Bank of Scotland launches 0% balance transfer card with only 0.70% balance transfer fee
13 March 2014
Bank of Scotland has unveiled a new balance transfer card with a market leading effective balance transfer fee of just 0.70% on balances transferred within the first 90 days. The card will offer customers a 15 month interest-free period on balance transfers and 6 months interest-free on new purchases.
The 15 month 0% Balance Transfer card is only available online. Bank of Scotland will refund 2.30% of the 3% balance transfer fee initially charged within 90 days, which means all new customers will pay an effective fee of just 0.70%. After the 15 month offer period, the APR will be 17.9%1.
Alan Brindley, Retail Channels Director, Bank of Scotland Credit Cards, said: "Taking advantage of 0% balance transfers is a savvy way to clear your credit card debt. Our market leading balance transfer fee of just 0.70% means it will cost customers a lot less to transfer balances. If you’re looking to reduce outstanding credit card debt, this 0% for 15 months offer is just the ticket.”
For those looking to restructure their existing credit or store card balances, based on a typical balance transfer of £2,000 from a card charging 17.9% APR (variable), with 0% for 15 months and an effective 0.70% balance transfer fee, moving to this credit card would mean customers would be £377.46 better off over the 15 month period2.