Whether you want to transfer existing debts onto 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.
Approval for any credit card will depend on your status. The APR shown represents the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.
Lloyds has a number of cards to suit a range of financial needs, although fees and rates vary from person to person on application.
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.
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.
These cards are tailored specifically for those that want to get all the reward benefits from a LLoyds credit card. At the moment Lloyds offers a reward scheme with Avios which enables you to convert everyday spending into rewards points. These can then be converted to travel rewards like flights, upgrades, hotels, car hire and other days out. Lloyds suggest that customers spend at least £300 a month to make the card worthwhile, these cards also charge an annual fee.
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.
If you get a credit card with Lloyds you can enjoy a range of benefits outlined below:
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.
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.
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.
As Lloyds Banks’ credit cards are all with Mastercard, it should be accepted for purchases in countries across the world.
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.
A reputable and reliable big bank that I’ve found has always sorted out our problems quickly.”
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.
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.
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.
One reason you might not be approved 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.
There are a number of ways to make a credit card payment. The easiest method is by Direct Debit, which is a payment taken each month from your bank or building society and paid directly into your credit card account. If you are registered for internet banking then you can do this online by logging in and clicking on “Pay credit card” next to your account on the overview page.
If your payment is received after the due by date you will be charged a £12.00 late payment charge.
If you are registered for online banking, you can request to increase or decrease 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.
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