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.”