Bank of Scotland, one of the leading banks in the UK, is offering its Low Rate Credit Card. The bank targets aspiring cardholders who want to switch to a card with low interest. Aside from this purpose, this Mastercard-powered credit card allows its customers to get various rewards and benefits when they shop online or in-store or book flight and hotel reservations in virtually across the world.
Bank of Scotland Credit Cards
Bank of Scotland offers five credit cards. Each of these aims to fulfil the unique spending habits and lifestyle of their current or aspiring customers. Bank of Scotland Low Rate Credit Card is intended for people who want to maximize their expenses by making purchases at low interest.
Bank of Scotland Low Rate Credit Card Features
Bank of Scotland Low Rate Credit Card customers can experience a maximum of 56 days interest-free period for purchases as long as they repay their balances on time. After this promotional period, customers should pay a variable annual percentage rate (APR) that the bank will decide on based on their eligibility.
The minimum interest rate for this card is 6.4%. However, only 51% of applicants get this rate for many reasons. Others get up to 14.9% interest, which is near the average rate of most cards.
Once approved, cardholders can avail of promotional offers and other rewards. However, these perks may be forfeited if customers exceed their credit limit or if they fail to make minimum monthly repayments on time.
Bank of Scotland Low Rate Credit Card is equipped with advanced features for security such as EMV chip and contactless payment. Cardholders can also manage their expenses by downloading the mobile banking app.
Bank of Scotland Low Rate Credit Card Application Process
Aspiring cardholders should fill out an online application form on the Bank of Scotland website. Upon submission, the bank will assess your eligibility and may ask them additional details and other requirements such as proof of identification that they are at least 18 years of age and UK citizen or permanent resident. Usually, the Bank of Scotland only approves customers with good credit standing.
Upon approval, the new Bank of Scotland Low Rate Credit Card customers will have a credit limit of around GBP1,200, which can go up or down depending on the customer’s creditworthiness, financial capacity, and other circumstances.
Fees and Interest Rates
Bank of Scotland Low Rate Credit Card has no annual fee. However, they must consider the cash advance fee worth GBP3 or 3% of the amount in every transaction, whichever is higher and a late payment fee of GBP12.
In summary, the Bank of Scotland Low Rate Credit Card customers will only benefit from its low APR. But this is not ideal for frequent travellers and shoppers who want to use their credit cards for discounts and great deals.