Compare Lloyds Bank credit cards for January 2022

Compare Lloyds Bank credit cards

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Name	Product	Purchases	Balance transfers	Annual/monthly fees	Representative APR	Incentive	Link
Lloyds Bank Platinum Low Rate Credit Card		9.94%	9.94% (5% fee)	£0	9.9% APR (variable)	Representative example: When you spend £1,200 at a purchase rate of 9.94% (variable) p.a., your representative rate is 9.9% APR (variable).	Read review	Compare	loading Fetching your data...
Lloyds Bank Cashback Credit Card Mastercard		19.94%	19.94% (5% fee)	£0	19.9% APR (variable)	0.25% on £1 to £4000 of yearly spend. 0.5% after £4001 of yearly spend. Cashback paid January into Card Account. Maximum spend for cashback purposes is limited to credit limit. Representative example: When you spend £1,200 at a purchase rate of 19.94% (variable) p.a., your representative rate is 19.9% APR (variable).	Read review	Compare	loading Fetching your data...
Lloyds Bank Platinum Low Fee 0% Balance Transfer Mastercard		0% for 9 months reverting to 21.94%	0% for 22 months (1.99% fee)	£0	21.9% APR (variable)	Representative example: When you spend £1,200 at a purchase rate of 21.94% (variable) p.a., your representative rate is 21.9% APR (variable).	Read review	Compare	loading Fetching your data...
Lloyds Bank Platinum 0% Purchase and Balance Transfer Mastercard		0% for 21 months reverting to 21.94%	0% for 18 months (2.99% fee)	£0	21.9% APR (variable)	Representative example: When you spend £1,200 at a purchase rate of 21.94% (variable) p.a., your representative rate is 21.9% APR (variable).	Read review	Compare	loading Fetching your data...

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Whether you want to transfer existing debt to a card to pay at a lower rate, or get a card for day-to-day spending to build up rewards, Lloyds has several options that may suit you, including low rate cards, suitable for large purchases.

As a large bank, Lloyds also has the security, customer service and global reach to give customers support when it’s needed. There is a reward scheme that helps you turn everyday spending into flights, upgrades and holidays.

Types of credit cards available from Lloyds

Lloyds has a range of cards, although fees and rates vary from person to person on application.

• Balance transfer

  Lloyds Bank offer several different balance transfer cards which are designed for you to transfer debts or loans that you are paying at an expensive rate elsewhere to a lower rate with Lloyds. They each have different rates and fees as well as various benefits like cash-back available. The rates on transfer cards typically have a very low or zero interest rate for an initial promotional period but there can be a balance transfer fee which varies from card to card.

  Learn more about balance transfer cards

• Everyday spending

  Lloyds’ everyday spending cards can also double up as balance transfer cards. They typically offer a promotional period of up to 29 months, although this may vary, during which they charge 0% interest rate although there can often be a balance transfer fee. With these cards you can also earn rewards in exchange for purchasing a range of good and services.

  Learn more about 0% credit cards

• Large purchases

  Lloyds also recommends certain cards for making large purchases such as buying a car. These cards typically charge a low or 0% interest rate, low charges and low balance transfer fee. Rates offered are obviously susceptible to changes however, and they may vary from person to person.

The benefits of a credit card with Lloyds

If you get a credit card with Lloyds you can enjoy a range of benefits outlined below:

• Rewards and cashback

  Certain cards allow you to earn points on everyday purchases which can be exchanged for travel rewards or cash-back. Rewards include flights, hotels, car hire and upgrades along with days out. Cards with the rewards feature do, however often, come with annual fees so it is worth checking that before applying. They may also require a certain level of spending a month to make the card worthwhile.

• Mobile payment technology

  You can link your Lloyds credit card with Apple Pay or Android Pay to purchase items quickly and easy with your phone, wherever these payment options are available.

