Competition has begun to bite in the credit card market with AIB announcing the immediate removal of its annual fee. The bank had charged a fee of £10 on standard credit cards and £20 on a gold card in some cases. The rate of interest charged on the standard AIB credit card is now 18.9 per cent (APR) and 15.9 per cent (APR) on a gold card. MBNA is the newest entrant in the credit card market and has been offering attractive rates of interest to customers who want to transfer from their existing credit card.