Bank of Scotland takes on Nationwide with cheapest balance transfer deal
The new Bank of Scotland card, which is only available online, offers 15 months interest free on balance transfers for a fee of just 0.7%.
This compares to the 26 month deal with a 0.75% fee unveiled by Nationwide Building Society last month.
Commenting on the Bank of Scotland card, Andrew Hagger of moneycomms.co.uk, said: “It’s a pretty competitive offer in what is a very active sector at the moment – however the 26 month deal with a 0.75% from Nationwide BS remains the standout deal at the moment.
“However, if you’re 100% sure you can clear your balance within 15 months then the 0.7% ultra-low balance transfer fee is the lowest available for this term and will keep your switching costs to a minimum.”
Credit card providers have been stepping up their efforts to win new customers lately by launching deals focusing on the length of the 0% promotional period, but up until now there have only been some minor adjustments to balance transfer fees.