• Online and mobile banking

  Lloyds has a modern online management system so you can see your credit card balance, transactions and any other activity associated with your account from any device with internet. It also has mobile banking so you can manage your account from your phone or tablet, bank in branch and get text alerts.

• Global usage

  As Lloyds Banks’ credit cards are all with Mastercard, it should be accepted for purchases in countries across the world.

• Fraud protection

  The bank offers a free service called ClickSafe, which is designed to ensure you are the only person using your card. It can help you feel safer when shopping online because you are protected from fraud.

How to apply for a Lloyds Bank credit card

You can apply for a card online, over the phone or in branch but they recommend doing it online as you receive a decision more quickly. Some card offers are also only available online.

The bank also suggests that when applying you should keep important details to hand such as address, annual income, current bank account details and other credit or store cards you may hold that are not with Lloyds.

Eligibility requirements

Before you apply you should be aware of the basic eligibility requirements. If you don’t match them you will likely not be successful. You can do a quick check of your eligibility for a card, it’s free and will not affect your credit score.

• You must be at least 18 years old or over.
• You must have a regular income.
• You must be a resident of the United Kingdom.
• You are not currently declared bankrupt, have any county court judgements or subject to an individual voluntary agreement.
• You haven’t already applied for a card and been declined in the last 30 days.

If you are not approved, Lloyds Bank suggest going to the three credit rating agencies and asking for a copy of your credit report, although this may require a fee.

Why might you not be approved?

One reason you might not be approved is because you do not meet the bank’s specific criteria for a certain card. However you are also less likely to be approved if you have no credit history, or a history of not being able to pay off debt in time, and have missed payments on credit in the past like a mortgage, car or personal loan. You may also be rejected due to other information gathered from your bank account and general finances.

Lloyds customer reviews

Customers in Finder’s 2021 customer satisfaction survey were mostly positive, with many customers highlighting Lloyds’ reliability and good service. One customer said Lloyds is a “trusted brand that alerts me of any issues with my card and provides good rates.”

Some also praised Lloyds’ customer service but others mentioned issues with using their online account. Lloyds received a rating of 5 stars out of 5 in our 2022 customer satisfaction awards, with 87% of customers also happy to recommend the brand to a friend.

Frequently asked questions

• How is my credit card balance calculated?

  Your credit card balance is calculated by taking the balance from the previous month and adding your purchases, cash withdrawals, any balance transfers you have made to your credit card account, interest, fees and charges less repayments made.

• How do I query charges that have been applied to my Credit Card account?

  You can query charges that have been applied to your account by calling customer services.

• What is my last payment date?

  This is the date of your last payment as it appears on your credit card statement after it has cleared.

• Can I make additional payments to my credit card if I have a Direct Debit set up?

  You can make a one-off payment to your credit card account at any time. However, one-off payments received 2 working days before the day your payment is due will reduce or stop the Direct Debit from leaving your account for that month. For example: if your account is set up for a minimum payment Direct Debit and you pay your minimum payment before the Direct Debit is scheduled then the minimum payment requested will be zero. So, the Direct Debit will not be paid.

• How can I increase my credit card limit?

  If you are registered for online banking, you can request to increase your limit. Once logged in from ‘My accounts’ select the ‘More actions’ button next to your credit card account, then ‘Manage your credit limit’ and follow the instructions on the screen to undertake the limit increase.

• What is the estimated interest that shows on my statement?

  Estimated Interest is an estimate of the interest you’ll have to pay next month. It assumes:

  • You pay only the minimum due
  • You pay by the due date
  • You have no more transactions before your next statement
  • You don’t change your statement due date
  • Your standard interest rates & the way we calculate interest does not change
  • The estimate does not include reduced interest if a promotional rate starts before your next statement is produced.

• What happens if I go over my credit card limit?

  If you go over the credit limit on your credit card, you may be charged an over limit fee and any promotional offers on your account may be cancelled.

• How much will I be charged if I miss a credit card payment?

  The charge for late payment is £12.00.