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Bank of Scotland Platinum Low Rate Mastercard 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
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.
Compare low rate credit cards
Table: sorted by representative APR, promoted deals first
Repayment options
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.
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 Rate Mastercard
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.