Bank of Scotland Platinum Low Rate Credit Card review
- Representative example:
- When you spend £1,200 at a purchase rate of 10.94% (variable) p.a., your representative rate is 10.9% APR (variable).
- Account fee
- £0
- Interest-free each billing period
- Up to 56 days
Our verdict
Enjoy a low ongoing (but variable) rate on both purchases and balance transfers.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.
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
- A punishing fee of 5% on cash withdrawals (you should avoid using a credit card to withdraw cash in any case)
Details
Product Overview
| Issuer | Bank of Scotland |
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Balance transfers | 10.94% |
| Balance transfer fee | 5% (0% fee if transfer is completed within the first 90 days |
| Purchases | 10.94% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 10.94% |
| Minimum credit limit | £0 |
| Maximum credit limit | Subject to status |
| Additional cards available | 1 |
| Potential costs | 3.5 ★★★★★ |
| Doing its job | 3.5 ★★★★★ |
| Extras | 3.0 ★★★★★ |
| Overall Finder Score | 3.5 ★★★★★ |
Fees and charges
| Minimum monthly payment | 2.5% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 5% (0% fee if transfer is completed within the first 90 days |
| Foreign usage charge (EU) | 2.95% |
| Foreign usage charge (rest of world) | 2.95% |
| Cash advance fee | 5% (min. £0) |
| Late payment fee | £12 |
| Replacement card fee | £0 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £0 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application Requirements
| Minimum Age | 18 |
| Availability | Available to new customers |
The Bank of Scotland Platinum Low Rate Credit Card is issued on the Mastercard network, so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
How does it compare with other low rate deals?
Approval for any credit card depends on your status. The representative APRs shown represent 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. Most of the data in Finder's comparison tables is provided by Moneyfacts.
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 withdraw cash using the Bank of Scotland Platinum Low Rate Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Bank of Scotland Platinum Low Rate Credit Card is 5%.
The interest rate on this part of your balance will be 10.94%, which is the same as the standard purchase 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 Low Rate Credit Card abroad?
Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£168.85), it'll cost you around £4.98 in fees.
What is the minimum payment on the Bank of Scotland Platinum Low Rate Credit Card?
Each month, you must pay at least 2.5% of your balance at that point or £5.00 – whichever of the 2 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 tends to be a very expensive way to borrow money, which can lead to persistent debt.
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.
Finder credit card scores
Our experts score low rate credit cards to determine their value against similar products on the market. We look at a number of important factors, like exactly how low the low rate is, any perks/benefits, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.
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