Cut interest payments on existing card debt while spreading the cost of upcoming purchases.
Bank of Scotland Platinum 0% Purchase and Balance Transfer Mastercard review
By Chris Lilly
- Representative example:
- When you spend £1,200 at a purchase rate of 24.94% (variable) p.a., your representative rate is 24.9% APR (variable).
- 0% interest on balance transfers
- 17 months
- 0% interest on purchases
- 17 months
- Account fee
- £0
Review
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
- 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
Cons
- Applicants with low credit scores are unlikely to be eligible
- 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 | 0% for 17 months reverting to 24.94% |
| Balance transfer fee | 2.99% for 3 months reverting to 5% |
| Purchases | 0% for 17 months reverting to 24.94% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 24.94% |
| Minimum credit limit | £0 |
| Maximum credit limit | Subject to status |
| Additional cards available | 1 |
| Potential costs | 4.3 ★★★★★ |
| Doing its job | 4.0 ★★★★★ |
| Extras | 4.0 ★★★★★ |
| Overall Finder Score | 4.0 ★★★★★ |
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 | 2.99% for 3 months reverting to 5% |
| 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 |
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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 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" (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 0% Purchase and Balance Transfer Mastercard is 5%.
The interest rate on this part of your balance will be 24.94% (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 (£168.66), it'll cost you around £4.98 in fees.
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 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 makes it much harder to get debt-free before that introductory 0% period expires.
Finder credit card scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts score matched/balanced credit cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the introductory offer, balance transfer fees, any restrictions to the offer, 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.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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