This card is similar to the Royal Bank of Scotland Balance Transfer Credit Card, but with a longer balance transfer period.
Instead of a 0% balance transfer for 20 months, the RBS longer balancer transfer card offers a 0% rate on all balance transfers for 28 months. Now, the key to this type of card is to ensure that you pay the transferred balance within the interest-free window.
A balance transfer card is helpful in reducing your cost of borrowing and can come in handy when used correctly. Read on to learn more about the Royal Bank of Scotland Longer Balance Transfer Card, and how you can apply for it.
Purchase Offer Period
This card may not be packed with too many extra benefits, but it does offer a 0% interest-free period for 3 months on purchases. This is not really a very long period, but it is a great incentive.
If you are going to take out a balance transfer card, it is good to focus on paying off the balance, rather than adding to it.
Installment Plan
As a cardholder, you can also benefit from the bank’s installment plan. This is mostly a feature on the mobile app, which allows all credit card customers to set up fixed monthly payments.
This plan can also be used for the expired balance transfer offers. This means that, if you haven’t paid back all of the balance by the time the 0% offer expires, you can still avoid the interest charged each month by using the installment plan.
Good Account Management
As an RBS customer, you should always expect a certain level of account management. The bank’s mobile app provides you with an in-depth analysis of your spending habits and allows you to apply for a replacement card when you need one.
You could also check your credit score for free on the app as many times you wish to do so, without affecting your credit score at all.
Eligibility Criteria
To be eligible, you must be 18 years old or older, and you must have a UK address for at least 3 years. You must have an RBS current account, and you must have a minimum income of around £10,000.
How to Apply for the RBS Longer Balance Transfer Credit Card
Applications for the card are completed online through the company website. You must include your name, address history for the last 3 years, your income, employment information, and existing account details.
Interest Rates and Fees
The Royal Bank of Scotland Longer Balance Transfer Card is a great option if you are looking for good benefits. This card attracts the following fees and charges, which you should consider if you are interested.
- Representative APR 19.9% (variable): rates of 19.9% APR, 25.9% APR or 29.9% APR, depending on individual circumstances
- Simple Purchase APR: from 18.3% to 26.4%
- Effective Purchase APR: from 19.9% to 29.9%
- Simple Cash Advance APR: from 24.1% to 26.4%
- Effective Cash Advance APR: from 26.9% to 29.9%
- Simple Balance Transfer APR: from 18.3% to 26.4%
- Effective Balance Transfer APR: from 19.9% to 29.9%
- Simple Money Transfer APR: from 24.1% to 26.4%
- Effective Money Transfer APR: from 26.9% to 29.9%
- No annual fee
- Balance Transfer Fee: 1.99% of the amount transferred to the card
- Cash Advance Fee: 3% handling fee, minimum £3
- Non-Sterling Transaction Fee: 2.75% of transaction
- Foreign Usage Cash Fee: 3% handling fee, minimum £3
Contact Information
If you would like to get in contact with a Royal Bank of Scotland representative, you can reach them by calling 03457 242424. Their head address is 36 St Andrew Square, Edinburgh, United Kingdom, EH2 2YB.
Conclusion
This card is perfect for people who are looking to make big purchases, and then pay for them slowly. The 28 months they offer on 0% should be enough to help you pay off the debt.
While it doesn’t offer too many benefits in terms of cashback rewards, this is enough to make it a sought after card.
Note: There are risks involved when applying for a loan. Consult the lender’s terms and conditions page for more information
