Looking for a premium credit card in Ireland that actually delivers value? The BOI Platinum Advantage Card has been generating buzz among Irish consumers. But here’s the thing.
Not everyone needs a platinum card. And frankly, some people would be better off with simpler options. So let’s figure out if this one makes sense for you.
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Below are helpful, related guides.In this guide, we’ll break down everything worth knowing. The real benefits. The actual costs. And whether the annual fee justifies what you’re getting.
No fluff. Just the practical stuff you need to make a smart decision about your finances.
Ready? Let’s dive in.
What Makes the BOI Platinum Advantage Card Different
Bank of Ireland positions this as their premium credit card offering. It’s designed for consumers who want more than basic functionality from their card.
The standout feature? Comprehensive multi-trip travel insurance. This alone can save you significant money if you travel even moderately throughout the year.
The card runs on the Mastercard network. That means acceptance virtually everywhere. Plus access to Mastercard Priceless experiences and offers worldwide.
But premium doesn’t mean complicated. The application process takes roughly five minutes online, and approval can happen within 24 hours for qualified applicants.
Travel Insurance Coverage Explained
This is where things get interesting. The travel insurance included with this card covers multi-trip travel, including winter sports activities. Proper coverage that you’d typically pay separately for.
Here’s how it works. Pay at least half of your total trip fare using the card. That activates your coverage for trips up to 90 days each. The insurance is underwritten by Chubb European Group SE, a well-established provider regulated by the Central Bank of Ireland.
For those seeking the best credit card for travel in Ireland, this bundled insurance genuinely shifts the value equation. Consider what standalone multi-trip travel insurance costs annually, then factor that saving into your annual fee calculation.
One important note though. You must be a permanent resident of Ireland to qualify for coverage. That means residing in Ireland for at least three months initially, then forty weeks each year thereafter.
APR, Interest Rates and What You’ll Actually Pay
Let’s talk numbers. The typical APR sits at 19.6% variable. This includes the annual Government stamp duty of €30 and the annual charge of €76.18.
Breaking it down further, the standard purchase interest rate is 13.79% variable. If you borrowed €5,000 and repaid it over 12 months in equal instalments, you’d pay back €5,479.71 total. That’s a cost of credit of €479.71.
Now, here’s where new customers get a decent deal. You can choose between two introductory offers. Either 0% fixed interest on purchases for the first six months. Or 0% fixed interest on balance transfers for seven months.
After those promotional periods end? Standard variable rates kick in. Plan accordingly.
The Instalment Plan Feature
This feature doesn’t get enough attention. The instalment plan lets you move purchases of €250 or more onto a lower rate of just 6.7% variable (6.9% APR).
Spread larger purchases across 6, 12, or 24 monthly payments. Perfect for unexpected costs or planned bigger purchases where you want predictable repayment.
To set this up, simply make your purchase, then contact Bank of Ireland before your next payment date. You can do this through an online form, by calling 0818 251 251, or at certain retailers directly at point of sale.
Annual Fee and Additional Costs
The annual fee comes in at €76.18. Government stamp duty adds another €30 yearly. So you’re looking at just over €100 annually for this card.
Is that worth it? Depends entirely on how you use it.
If you travel twice a year and would buy travel insurance anyway, the maths probably work in your favour. Add in the instalment plan flexibility and the introductory offers, and the value proposition strengthens.
However, if you rarely travel and primarily want a card for everyday spending, compare premium credit cards with no annual fees before committing here.
Other fees to keep in mind include cash advance charges, foreign transaction fees at 2.25%, and potential late payment fees. Always check the full fee schedule before applying.
Key Benefits at a Glance
Beyond the travel insurance, several features deserve mention. You can add up to three additional cardholders to your account. Only one stamp duty charge applies across all cards, which keeps costs reasonable for families.
Contactless payments work up to €50 in Ireland. The exact limit varies internationally.
Lost your card abroad? The emergency cash service can cancel your card and arrange emergency cash advances in most countries. Peace of mind when you need it most.
Digital wallet compatibility means Apple Pay and Google Pay work seamlessly. Tap and go with your smartphone wherever these are accepted.
Through the 365 Online platform, you gain control features including freezing and unfreezing your card, viewing your PIN, and managing settings at your fingertips.
Eligibility Requirements and How to Apply
Bank of Ireland assesses applications based on creditworthiness and income. While specific income thresholds aren’t publicly stated for the Platinum card, their Classic card requires minimum annual income of €16,000. The Platinum likely sets the bar somewhat higher.
You’ll need standard documentation. Proof of identity, proof of address, and income verification. If employed less than six months with your current employer, additional documentation confirming your position and salary may be required.
The credit card application process offers three routes. Apply online through Bank of Ireland’s website in about five minutes. Call their credit card team at 0818 200 412. Or visit your local branch for in-person assistance.
Existing Bank of Ireland customers often find the process smoother, as the bank already holds verified information on file.
Balance Transfer Option
Carrying debt on another credit card? The balance transfer feature might help.
New customers can transfer balances from other institutions at 0% interest for seven months. You cannot transfer from existing Bank of Ireland cards or from cards outside the Republic of Ireland and United Kingdom.
After seven months, the transferred balance reverts to the standard variable purchase rate. So time your repayment strategy carefully.
This makes the card potentially useful as a debt consolidation tool, giving you a window to pay down existing balances without accumulating additional interest.
How It Compares to Alternatives
When you compare premium credit cards in the Irish market, several alternatives emerge. AIB’s Platinum Visa Card has no annual fee but lacks the travel insurance. An Post’s Flex card offers competitive rates and instalment plans but different benefits altogether.
The American Express Platinum Card provides superior travel perks but commands a significantly higher annual fee. It’s aimed at a different spending bracket entirely.
For frequent travellers specifically, the Aer Credit Card from Bank of Ireland offers Avios earning potential and different travel rewards. Worth considering if you fly Aer Lingus regularly.
Your choice ultimately depends on spending patterns. Calculate the actual value you’d extract from each card’s benefits against their respective costs.
Is the BOI Platinum Advantage Card Right for You?
This card makes most sense for several specific profiles. People who travel internationally at least once or twice yearly and would otherwise purchase travel insurance. Those who occasionally make larger purchases and want flexible repayment options. Consumers who value having a premium Mastercard with worldwide acceptance and accompanying perks.
It makes less sense if you primarily use credit for everyday small purchases, rarely travel, or prioritize cashback rewards over insurance benefits. No shame in wanting something simpler.
The annual fee only represents good value if you actually use the included benefits. Be honest with yourself about your likely usage before applying.
