Bank of Scotland Platinum 0% Purchase and Balance Transfer Mastercard review 2021
Cut interest payments on existing card debt while spreading the cost of upcoming purchases.
Finder rating: ★★★★★
Doing its job: 4/5
In a nutshell:
0% interest on balance transfers
0% interest on purchases
|Issuer||Bank of Scotland|
|Balance transfers||0% for 17 months reverting to 19.95%|
|Balance transfer fee||2.99% for 3 months reverting to 5%|
|Purchases||0% for 17 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|
Chris 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.
This is quite a comprehensive credit card. 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.
The 2.99% for 3 months reverting to 5% balance transfer fee isn’t the cheapest on the market, but it’s still much less than the interest you’d be charged with a standard credit card. It’s also important to remember that if you don’t clear your balance in full within the 17 months, any outstanding balance will start to accrue interest at the card’s standard rate. You should plan ahead and make sure you’ve cleared your debt by then.
While the financial features of this card are all in all quite solid, don’t expect much in terms of rewards, perks or extras. There is also a 2.95% foreign transaction fee, which is quite standard but also means this card is not necessarily the best holiday shopping companion. If these things are important for you, you may be better off with a different deal.
Pros and cons
- Over a year of 0% interest to focus on reducing existing card debt
- Over a year to spread the cost of purchases
- No annual fee
- Applicants with low credit scores are unlikely to be eligible
Compare other cards with “matched” 0% deals
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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 could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 17 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).
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 this card
If you've compared cards and settled on the Bank of Scotland Platinum 0% Purchase and Balance Transfer Mastercard, 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'll need to make the process as straightforward as possible.
Frequently asked questions
Can I withdraw cash using the Bank of Scotland Platinum 0% Purchase and Balance Transfer Mastercard?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Bank of Scotland Platinum 0% Purchase and Balance Transfer Mastercard is 5%.
The interest rate on this part of your balance will be 19.95%, which is the same as the standard purchases 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 0% Purchase and Balance Transfer Mastercard abroad?
Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£172.27), it'll cost you around £5.08.
What is the minimum payment on the Bank of Scotland Platinum 0% Purchase and Balance Transfer Mastercard?
Each month you must pay at least 2.5% of your balance at that point or £5.00 – whichever of the two 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 makes it much harder to get debt-free before that introductory 0% period expires.