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Bank of Scotland’s New BT Card Offers the Lowest Fee, but Not the Biggest Savings

In response to the launch of the Bank of Scotland’s (BOS) new Platinum balance transfer credit card launch with a 0.70% fee, Will Becker, CEO of, comments:

“As the balance transfer battle rolls on, the new BOS Platinum Balance Transfer credit card may look like a strong competitor for Nationwide’s current market leader but in reality it really isn’t. Yes, the BT fee is 0.05% lower than Nationwide’s 26 month 0% deal (which levies a fee of 0.75%), but the new BOS card will be better for very few people – on a typical balance, that BOS fee is only £1 less, yet the 0% period is 11 months shorter. Based on the average balance transfer of £2,096, those opting for Nationwide’s card could save £665 over the full term of the deal. Meanwhile consumers opting for the BOS card can save up to £400 due to the introductory offer period being 11 months shorter. Even if consumers are expecting to pay back their balance within the 15 months 0% period, the fee saving with the shorter deal in our opinion isn’t big enough to justify losing the option to pay back more slowly. Over-running the end of the 0% deal by even one month on a typical balance would cost over £30 in interest at BOS’s 17.9% APR – thirty times the savings on the fee. In context, both the new BOS offer and the Nationwide card represent fantastic value for new customers. But whilst credit card providers are rolling out the red carpet for new customers, card interest rates, cash withdrawal fees and other charges are slowly creeping up under the radar, stinging many existing customers who lenders assume will not notice and switch. The gap in value between sticking with an existing product outside an offer period and switching to a new and better deal has never been bigger and keeps on growing. If you’re unsure which card will offer you the best value plug your balance and expected repayments into the balance transfer calculator at and it’ll do the number crunching for you.”


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