Market leading balance transfer fee credit card unveiled

Bank of Scotland has launched a 15 month interest-free balance transfer card with a fee of 0.70%

The Bank of Scotland 15 month balance transfer credit card is available now (online only)

The Bank of Scotland 15 month balance transfer credit card is available now (online only)

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 of opening the credit card account the offer will give customers 15 months to repay their debt with 0% interest.

The initial fee will cost 3% within the 90 days but will be refunded by 2.30%, giving an effective total cost of 0.70%.

For example, transferring a balance of £2,000 to the new Bank of Scotland credit card – which only available online – will initially cost £60, however, with a refund of 2.30%, customers will be credited with £46, giving an effective fee of £14.

Balance transfer credit card savings

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 period.

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.”

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