Balance transfer card gets an ‘outstanding’ update | Product News - Moneyfacts

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Balance transfer card gets an ‘outstanding’ update

Balance transfer card gets an ‘outstanding’ update

Category: Credit cards
Date: 05/01/2016

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Bank of Scotland has increased the length of its 0% interest term for both balance transfers and purchases on one of its credit cards, earning an 'outstanding' rating and a continued place on the Moneyfacts charts as a result.

The basics…

The re-named Platinum 21 Month Balance Transfer MasterCard now has a 21-month interest-free term for both balance transfers and purchases, securing its position on the charts. An introductory balance transfer fee of 2.50% will be charged.

The finer details…

In order to be eligible for the 0% interest balance transfer deal, balances must be transferred within 90 days of the account being opened. Once the initial interest-free deals come to an end, an annual rate of 18.95% will be charged for balance transfers (with a fee of 3.00%), while standard purchases will attract a charge of 18.9% APR.

Applications must be made online and borrowers must be at least 18 years old. Borrowers should remember that rates are representative and dependent on their credit rating.

Why we like it…

By improving the length of the interest-free offers for balance transfers and purchases, this deal has secured its place on the charts. Borrowers who are looking to clear their credit cards debts over the long term while also profiting from interest-free purchases are likely to welcome this update, which has boosted the card's competitiveness. This is an outstanding product that fully deserves the highest Moneyfacts rating.

Moneyfacts rating: Outstanding

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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