Bank of Scotland Platinum Low Fee 0% Balance Transfer Mastercard review 2020
Save on interest and clear existing card debt faster with Bank of Scotland's longest balance transfer deal.
Finder rating: ★★★★★
Doing its job: 4.5/5
In a nutshell:
0% interest on balance transfers
0% interest on purchases
|Issuer||Bank of Scotland|
|Balance transfers||0% for 22 months reverting to 19.95%|
|Balance transfer fee||1.99% for 3 months reverting to 5%|
|Purchases||0% for 9 months reverting to 19.95%|
|Purchases interest-free period||Up to 56 days|
|Min credit limit||£0|
|Max credit limit||Not specified|
|Additional cards available||1|
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If you have an outstanding card balance that’s costing you an arm and a leg in interest, then provided the debt is not already held with Bank of Scotland, transferring to this card could buy you a 22-month break from interest.
You’ll still be required to make a minimum monthly payment on the balance, but if you’re not putting additional spending on the card, then every penny you pay will go towards clearing the debt.
Don’t forget that the fee to transfer a balance is 1.99% for 3 months reverting to 5%, and also that if you haven’t cleared the debt by the end of the 22 months, any outstanding balance will start to accrue interest at the card’s standard rate.
How does this card compare with other similar cards on the market?
When it comes to repayments, you can make manual repayments online or over the phone (0345 964 5645), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee or losing any promotional rates as a result. You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
If you’re planning on making a balance transfer or a large purchases when you open the card, you can divide the cost of these by 24 (for balance transfers) or 12 (for purchases) and set up a direct debit for this amount. This will ensure your balance is cleared before you have to begin paying interest on your debt (assuming you don’t use the credit card to make any other transactions).
Choose from the following direct debit options for your monthly repayments:
|Minimum amount||Fixed amount||Fixed percentage||Full amount|
How to apply for the Bank of Scotland Platinum Low Fee 0% Balance Transfer Mastercard
If you have compared cards and want to apply, completing the secure online application form takes about 15 minutes. Before you apply, use the eligibility checker tool on the Bank of Scotland site to check that you have a decent likelihood of getting approved, without affecting your credit score. You will need to provide your address details for the last three years. In most cases you will get an instant response.