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It’s easy to be confused by the different interest rates and fees that can be charged to your credit card account. Below, we’ve listed the terms you’re likely to see and explained what these rates and fees mean for you.
APR stands for annual percentage rate. It tells you how much it’s likely to cost you to borrow money over one year. You'll see it as a percentage.
It’s not just about the interest you’ll pay. APR factors in both interest and any fees that are automatically charged to your account. This gives you a good idea of the overall cost and is useful if you’re comparing credit cards. Read our guide to find out more about APRs.
A promotional rate is a low or 0% interest rate offered for a set period of time. When this period ends, the standard rate will take its place. Promotional rates can be offered on balance transfers, money transfers and purchases. These offers can save you money, but look for what suits you and check if fees apply. For example, you may still get charged a fee for a balance transfer that has a 0% interest rate.
Back to topFees are charged to your credit card as either a percentage of a transaction or as a default charge of £12. Here are the most common types of fee you’ll see on Bank of Scotland cards
When using your credit card or card number, a cash transaction fee may apply for:
Have you had a default charge?
If you’ve missed a payment or gone over your credit limit, there are steps you can take to get back in control.
Read our top tips for managing your credit card
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