It’s always good to know the exact details so here is a clear summary of all the key credit card features. The information contained in this table summarises key product features and is not intended to replace any terms and conditions.
|SUMMARY BOX - Bank of Scotland Platinum Balance Transfer Card
Representative 23.9% APR (variable)
|Introductory rate||Monthly rate||Annual rate|
|Purchases||0% p.a. for Purchases. This rate is fixed for 9 months from when we open your account.||1.805%||23.95%|
|Cash Withdrawals||not applicable||1.805%||23.95%|
|Balance Transfers||0% p.a. on Balance Transfers you make in the first 90 days after we open your account. This rate is fixed for 9 months from when we open your account.||1.805%||23.95%|
|We may apply the standard interest rate during any special promotion period to any transaction if in any month you do not make at least your minimum payment by the minimum payment date or if you exceed your credit limit at any time.|
|You will not pay interest on new purchases if you pay the full balance shown on your previous and current statement on time. Otherwise, the period over which interest is charged is as follows:|
|Purchases||date debited to your account||paid in full|
|Cash Withdrawals||date debited to your account||paid in full|
|Balance Transfers||date debited to your account||paid in full|
|Allocation of payments||If you don't pay your balance in full we will allocate payments to balances with the highest interest rate before balances with lower interest rates. See section 6.1 of the terms and conditions for full details|
|Minimum repayment||An amount equal to the total of interest, default charges and 1% of the balance shown in your statement (minimum £5, or the full balance if less than £5).|
|Credit limit||Minimum credit limit||£500. Your cash limit is 50% of your actual limit.|
|Maximum credit limit||Subject to status.|
|Fees||No annual fee.|
|Charges||Cash withdrawals||3% or minimum £3.|
|Balance Transfers||3% for each individual Balance Transfer
|Copy statements||£6 for copies of non-current statements.|
|Copies of transactions||£5 for each copy of a record of a transaction.|
|Foreign Usage||Payment scheme exchange rate||Indicative rates can be found at MasterCard Currency Conversion Tool.|
|One or more of the following may apply:|
Non-Sterling Transaction fee
|2.95% of the amount of the sterling transaction value.|
|3% minimum £3|
|Default charges||Late Payment charge||£12|
|Returned Payment charge||£12|
Cost of Borrowing
Credit cards are designed to be a flexible form of borrowing. Paying the minimum amount every so often can help you manage your money more effectively, although we would not recommend that you make minimum payments for a long period of time once your promotional offers have ended. Once your account is open, you can set up a Direct Debit for any fixed amount over the minimum payment by calling 08457 29 39 49. Lines are open 24 hours a day, 7 days a week.
For longer term borrowing it may be more appropriate to choose a loan from us. If you would like to find out more about this you can call Bank of Scotland Personal Loans on 0845 600 4611 (Lines are open 8am to 10pm, Monday to Friday, 9am to 6pm on Saturdays and 9:30am to 5:30pm on Sundays), or visit www.bankofscotland.co.uk/loans or call into a Bank of Scotland branch, where our staff will be happy to help.
The following example highlights the difference between only paying the minimum and paying a fixed amount. The example assumes the following:
- The transaction takes place on the 1st of the month and you make no further transactions.
- Your statement is produced on the 1st of each month.
- You always make payment on the 15th of each month.
- The calculation does not include any introductory rate on purchases.
|Illustrative example for a £1,000 purchase based on 23.9% APR
|Monthly Payment||If you pay the minimum payment each month||If you pay £50 each month|
|How much interest will you be charged in the 1st year?
|How much interest will you be charged in the 2nd year?||£183.47||£81.81|
|How long would it take to clear the balance?||18 years 11 months
||2 years 3 months|