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Ireland’s New Credit Card: Ryanair 0% Balance Transfer

Posted on 23. Jun, 2009 in Saving money

Ryanair & MBNA Ireland, giants in their respective fields

Ryanair, Europe’s largest low fare airline, emerged in June 2009 as Europe’s biggest airline in terms of passenger numbers, having overtaken major rivals such as Air France, British Airways and Lufthansa.

Ryanair operates on more than 830 routes across 26 countries, connecting 148 destinations.

Thinking Money expects Ryanair to maintain its traffic growth by 15 percent to fly 67 million passengers during 2009/2010.

Thinking Money notes that MBNA Ireland is the Republic of Ireland’s third largest credit card provider, endorsed by almost 90 organisations as diverse as EBS Building Society, Irish Heart Foundation and Munster Rugby. Knowing the popularity of Ryan Air in Ireland, Thinking Money believes this will become one of the most popular affinity cards on the market.

Unbeatable fee-free period and appetising rewards

Ryanair/MBNA’s recent online credit card offer of 0% interest for the first 10 months on balance transfers is four months longer than any other credit card available in Ireland.

Thinking Money highlights the increasingly competitive credit card industry, where 0% balance transfers and reward credit cards are becoming the only way to compete. The surging growth of MBNA credit cards in the UK and Europe is a testament to such a theory.

Customers who use the card within 90 days of opening the account will receive a bonus return flight of their choice from a selection of top European destinations. Buying five return flights using the Ryanair/MBNA credit card will earn users an additional bonus return flight.

For every €2,000 spent on the Ryanair/MBNA credit card in a calendar quarter, users receive one bonus return flight, while €5,000 spent will earn users a pair of return flights.

Offer allows customers extra time to pay off balances

Stephen McNamara said the new offer was aimed at allowing customers extra time to pay off their credit or store card balances.

McNamara states that:

Those taking advantage of our latest offer can also jet away to a host of European destinations as a reward for taking the first step in reorganising their finances

Kevin Power, Head of Partnerships at MBNA Ireland, added that since the launch of the MBNA/Ryanair credit card in 2002, customers have benefited from earning bonus return flights offered on the Ryanair Credit Card.

Power states:

This benefit provides new customers with more choice when shopping around…

Thinking Money warns customers moving to Ireland of a hidden cost unrelated to credit card companies – the annual government stamp duty on credit cards is currently €30. In many instances though, customers can recoup this saving and more by carrying a credit card balance transfer. Although a relatively new product to the Irish credit cards market, balance transfers can certainly provide savings for consumers in these troubled times.