Bank of Scotland Platinum Low Rate Credit Card review 2023

Enjoy a low ongoing (but variable) rate on both purchases and balance transfers.

Finder rating: ★★★★★

No reviews yet. Write a review
Representative example: When you spend £1,200 at a purchase rate of 10.94% (variable) p.a., your representative rate is 10.9% APR (variable).


Representative APR


Account fee

Up to 56 days

Interest-free each billing period


IssuerBank of Scotland
Annual/monthly fees£0
Balance transfers10.94%
Balance transfer fee5%
Purchases interest-free periodUp to 56 days
Cash advances10.94%
Minimum credit limit£0
Maximum credit limitSubject to status
Additional cards available1

Review by

Chris Lilly is a publisher at He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.

Expert review

This is a very straightforward card: it does the job, but don’t expect fireworks.

If you’re not one for the flashy 0% introductory offers (or if you simply don’t need one), then this card offers a low rate and – provided you don’t carry a balance from month to month – up to 56 days of 0% interest on your purchases each billing cycle. Just keep in mind that the rate you’re offered will also depend on your credit score and may differ from the advertised one.

For those looking to spread the cost of a large upcoming expenditure or to save money on existing card debt, there are cheaper deals out there. But if you don’t anticipate carrying debt on the card, this would be a hassle-free option. You won’t need to worry about rates expiring, but you will want to keep an eye on the interest rate, since it’s subject to change at the Bank of Scotland’s discretion.

This card leaves much to be desired in terms of rewards and perks, so if you normally pay off your credit card bill in full every month, you could consider a card that allows you to treat yourself a bit more. Have a look at our rewards credit cards page to compare deals.

Pros and cons


  • No annual fee


  • Applicants with low credit scores are unlikely to be eligible
  • Relatively high balance transfer fee

How does it compare?

Bank of Scotland's card

1 - 1 of 1
Name Product Purchases Balance transfers Annual/monthly fees Representative APR Incentive Link
Bank of Scotland Platinum Low Rate Credit Card
(5% fee)
10.9% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 10.94% (variable) p.a., your representative rate is 10.9% APR (variable).

Compare up to 4 providers

Other popular low rate deals

Table: sorted by representative APR, promoted deals first
1 - 2 of 2
Name Product Purchases Balance transfers Annual/monthly fees Representative APR Incentive Link
The Co-operative Bank 3 Year Fixed Rate Credit Card
(0% fee)
8.9% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 8.9% (variable) p.a., your representative rate is 8.9% APR (variable).
TSB Advance Credit Card Mastercard
0% for 3 months reverting to 9.95%
0% for 3 months
(0% fee)
9.9% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.95% (variable) p.a., your representative rate is 9.9% APR (variable).

Compare up to 4 providers

Approval for any credit card will depend on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.

Repayment options

You can make manual repayments through Bank of Scotland's app by logging in to your online banking or over the phone (0345 964 5645). Alternatively, you may wish to set up a direct debit.

A direct debit protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee (£12) 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.

Choose from the following direct debit options for your monthly repayments:

Minimum amount Fixed amount Fixed percentage Full amount

How to apply

If you want to apply, you can visit the Bank of Scotland website to begin your application. Make sure you meet all eligibility criteria and have the relevant personal details and financial information ready to go.

Frequently asked questions

Can I withdraw cash using the Bank of Scotland Platinum Low Rate Credit Card?

Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.

The cash advance fee on the Bank of Scotland Platinum Low Rate Credit Card is 5%.

The interest rate on this part of your balance will be 10.94%, which is the same as the standard purchase rate (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).

How much does it cost to use the Bank of Scotland Platinum Low Rate Credit Card abroad?

Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£176.44), it'll cost you around £5.21 in fees.

What is the minimum payment on the Bank of Scotland Platinum Low Rate Credit Card?

Each month you must pay at least 2.5% of your balance at that point or £5.00 – whichever of the 2 figures is greater. So if you had, say, £180.00 outstanding, you'd pay £5.00, and if you had £800.00 outstanding, you'd pay £20.00.

Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money which can lead to persistent debt.

Can I earn reward points with the Bank of Scotland Platinum Low Rate Mastercard?

No, this card does not currently offer any rewards scheme. You can compare rewards credit cards here.

What is a balance transfer?

A balance transfer is when you move your existing credit card balance to a new card, ideally with a lower interest rate. Many credit cards offer 0% balance transfers, meaning you won’t pay any interest when moving your debt to a new card.

Who chooses my credit limit?

Your credit limit will be set by the provider when you apply for the card. You may be able to request a higher credit limit, but you’ll likely need to prove that you’re a responsible customer before your credit card provider will agree to give you a higher limit.

What is a variable rate?

A variable interest rate is one that can change over time. It is set by the lender or credit provider, and can often change in line with the Bank of England base rate.

Finder credit card ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our experts score low rate credit cards to determine their value against similar products on the market. We look at a number of important factors, like exactly how low the low rate is, any perks/benefits, plus the potential costs involved with running the card both in the short and longer term.

You can read more about our scoring criteria on our credit card methodology page.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

Ask an expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site