Competition is truly the consumer's best friend. To gain market share, at least one credit card supplier has turned up the pressure on providers by lowering its annual percentage rates (APRs).

AIB Credit Card Services reduced rates on its two most popular credit cards last week. AIB now offers a standard card APR of 18.9 per cent, down from 20.9 per cent. Gold card customers will also see their APR fall - by 1 per cent to 15.9 per cent from 16.9 per cent APR.

New standard or gold card customers that transfer balances from other cards are eligible for a newly introduced APR of 6.9 per cent. This rate is fixed for the first six months the account is opened but does not apply to new purchases.

According to figures supplied by AIB, the same standard rate is also offered by MBNA and TSB. National Irish Bank offers a lower rate on its standard card of 18.20 per cent APR. AIB's gold card APR is lower than Bank of Ireland and MBNA, says the AIB media release.