Bank of Scotland Platinum 0% Purchase and Balance Transfer Mastercard review September 2020
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 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
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 this card
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.