What is a Bank of Scotland preference account?
It is a debit card account and not a credit card. This is one of those ‘never ending sources’ of ‘credit’ (although it seems its NOT a credit card, so is NOT covered by the Consumer Credit Act and you do NOT get all the protection against Bankrupt suppliers and fraudulent transactions you would get with a ‘real’ credit card) It ‘acts’ like a Bank Account with an automatic Overdraft (with Overdraft interest rates to match) .. you just keep spending, they keep extending the ‘overdraft’ and one day you wake up to the fact that you are paying 20 or 30% interest, will take 100 years to pay it off and it will cost you at least 10 times what you spent … Face it = you received this offer “because I took out a loan” … so the fact is, you are regarded as a source of revenue to them … thus any ‘offer’ is likley to cost you even more than the loan (and earn them even more) … You should NEVER be tempted to take on more debt, ESPECIALLY account overdraft debt when you are already up to your
