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.
Lloyds Bank Long 0% Balance Transfer Card review
By Chris Lilly
- Representative example:
- Representative 24.9% APR variable. Based on assumed borrowing of £1,200. Rate of interest 24.94% p.a. (variable).
- 0% interest on balance transfers
- 31 months
- Account fee
- £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
- Earn points on day-to-day spending
- 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)
Details
Product Overview
| Issuer | Lloyds Bank plc |
| Network | Visa |
| Annual/monthly fees | £0 |
| Balance transfers | 24.94% |
| Balance transfer fee | 2.49% |
| Purchases | 0% for 6 months |
| Purchases interest-free period | Up to 56 days |
| Money transfers | 24.94 |
| Cash advances | 24.94% |
| Maximum credit limit | Subject to status |
| Additional cards available | 3 |
| Additional Rewards Info | Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Lloyds Bank credit card. Customers must be registered for Online Banking. |
| Potential costs | 7.5Great |
| Extras | 8.8Great |
| Overall Finder Score | 9.5Excellent |
Fees and charges
| Minimum monthly payment | Greater of: 2.5% of the underlying balance plus the month's interest and any applicable fees and charges; £5; or the outstanding balance. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 2.49% |
| Money transfer fee | 5 |
| Foreign usage charge (EU) | 2.95% |
| Foreign usage charge (rest of world) | 2.95% |
| Cash advance fee | 5 |
| Late payment fee | 12 |
| Replacement card fee | £0 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £0 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application Requirements
| Minimum Age | 18 |
| Minimum income | £0 |
| Availability | Available to new customers |
The Lloyds Bank Long 0% Balance Transfer Card is issued on the Visa network (used by a whopping 4.2 billion cards), so you'll be able to use it at more than 100 million merchant locations across more than 200 countries and territories.
How does this card compare with other balance transfer deals?
Lloyds Bank’s card
1 of 1 result
Finder Score for credit cards
To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyOther balance transfer deals
Table: sorted by length of 0% balance transfer offer, promoted deals first
Finder Score for credit cards
To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyApproval 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 Defaqto.
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 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 31 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 Long 0% Balance Transfer 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 Long 0% Balance Transfer 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 Long 0% Balance Transfer Card is 5%. For example, if you withdraw £150, you'll incur a rather painful fee of £7.50.
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 Long 0% Balance Transfer 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 Long 0% Balance Transfer Card abroad?
Non-sterling transactions are subject to a 2.95% charge (which is very standard). For example, if you spend 200 euros (£175.75), it'll cost you around £5.18 in fees.
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 is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
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