SUMMARY BOX - Bank of Scotland Classic Credit Card

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 Classic CREDIT CARD
APR Representative 27.9% APR (variable)
Interest rates Introductory promotional rates Standard monthly rate (variable) simple % Standard annual effective rate (variable) %
Purchases 0% p.a. fixed for the first 9 months from your account opening or the date of your account transfer. 2.075% 27.95%
Cash transactions Not available 2.075% 27.95%
Balance transfers

0% p.a. on balance transfers you make in the first 90 days fixed for 18 months from either your account opening or the date of your account transfer, on the transferred amount and the promotional fee.

2.075% 27.95%
Money transfers
Not applicable. 2.075% 27.95%

Default charges - the simple annual rate is 24.9%

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-free period
  • Maximum 56 days for purchases.
  • No interest-free period on cash transactions.
  • There is no interest free period for balance transfers or money transfers where these are outside promotional offers.
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:

  • Annual fees: We do not charge interest on annual fees.
  • Purchases: We do not charge interest on purchases made during your latest statement period if you pay off your full balance (including any balance transfers and money transfers) by the payment due date and you also paid your previous month's balance in full by the due date.
  • Default charges: We do not charge interest on default charges for the first 28 days after the day we give you notice (usually in your statement) that these charges are payable. After that we charge simple interest, so we will not charge interest on interest.
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:

  • any overdue amounts from previous statements; then
  • the remaining balance on your statement; then
  • any recent transactions not yet shown on your statement.

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.

Minimum payment

The minimum payment we ask for is charged on a monthly basis and will be the higher of £5 or the total of:

  • any interest charged; plus
  • any default charges payable; plus
  • 1% of the total balance you owe (including interest and charges), as shown in your statement.

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 set this limit and tell you what it is in writing soon after opening your account. It is important to stay within your credit limit. 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
3% of the amount of each balance transfer you make within the first 90 days of opening your account.
Introductory money transfer fee
Not applicable.

Non-introductory balance transfer fee
3% of transfer (min £3).

Non-introductory money transfer fee
3% of transfer (min £3).

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
Overlimit 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 0345 729 3949. Lines are open 7am - 11pm, 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 Classic 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? £238.63 £212.29
How much interest will you be charged in the second year? £210.94 £104.53
How long would it take to clear the balance? 19 years 4 months 2 years 4 months

The above example assumes the following:

  • No introductory promotional rates for purchases.
  • The transaction takes place on 1st January and you make no further transactions.
  • You always make the payment each month on the 15th.
  • The effective rate remains the same.
  • Your statement is produced on the 1st of each month.
  • The minimum payment is made up of 1% of the total balance you owe as shown in your statement (including interest and charges).

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.

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