Bank of Scotland Platinum 20 Month Purchase and Balance Transfer Mastercard review September 2019
Cut interest payments on existing card debt while spreading the cost of upcoming purchases.
0% interest on balance transfers
0% interest on purchases
|Issuer||Bank of Scotland|
|Balance transfers||0% for 20 months reverting to 19.95%|
|Balance transfer fee||3% (min. £3)|
|Purchases||0% for 20 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|
If you’re looking to reduce the interest that you’re currently paying on card debt, then a balance transfer deal can be a smart choice – buying you time to focus on clearing the debt. Where you’re also likely to need to use the card for upcoming purchases, a “matched” or “balanced” card such as this, with an introductory 0% interest period that applies to both existing and new balances, can be ideal.
There is a balance transfer fee of 3% (min. £3) to consider and it’s also important to remember that if you don’t clear your balance in full within the 20 months, any outstanding balance will start to accrue interest at the card’s standard rate.
Compare other cards with “matched” 0% deals
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 20 Month Purchase and 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, check that you meet the eligibility requirements and have the information and documents you will need to make the process as straightforward as possible.