In this guide

  • Our verdict
  • Details
    • Product Overview
    • Fees and charges
    • Application Requirements

Lloyds Bank Platinum 0% Balance Transfer Credit Card review

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Lloyds Bank Platinum 0% Balance Transfer Credit Card Mastercard
4.0
β˜…β˜…β˜…β˜…β˜…
Finder score
Representative example:
When you spend Β£1,200 at a purchase rate of 24.94% (variable) p.a., your representative rate is 24.9% APR (variable).
0% interest on balance transfers
27 months
Account fee
Β£0
0% interest on purchases
6 months

Our verdict

Enjoy a lengthy 0% period on existing credit card debt along with a low transfer fee.

Along with other balance transfer big-hitters like Barclaycard and Virgin Money, Lloyds offers a big selection of balance transfer deals. So where does this one fit in? Lloyds does offers a longer interest-free period on another card, but this option benefits from lower transfer fees. This can make the card a good candidate if you're transferring a large balance – in which case a percentage-based fee of say, 3.5%, could get painful.

However you'll want to be confident you'll be able to clear the balance within the 0% introductory period (or happy to have to apply to switch cards again at that point), otherwise any outstanding balance will start to accrue interest at the card's much less appealing "standard rate".

Pros

  • Customers report excellent customer service when dealing with Lloyds Bank
  • Over two years of 0% interest to focus on reducing existing card debt
  • Six months to spread the cost of purchases
  • No annual fee

Cons

  • Applicants with low credit scores are unlikely to be eligible
  • Don't forget that balance transfer fee! If cutting the interest on existing card debt is your main reason for considering this card, check out no-fee deals first
  • A punishing fee of 5% on cash withdrawals (you should avoid using a credit card to withdraw cash in any case)

In this guide

  • Our verdict
  • Details
    • Product Overview
    • Fees and charges
    • Application Requirements

If you're paying a painful rate of interest on existing card debt, a 0% balance transfer deal such as this lets you transfer the balance to benefit from an interest-free period – allowing you to get debt-free faster, and more cheaply.

Details

Product Overview

Issuer Lloyds Bank
Network Mastercard
Annual/monthly fees Β£0
Balance transfers 0% for 27 months reverting to 24.94%
Balance transfer fee 3.2% for 3 months reverting to 5%
Purchases 0% for 6 months reverting to 24.94%
Purchases interest-free period Up to 56 days
Cash advances 24.94%
Minimum credit limit Β£0
Maximum credit limit Subject to status
Additional cards available 1
Potential costs 4.0 β˜…β˜…β˜…β˜…β˜…
Doing its job 4.5 β˜…β˜…β˜…β˜…β˜…
Extras 1.5 β˜…β˜…β˜…β˜…β˜…
Overall Finder score 4.0 β˜…β˜…β˜…β˜…β˜…

Fees and charges

Minimum monthly payment 2.5% or Β£5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance.
Annual/monthly fees Β£0
Balance transfer fee 3.2% for 3 months reverting to 5%
Foreign usage charge (EU) 2.95%
Foreign usage charge (rest of world) 2.95%
Cash advance fee 5% (min. Β£0)
Late payment fee Β£12
Replacement card fee Β£0
Duplicate statement fee Β£0
Exceeding limit fee Β£0
Additional card fee Β£0
Dormancy fee Β£0

Application Requirements

Minimum Age 18
Availability Available to new customers

The Lloyds Bank Platinum 0% Balance Transfer Credit Card is issued on the Mastercard network so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.

How does this card compare with other balance transfer deals?

Lloyds Bank’s card

1 - 1 of 1
Name Product Finder score Finder score Balance transfers Balance transfer fee Purchases Annual/monthly fees Representative APR Incentive Link
Lloyds Bank Platinum 0% Balance Transfer Credit Card Mastercard
4.0
β˜…β˜…β˜…β˜…β˜…
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Expert analysis
0% for 27 months reverting to 24.94%
3.2% for 3 months reverting to 5%
0% for 6 months reverting to 24.94%
Β£0
24.9% APR (variable)
Representative example: When you spend Β£1,200 at a purchase rate of 24.94% (variable) p.a., your representative rate is 24.9% APR (variable).
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Other balance transfer deals

