AIB card for high earners

A NEW credit card from AIB will offer customers up to €225 in cash for using the product.

The bank’s Platinum Visa credit card, which was launched yesterday, will reward customers with €5 for every €1,000 they spend in their first year. But the reward comes with a catch, as it will not be paid on the first €5,000 racked up by a customer and is subject to a ceiling of €225. The card is aimed at high earners with annual salaries of €50,000 or more. Cardholders will have a credit limit of at least €15,000.

AIB’s offer signals the re-entry of so-called “cashback” cards to the market that offer cash incentives to encourage customers to use their card wherever possible. These cards are common in Britain, where the card market is considered significantly more competitive. A cashback card that was issued by Bank of Ireland in conjunction with mobile phone operator Digifone (now O2), which offered customers €10 for every €1,000 spent, was withdrawn some years ago.