Approval for any credit card will depend on your status. The APR shown represents 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.
Bank of Scotland Platinum Low Rate Credit Card review 2020
Last updated:
Enjoy a low ongoing (but variable) rate on both purchases and balance transfers.
Finder rating: ★★★★★
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).
9.9%
Representative APR
£0
Account fee
Up to 56 days
Interest-free each billing period
Details
| Issuer | Bank of Scotland |
|---|---|
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Balance transfers | 9.95% |
| Balance transfer fee | 5% |
| Purchases | 9.95% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 9.95% |
| Min credit limit | £0 |
| Max credit limit | Not specified |
| Additional cards available | 1 |
Expert review
Review by
Chris Lilly
chris.lilly@finder.comChris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. 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.
What's in this review?
The Bank of Scotland Platinum Low Rate Mastercard is issued on the Mastercard network so it's accepted at nearly 53 million merchants across more than 210 countries and territories.
Pros and cons
Pros
- A low ongoing interest rate (variable)
- No annual fee
Cons
- Applicants with low credit scores are unlikely to be eligible
- Relatively high balance transfer fee
How does it compare?
Bank of Scotland's card
Other popular low rate deals
Table: sorted by representative APR, promoted deals first
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 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.
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.