Are you looking for the longest balance transfer deal? Bank of Scotland is one of the few financial providers that have financial instruments catering to all needs.
A balance transfer credit card allows you to collect all of your outstanding balances on one credit card and manage them easier. It also comes with an introductory offer, which helps you save money on interest payments.
Let’s find out which one is the best balance transfer card from the Bank of Scotland and how to apply. Then, you will be able to make an educated decision about whether this card suits your needs.
Fees and Interest
The Bank of Scotland Platinum 0% Balance Transfer Mastercard comes with an appealing 0% interest on period transfer for the first 22 months. After that, there is a representative APR of 19.9%, which means that your APR depends on the details enclosed in your application.
Another great feature is the 0% interest on purchases for the first 9 months. Although it is not recommended to add to your existing debt, it’s great to know that this offers some financial flexibility if needed.
After the introductory period, the APR on purchases reverts back to a representative APR of 19.95%
The Bank of Scotland Platinum credit card comes with no annual fees, and there is no minimum credit limit. The maximum credit limit depends on your personal circumstances.
Apart from the offer on the balance transfer APR, the Bank of Scotland tops up with a reduced balance fee. More specifically, the fee is reduced to only 1.99% for the first 90 days from opening your account.
After that, it reverts to 5%. This means that you should make sure that you transfer your balances before these 3 months’ end.
How to Apply
Applying for a Bank of Scotland Balance Transfer credit card is a straightforward process and takes only a few minutes. However, you need to make sure that you meet all the eligibility criteria, as a failed application can lower your credit score.
You can use the Bank’s free eligibility tool before you apply to make sure you are likely to qualify.
Access the Bank of Scotland website in order to apply for the balance transfer credit card. You need to provide information about yourself.
Apart from your personal and contact information, you need to disclose your financial situation, employment status, and your addresses from the past three years.
For the balance transfer credit card, it is also important to mention any other credit cards you have and details about your current balances. Bank of Scotland requires its cardholders to be UK residents.
You must not have declared bankruptcy, and you need to have and prove a stable, regular income. Applicants with county court judgments are not accepted.
If you are looking for another great credit option, take a look here to find out about the Capital One Venture Rewards Credit Card.
Bank Contact Details
You can also contact the Bank of Scotland for more information or general inquiries.
You can do so over the phone by dialing 0345 602 0000.
They have physical branches throughout the United Kingdom, and their main mail address is Bank of Scotland, PO Box 23581, Edinburgh, EH1 1WH.
Features and Benefits
One of the main features of the Bank of Scotland Balance Transfer credit card is flexibility. When it comes to repayments, you can set up a direct debit, make manual payments, or simply repay over the phone.
You have four options to choose from for the monthly repayments of your balance transfer credit card: minimum amount, fixed amount, a fixed percentage, or the full amount of your balance.
For example, if you plan to transfer your balance or make a large purchase as soon as you open your account, you can simply divide the entire sum by 24 for balance transfers or 12 for purchases.
You can then set up a direct debit, ensuring that the entire amount is cleared before interest will be charged on the debt.
Summary
Bank of Scotland Balance Transfer credit card is a great option to refinance your debt and clear it off without making interest payments something that wrecks your cash flow.
It also comes with 0% introductory APR on purchases, but make sure you are able to pay off the balance on time to avoid extra charges.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.
