Balance transfer fee is cut by 0.55% | Product News - Moneyfacts

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Balance transfer fee is cut by 0.55%

Balance transfer fee is cut by 0.55%

Category: Credit cards
Date: 16/09/2015

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 It is now over 6 months old so the content may be out of date.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 reduced the introductory balance transfer fee for its 36-month 0% balance transfer credit card, winning it the top rating as a result.

The basics…

Online Platinum 36 Month Balance Transfer MasterCard now has an introductory balance transfer fee of 2.45% after a partial refund, one of the lowest fees available in its sector.

The finer details…

This card has a 36-month interest-free balance transfer period, provided balances are transferred within 90 days of the account being opened. It also comes with a six-month 0% term for purchases, giving borrowers some welcome flexibility.

Once the initial offers expire, balance transfers will be charged at 18.95% per annum with a fee of 3.00%, while standard purchases will carry a rate of 18.9% APR.

Borrowers must be at least 18 years old and must apply online. They should remember that all rates are representative and dependent on their credit rating.

Why we like it…

The cut to the introductory balance transfer fee has fine-tuned this card's appeal, making it a competitive option in its sector. Borrowers looking to clear outstanding credit card balances will be pleased by the lengthy term, and will also be likely to welcome the offer of 0% on purchases for six months, which will help prevent interest on spending adding to the bill. 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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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