Using a Purchase Offer credit card can help manage daily budgeting and save on interest, especially if used to other types of credit cards.
Purchase cards often come with low-interest rates on purchases, and it could even help you save money on your daily shopping for food and some bills.
Bank of Scotland is a popular financial institution, and it comes with all the bells and whistles you’d expect from a reputable bank. Keep reading to find out how to apply online for a Purchase Offer credit card.
Fees and Interest
Bank of Scotland Purchase Offer credit card comes with an introductory 0% interest on any purchase for the first 20 months after you open your bank account.
During this period, you do not pay any interest on your purchases, so you can potentially make sensible savings during this time.
Apart from the 0% introductory APR on purchases, this credit card also offers a 0% interest rate on balance transfers for the first 20 months after you open the account.
This recommends it for anyone who has an existing debt and wants to reduce the amount of money they spend on interest payments.
Furthermore, this card comes with no annual fee, which overall helps to lower its cost. It might not be a good idea to use the card for foreign transactions because it comes with a fee of 2.95% and a cash fee of 5%.
The APR on foreign transactions is different based on whether you withdraw cash or make a purchase, and it is variable.
How to Apply
If you want to apply for the Bank of Scotland Purchase Offer credit card, you need to keep in mind that a good credit score is a prerequisite.
If you are unsure, you can access the Bank of Scotland eligibility tool in order to verify the likelihood of your approval before you apply. If you apply and you are rejected, this will further lower your credit score.
It is important to mention that the 0% interest rate period is representative, which means that only 51% of the applicants will receive the same conditions. For others, the bank might offer less favorable terms than what they advertise as representative, based on personal circumstances.
Applications can be made online by accessing the Bank of Scotland website. The process takes only a few minutes, but you need to have some information on hand.
They will require you to share your employment status, financial situation, address history for the past three years, and any details related to existing credit card balances.
To be approved, you need to be a UK resident who is not currently bankrupt, has a regular income, and does not have any county court judgments.
If you are interested in another great option, take a look here.
Bank Contact Details
You may contact the bank at the following postal address: Bank of Scotland, PO Box 23581, Edinburgh, EH1 1WH.
If you prefer to speak to a representative over the phone, you can call them on 0345 602 0000.
Features and Benefits
Although this card comes with 0% interest for both purchases and balance transfers, it’s best considered as a purchase offer. This is because 20 months in the world of balance transfers is not as competitive as one might think, especially if you have quite some debt.
On the other hand, the idea of having 20 months of 0% purchases, corroborated with 20 months of 0% balance transfers, is more appealing to new customers.
This is because you might be able to get a longer period of 0% interest on balance transfer elsewhere, but this would increase the transfer fee.
Therefore, this card offers a great deal for both customers who are looking for medium-term interest savings on their purchases and balance transfers. Regardless, this card does not offer any sign-up bonus or a reward system, unlike other options.
Summary
Bank of Scotland Purchase Offer credit card is, overall, the best option if you want to save money on interest charges. It can be used for daily shopping, and you can hold a balance for up to 20 months with 0% APR.
Please be aware: There are potential risks associated with applying for and using credit. For detailed information, refer to the bank’s terms and conditions page.
