Please remember that:
|Representative example [?]|
|Based on borrowing
over 12 months
|This example is for illustrative purposes and serves as a guide only. Your actual credit limit and rate will vary based on your individual circumstances and may differ from the example shown.|
Here are some of the extra benefits you get with your Bank of Scotland Credit Card
The representative example is an illustration of the rate that the majority of customers will get. If a credit card is described as having a particular representative APR, then at least 51% of the applicants accepted will get that rate. Other customers may get a different rate based on their individual circumstances.
We use an example borrowing amount of £1,200 to calculate our representative example but in reality this figure could be different. This figure is not the credit limit you will be receiving and is for illustrative purposes only.
The purchase rate is the rate of interest you'll be charged on purchases made with your credit card after any introductory offer has ended. A variable rate means that your interest rate may change over time.
What does APR mean?
Annual Percentage Rate (APR) tells you how much your borrowing will cost over an average year. It takes into account interest charged as well as any additional fees you'll have to pay (such as any annual fees). This figure is given to allow you to make an easy and fair comparison between different credit cards.
What APR will I get?
You'll get a representative rate of 6.4% APR (variable).
We should be able to give you a decision within 5 minutes.
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 Low Rate CREDIT CARD|
|APR||Representative 6.4% APR (variable)|
|Interest rates||Introductory promotional rates||Standard monthly rate (variable) simple %||Standard annual effective rate (variable) %|
|Cash transactions||Not available||0.522%||6.45%|
|Money transfers (if available)
Default charges - the simple annual rate is 6.264%
We will charge you £12 if you do not make at least your minimum payment to us by the payment due date requested on your statement. You will lose your promotional offers if this happens and the standard interest rates for the applicable transactions will apply.
|Interest charging information||
We calculate interest daily based on the total amount you owe. We add together all the daily interest amounts in each statement period and add the total to your balance on your statement date.
There are three exceptions to this rule:
|Allocation of payments||
We use your payments to clear any overdue amounts before we apply them to your latest minimum payment.
We will reduce the amount you owe in the following order:
We use your payments to pay off balances charged at the highest interest rate first and so on down to balances with the lowest interest rates. This means the more expensive balances are always paid off first.
If there is more than one type of balance at the same interest rate, they are paid off in the following order: cash transactions, purchases, balance transfers and money transfers, and then default charges (plus any interest or charges incurred as a result of those balances). For each type of balance, your payments will pay off the oldest balance (and related fees, charges or insurance) first.
The minimum payment we ask for is charged on a monthly basis and will be the higher of £5 or the total of:
If you owe less than £5, you must pay the full amount you owe.
|Credit limit||Minimum credit limit||Subject to status|
|Maximum credit limit||Subject to status|
|Your credit limit is the total amount you can borrow under the credit card agreement. We tell you what it is in writing soon after entering in to this agreement. Please see your credit card agreement for any limitations that apply to certain transactions.|
|Annual fee||No annual fee|
|Fees||Cash transactions (any currency)||3% or minimum £3|
|Introductory balance transfer fee (if available)||0% of the amount of each balance transfer you make within the first 90 days of opening your account.|
|Introductory money transfer fee (if available)||Not applicable.
|Non-introductory balance transfer fee (if available)||3% of transfer (min £3).
|Non-introductory money transfer fee (if available)||3% of transfer (min £3).
|Statement copy fee||£5 for copies of non-current statements.|
|Non-sterling transactions (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.|
|Cash transaction fee||3% or minimum £3.|
|Default charges||Late Payment charge||£12|
|Returned Payment charge||£12|
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 0345 729 3949. 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 0345 600 4611, 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;
For a purchase of £1,000 on your Bank of Scotland Low Rate Credit Card.
|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 first year?||£59.70||£48.40|
|How much interest will you be charged in the second year?||£52.93||£13.37|
|How long would it take to clear the balance?||16 years 1 month||1 year 11 months|
The above example assumes the following:
Bank of Scotland is a responsible lender and we only want you to borrow what you can afford and in a way that is best for you. If you’d like to talk to us about the choices you’ve made or you would like further information, please contact us. We will also be able to help you if you’re experiencing financial difficulties.