Table: sorted by length of 0% balance transfer offer, promoted deals first
Name Product Finder score Finder score Balance transfers Balance transfer fee Purchases Annual/monthly fees Representative APR Incentive Link
Santander Everyday Long Term Balance Transfer Credit Card
4.0
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β˜…β˜…β˜…β˜…β˜…
Expert analysis
0% for 26 months reverting to 23.9%
3% (min. Β£5)
0% for 3 months reverting to 23.9%
Β£0
23.9% APR (variable)
Sign up for Santander Boosts to receive cashback, vouchers, offers and prize draws from selected retailers.
Representative example: When you spend Β£1,200 at a purchase rate of 23.9% (variable) p.a., your representative rate is 23.9% APR (variable).
Check eligibility
M&S Bank Credit Card Transfer Plus Offer Mastercard
4.0
β˜…β˜…β˜…β˜…β˜…
β˜…β˜…β˜…β˜…β˜…
Expert analysis
0% for 26 months reverting to 24.9%
3.49%, min Β£5
0% for 3 months reverting to 24.9%
Β£0
24.9% APR (variable)
1 point per Β£1 spent with M&S and 1 point per Β£5 spent elsewhere. Enjoy 55 days interest free, preferential rates plus no cash advance fee when buying M&S travel money with the card.
Representative example: When you spend Β£1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
Check eligibility
HSBC Balance Transfer Credit Card
4.0
β˜…β˜…β˜…β˜…β˜…
β˜…β˜…β˜…β˜…β˜…
Expert analysis
0% for 26 months reverting to 24.9%
3.49% fee, min Β£5
0% for 3 months reverting to 24.9%
Β£0
24.9% APR (variable)
Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
When you spend Β£1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable). You might get different interest rates and promotional periods to those shown here, because these depend on your circumstances.
Check eligibility
Royal Bank of Scotland Longer Balance Transfer Credit Card
3.5
β˜…β˜…β˜…β˜…β˜…
β˜…β˜…β˜…β˜…β˜…
Expert analysis
0% for 23 months reverting to 24.9%
3.49%
0% for 3 months reverting to 24.9%
Β£0
24.9% APR (variable)
Representative example: When you spend Β£1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
Go to site
NatWest Longer Balance Transfer Credit Card
4.0
β˜…β˜…β˜…β˜…β˜…
β˜…β˜…β˜…β˜…β˜…
Expert analysis
0% for 23 months reverting to 24.9%
3.49%
0% for 3 months reverting to 24.9%
Β£0
24.9% APR (variable)
Representative example: When you spend Β£1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
Go to site
Royal Bank of Scotland Purchase & Balance Transfer Credit Card
4.0
β˜…β˜…β˜…β˜…β˜…
β˜…β˜…β˜…β˜…β˜…
Expert analysis
0% for 19 months reverting to 24.9%
2.99%
0% for 19 months reverting to 24.9%
Β£0
24.9% APR (variable)
Representative example: When you spend Β£1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
Go to site
NatWest Purchase & Balance Transfer Credit Card
4.0
β˜…β˜…β˜…β˜…β˜…
β˜…β˜…β˜…β˜…β˜…
Expert analysis
0% for 19 months reverting to 24.9%
2.99%
0% for 19 months reverting to 24.9%
Β£0
24.9% APR (variable)
Representative example: When you spend Β£1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
Go to site
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Approval for any credit card depends on your status. The representative APRs shown represent 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. Most of the data in Finder's comparison tables is provided by Moneyfacts.

Repayment options

You can make manual repayments through Lloyds Bank's app by logging in to your online banking or over the phone (0345 602 1997). Alternatively, you may wish to set up a direct debit.

A direct debit protects you from forgetting to make a repayment and losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of Β£12). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 27 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).

You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.

Choose from the following direct debit options for your monthly repayments:

Minimum amount Fixed amount Fixed percentage Full amount

How to apply

If you've compared cards and settled on the Lloyds Bank Platinum 0% Balance Transfer Credit Card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible. You can request a balance transfer as part of your application.

Frequently asked questions

Can I withdraw cash using the Lloyds Bank Platinum 0% Balance Transfer Credit Card?

Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.

The cash advance fee on the Lloyds Bank Platinum 0% Balance Transfer Credit Card is 5%.

The interest rate on this part of your balance will be 24.94% (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).

What should I do with my old credit card after transferring the balance to the Lloyds Bank Platinum 0% Balance Transfer Credit Card?

Transferring a balance doesn't automatically close your old account. In most cases, you'll want to close the old account(s) straightaway, especially if they have an annual/monthly fee or if you might be tempted to use them in the future. There is an argument that you should keep the old account open to help your credit score. That's because doing so keeps your "credit utilisation ratio" lower (that's a measure of how much credit you're using compared to what's available to you) and helps the average age of your credit accounts. However, unless you're just about to apply for a new mortgage, it's probably fair to say that most people would prefer to have no more bank accounts open than was truly necessary.

How much does it cost to use the Lloyds Bank Platinum 0% Balance Transfer Credit Card abroad?

Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (Β£171.31), it'll cost you around Β£5.05 in fees.

What is the minimum payment on the Lloyds Bank Platinum 0% Balance Transfer Credit Card?

Each month, you must pay at least 2.5% of your balance at that point or Β£5.00 – whichever of the 2 figures is greater. So if you had, say, Β£180.00 outstanding, you'd pay Β£5.00, and if you had Β£800.00 outstanding, you'd pay Β£20.00.

Paying only the minimum required amount each month is generally not advisable as it makes it much harder to get debt-free before that introductory 0% period expires.

Finder credit card scores

β˜…β˜…β˜…β˜…β˜… β€” Excellent
β˜…β˜…β˜…β˜…β˜… β€” Good
β˜…β˜…β˜…β˜…β˜… β€” Average
β˜…β˜…β˜…β˜…β˜… β€” Subpar
β˜…β˜…β˜…β˜…β˜… β€” Poor

Our experts score balance transfer cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the balance transfer offer, the balance transfer fee, any restrictions to making a transfer, plus the potential costs involved with running the card both in the short and longer term.

You can read more about our scoring criteria on our credit card methodology page.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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