Top tips for managing your credit card

A Bank of Scotland credit card can be a flexible and convenient way of borrowing money in the short term. However, if you're starting to worry about how to manage your credit card there are things you can do to stay in control of your finances.

Here's our top tips to help you manage your Bank of Scotland credit card.

1. Only borrow what you can afford to repay


When you apply for a credit card you are making a commitment that you can repay the amount borrowed, plus any interest charged and stay within your credit limit. While you may be tempted to apply for a credit card with a large credit limit, we recommend that you only borrow an amount you can afford to repay.

2. Know and stay within your credit limit


It's important that you know and stay within your credit card limit. Your credit card limit is the maximum amount of money you are allowed to owe on your credit card account. Your credit limit can be reviewed and you can opt to increase your credit limit or have it reduced.

3. Control your credit card repayments


It's important that you know and stay within your credit card limit. Your credit card limit is the maximum amount of money you are allowed to owe on your credit card account. Your credit limit can be reviewed and you can opt to increase your credit limit or have it reduced.

4. Set up a direct debit for your credit card


Setting up a Direct Debit on your credit card account can help you stay in control of your credit card payments. Payments will be automatically taken each month, which will mean you will never miss a payment and avoid late fees on your credit card account.

5. Keep your credit card receipts


Keeping hold of your credit card receipts can help you keep track of your purchases. You will be able to check them against your credit card statement to make sure that the statement is correct. If there are any duplicate or incorrect transactions on your account, we may be able to help you raise a payment dispute.

6. Check rates, fees and charges on your account


There are a number of interest rates, fees and charges that could apply to your credit card. Understanding the different types of interest, fees and charges can help you to avoid additional fees and charges being applied to your account. If you are unsure about any of the terms we use on your account you can find out more in our guide. 

Get help with money worries


There are things you can do if you're starting to experience money worries, talk to us.  We're here to help and support you manage your finances. 

You may need support from us if:

  • You're personal circumstances have changed, for instance if you've been made redundant or you're dealing with a long term illness. 
  • You're behind with payments or worrying about paying bills. 
  • You're using your overdraft up to the limit on a regular basis.

Making sure you get a fair deal


We want you to find a product that's right for your circumstances, which is why we adhere to the Standards of Lending Practice, which are monitored and enforced by the Lending Standards Board.

To find out more you can read the statement of responsibilities, which details whats expected of us, the lender and you the borrower.