bank of Ireland has several options for balance transfers with different promotion periods.
The Classic, Platinum and Aer Credit Card have a 0% interest rate for 7 months on balance transfers.
Although the promotional period is shorter, it still provides a good opportunity for those who need relief from the high interest rates of other cards.
In addition, the Affinity Credit Card charges a fixed interest rate of 2.9% for 12 months, interesting for those who prefer a longer promotional period.
After the promotional offer ends, the typical APR ranges from 20.2% to 22.1%.
While Bank of Ireland has a high standard APR, its long-term and short-term offerings can be useful, depending on what you’re looking for.
By the way, if the cards catch your eye, we recommend you check out the Bank of Ireland Classic credit card review.
4. Permanent TSB ICE Visa Credit Card
The Permanent TSB ICE Visa Credit Card will give you 0% interest on balance transfers for 6 months,
This card is a good option for those who want to pay off their debt in a shorter term.
In addition, the credit limit ranges from €1,000 to €75,000, with the transfer being able to cover up to 95% of the available limit.
To be eligible, the applicant needs to have a minimum annual income of €20,000.
After the 6-month promotional period, the default APR rises to 22.53%.
The ICE Visa Credit Card also charges a government stamp duty of €30 annually.
5. AIB Platinum Visa Credit Card
The AIB Platinum Visa Credit Card is a card that has an introductory interest rate of 3.83% for 12 months on balance transfers.
Although it is not a 0% fee, the fee is lower than the standard fees of many other cards.
Additionally, the standard APR after the promotional period ends is 17%, which is lower than the market average, making this card a more sustainable option in the long run.
The credit limit is set based on the individual assessment, with an average value of €1,500.
How to Choose the Right Balance Transfer Card for You
Choosing the right balance transfer credit card in Ireland depends on a number of factors, including the amount of your debt, how quickly you can pay it off, and the annual interest rate (APR). In addition to the standard you are willing to live with after the promotional period ends.
Above all, if you are sure that you can pay off your debt in 6 to 12 months, cards with longer interest periods of 0%, such as the An Post Money Classic or the Avant Money One Card, may be your best bet.
Now, for those looking for a long-term solution with a more sustainable annual interest rate (APR) after the promotional period, consider cards like the AIB Platinum Visa or the Revolut Credit Card.
What happens after the promotional period?
It is crucial to understand what happens after the promotional period ends.
Most balance transfer cards will revert to a higher annual interest rate (APR), usually above 22%.
To avoid falling into this trap, try to plan to pay off your balance well before the promotional period ends.
If necessary, set up automatic payments or use extra funds to ensure that you can pay off the balance in full.
Conclusion
A credit card with balance transfer in Ireland is useful for managing and reducing credit card debt.
However, it is important to choose wisely.
See the length of the promotional period, as well as the standard annual interest rate after the offer ends, and any additional fees or cashback incentives that could make a difference in the long run.
The key to making the most of a balance transfer is to use it correctly.
Pay off as much of your debt as possible during the 0% interest period and avoid accumulating a debit balance after the promotional rate ends.