Bank of Scotland Platinum Low Fee 0% Balance Transfer credit card review
- 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
- 22 months
- Account fee
- £0
- 0% interest on purchases
- 6 months
Our verdict
Save on interest and clear existing card debt faster with Bank of Scotland's longest balance transfer deal.If you have an outstanding card balance that's costing you an arm and a leg in interest, then provided the debt is not already held with Bank of Scotland, transferring to this card could buy you a 22-month break from interest.
You'll still be required to make a minimum monthly payment on the balance, but if you're not putting additional spending on the card, then every penny you pay will go towards clearing the debt.
Don't forget that the fee to transfer a balance is 1.99% for 3 months reverting to 5%, and also that if you haven't cleared the debt by the end of the 22 months, any outstanding balance will start to accrue interest at the card's standard rate.
Pros
- Almost 2 years of 0% interest to focus on reducing existing card debt
- Six months 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 22 months reverting to 24.94% |
| Balance transfer fee | 1.99% for 3 months reverting to 5% |
| Purchases | 0% for 6 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 | 4.0 ★★★★★ |
| Doing its job | 4.3 ★★★★★ |
| Extras | 4.0 ★★★★★ |
| Overall Finder Score | 4.2 ★★★★★ |
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 | 1.99% 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 |
The Bank of Scotland Platinum Low Fee 0% Balance Transfer 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?
Bank of Scotland's card
Other popular balance transfer 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 losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of £12). 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 22 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
If you have compared cards and want to apply, completing the secure online application form takes about 15 minutes. Before you apply, use the eligibility checker tool on the Bank of Scotland site to check that you have a decent likelihood of getting approved, without affecting your credit score. You will need to provide your address details for the last three years. In most cases you will get an instant response.
Frequently asked questions
Finder credit card scores
Our experts score balance transfer cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the balance transfer offer, the balance transfer fee, any restrictions to making a transfer, 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.
