Average Credit Card Interest Rate in Ireland - February 2024
Your APR determines how much interest you’ll pay on your credit card debt. The average credit card interest rate in Ireland is 20.74%.
Credit cards are subject to much higher interest rates and APRs, than personal loans and mortgages. This means that regardless of the interest rate on a credit card , carrying a balance and piling a credit card debt will cost you because it is more expensive to manage.
Key Takeaway
- The average APR on credit cards is 20.74%
- AIB Click Visa Card has the lowest APR in Ireland
- 22.90% is the highest credit card APR in Ireland
Average Credit Card Interest Rate by Issuer
Let us now explore the different types of annual percentage rates for credit cards by different issuers.
| Credit Card | Interest Rate |
|---|---|
|
AIB Click Visa Cards
|
13.80%
|
|
AIB Platinum Visa Card
|
17%
|
|
Revolut Credit Card
|
17.99%
|
|
BOI Platinum Advantage Credit Card
|
19.60%
|
|
BOI Student Credit Card
|
20.20%
|
|
BOI Affinity Credit card
|
20.20%
|
|
AIB Student Credit Card
|
20.50%
|
|
BOI Classic Credit card
|
22.10%
|
|
PTSB Ice Visa Cards
|
22.53%
|
|
AER Credit Card
|
22.70%
|
|
Avant Money One Credit Card
|
22.90%
|
|
Avant Money reward Plus
|
22.90%
|
|
AIB Be Visa Card
|
22.90%
|
|
An Post Classic Credit Card
|
22.90%
|
|
An Post Flex Credit Card
|
22.90%
|
Types of Credit Card Interest Rates
Before you apply for a credit card, ensure that you know the APRs that applies to the card. For credit cards that offer an introductory APR, be sure to be clear about the APRs after the introductory period ends. Below we will review the different credit card interest rates and APR to look out for in your card.
Standard APR
The standard APR also called purchase APR is interest rate on purchases, typically applied when your credit card balance isn’t paid in full each billing period. It is the annual interest rate applied every time you use your card for any new retail purchases made on your credit card. This APR on a credit card includes all costs associated with the credit card over a year, such as the interest rate, Government stamp duty and any other fees applicable to the credit card.
Introductory Rate
This is the special fixed interest rate on purchases incentive offer often used to attract new cardholders to get on a low or 0% introductory APRs over a restricted period of time after account opening, such as 3,6, 12 or 18 months. Introductory rate on purchases is only available for new credit card customers. The rate is consistently lower than the typical APR for each card.
Purchase Rate
This is the annual rate of interest applied every time you use your card for a retail purchase.
Cash Advance Rate
Most credit cards allow you to withdraw cash but this comes with a separate rate called cash advanced rate and a fee called cash advance fee. These rates can sometimes be higher than your standard purchase APRs. Be sure to check this with your provider before you use this. Cash Advance rate can be defined as the the annual rate of interest applied each time you use your card to withdraw funds from an ATM or to receive cash or a cash substitute. This rate is applied when withdrawing money from an ATM or bank using your credit card.
How Credit Card Interest Rates Affects You?
When shopping for credit cards, look for the lowest APR cards where possible. The lower interest rates you have the lower interest that you pay and this can save you hundreds or thousands of euros depending on your outstanding balance. Here is an example of the lowest, average and highest APR interest rate cost for comparison.
Credit Card Interest Cost Comparison
| Credit Card Balance | APR | Monthly Payment | Time to Pay Off Debt | Interest Paid |
|---|---|---|---|---|
|
€5,000
|
13.80%
|
€150
|
42
|
€1,236
|
|
€5,000
|
20.74%
|
€150
|
48
|
€2,162
|
|
€5,000
|
22.90%
|
€150
|
51
|
€2,525
|
From the table above, you can see that the length of time it takes you to pay off your credit card debt depends on your credit card interest rate. A lower APR means that you can pay off your debt quicker and cheaper. The best practise for credit card use is to pay off your balance in full each month. This habit will help you avoid incurring credit card interest rate or avoid/reduce your credit card debt.
>> Learn More: Best 0% Interest Rate Credit Cards
How to Lower Your Credit Card Interest Rate
One of the ways to reduce and pay off your credit card is to reduce the amount of interest rate on the credit card because it will help you pay if off faster and cheaper. Hear are some of the ways to get a lower interest rate to pay off your debts:
Balance transfer: Opening a credit card with a balance transfer option with a 0% or low interest APR for a temporary period is one strategy to reduce your credit card debt. If you can pay off your debt or large chunk of it during the introductory period will go a long way in managing your credit card debts.
>> Learn More: What is a Balance Transfer?
Loans: Applying for a personal loan to consolidate all your credit card into one reduced monthly payment at a lower interest rate. Depending on your credit rating and other factors, you may be able to take out a new personal loan with a lower interest rate than you’re paying on your credit card that can save you money and pay off your debts on time.
Improve Your Credit Score: One way of improving your credit score is if could reduce your credit card utilization rate. Other ways includes making a habit of making more than minimum payments and on time. Improving your credit can make it easier to qualify for attractive credit card interest rates.
How We Calculated average APR?
Coins to Asset collated APR details from most recent credit card terms and conditions from the issuer or credit card provider site. If a credit card APR is posted as a range, we first determine the average of that range, then use that figure in our overall average rate calculations.
Frequently Asked Questions
What is AIB Credit Card Interest Rate?
This is a summary of the AIB credit card interest rates:
- AIB Click Visa Card - 13.80%
- AIB Platinum Visa Card - 17%
- AIB Student Credit Card - 20.50%
- AIB Be Visa Card - 22.90%
What is Bank of Ireland Credit Card Interest Rate?
Here is a summary of Bank of Ireland credit card interest rate
- BOI Platinum Advantage Credit Card - 19.60%
- BOI Student Credit Card - 20.20%
- BOI Affinity Credit Card - 20.20%
- BOI Classic Credit Card - 22.10%
- AER Credit Card - 22.70%
is 24% APR high for a Credit Card?
From our calculation, the average credit card interest rate in Ireland is 20.74%. 22.90% is the highest interest rate on credit cards in Ireland, so an interest rate of 24% on your credit card is on the high side.
Why is Credit Card interest rate higher than Loans and Mortgage?
Credit card is like a revolving credit and is an unsecured debt, which the owner has access to at any time. Unlike credit cards, personal loans although unsecured, you get a lumpsum payment at once and then your fixed monthly monthly payment goes towards reducing the debt and you don't have access to the fund. Mortgages are secured loan, with the property as the collateral. The interest rates on mortgages are much lower than credit cards and personal loans.
Final Thoughts
Avoid credit card interest all together by paying your balance in full and enjoy the features and benefits your credit cards has to offer regardless of the APR of the credit card.
Lynda Unogu MBA IMC (CFA UK) PMP
Lynda holds an MBA from University College Dublin and worked previously in product roles within financial services and technology firms like Mastercard, Citi Bank and JP Morgan. She constantly seeks to apply her expertise in financial services to the field of personal finance with the goal of helping people navigate the complexities of the finance.
