Rates, fees and charges explained
There are a number of specific terms that are used to refer to interest rates, fees and charges on your Bank of Scotland credit card account. We've put together a handy guide to explain these terms and how they apply to your credit card.
What does APR mean?
APR stands for 'Annual Percentage Rate' and is a figure that includes all fees, charges and interest rates associated with your credit card. APR is a representative figure and it allows you to quickly compare credit cards.
What does purchase rate mean?
When you use your credit card to buy things, you will be charged interest on your purchases (outside of any introductory offer periods). If you pay off the outstanding balance of your credit card each month, you would not be charged purchase rate interest.
What is a credit limit?
Your credit limit is simply the maximum amount of money available for you to spend on your credit card. Your credit limit will be based on your current circumstances when you apply for the credit card account. You must not go over this limit.
What is a cash advance?
A cash advance includes; withdrawing cash from a cash machine, buying non-sterling currency and gambling. Interest on cash is charged daily from the date of the withdrawal, whether you pay the balance in full or not. Fees and interest rates apply.
What is a money transfer?
A money transfer lets you transfer money from your credit card to any of your own UK current accounts. You can benefit from a promotional interest rate on the transfers you make, but a transfer fee may apply. It will form part of your credit card balance and is subject to repayments as part of your monthly statement balance.
Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.