Credit cards Date:
Bank of Scotland has increased the length of its introductory interest-free balance transfer term on one of its credit cards, securing its position in the Moneyfacts charts and earning it the top accolade as a result.
The newly-named Platinum 37 Month Balance Transfer Credit Card MasterCard now has a 37-month term for interest-free balance transfers, enabling it to sit comfortably in the charts. It comes with a 2.65% introductory balance transfer fee after a partial refund, and also boasts a six-month 0% term for purchases.
Balances must be transferred within 90 days of an account being opened in order to qualify for the 0% interest offer. Once the introductory periods expire, balance transfers will be charged at 18.95% per annum while standard purchases will attract a charge of 18.9% APR.
Borrowers must be at least 18 years old to apply and applications must be made online. Borrowers should remember that rates are representative and dependent on their credit rating.
For those who are looking to pay off their outstanding credit card balances over the long term, the news of this extension to the 0% interest balance transfer period will be welcomed. Borrowers are also likely to welcome the six-month interest free term for purchases, which will help them to spread the cost of their borrowing without interest 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 Any products featured may be withdrawn by their provider or changed at any time.
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