In this guide

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

Lloyds Bank Platinum 0% Purchase and Balance Transfer Credit Card review

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Lloyds Bank Platinum 0% Purchase and 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
18 months
0% interest on purchases
20 months
Account fee
Β£0

Our verdict

Take a breather from interest with a long 0% purchase and balance transfer periods.

Trying to both clear up old debt and handle an unexpected expense at the same time sounds like your worst personal finance nightmare, but actually, there’s a whole category of credit cards that were thought to help you out in a similar situation. They’re generally referred to as β€œbalanced” or β€œmatched” credit cards, and this Lloyds card is one of them.

It gives you 20 months to clear up both your old balance and the cost of any new purchases, which isn’t the longest you can get in the overall credit card market, but it does come close.

Ideally, this card is more suitable to people who don’t have a big balance to repay (and maybe are more interested in the purchase side of the deal). That’s because the 2.99% for 3 months reverting to 5% balance transfer fee will amount to a comparatively big sum if you have a chunky balance to transfer.

The revert rate is pretty average, so do your best to clear up your balance before the deal expires. Once that happens, you may want to consider switching to a different card - for example a low interest rate credit card may be more suitable if you anticipate you will have to carry a balance on it from time to time.

As well as a long interest free period from both purchases and balance transfers, there's no annual fee to worry about. Not much to say in terms of rewards and perks, but because the card is on the Mastercard network, you can also enjoy access to Priceless Cities experiences.

Pros

  • Customers report excellent customer service when dealing with Lloyds Bank
  • Over a year of 0% interest to focus on reducing existing card debt
  • Over a year 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
  • Your reviews

Details

Product Overview

Issuer Lloyds Bank
Network Mastercard
Annual/monthly fees Β£0
Balance transfers 0% for 18 months reverting to 24.94%
Balance transfer fee 2.99% for 3 months reverting to 5%
Purchases 0% for 20 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 4.0 β˜…β˜…β˜…β˜…β˜…
Extras 4.0 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 2.99% 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% Purchase and 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 similar cards on the market?

Table: sorted by representative APR, promoted deals first
1 - 20 of 188
Name Product Finder score Purchases Balance transfers Annual/monthly fees Representative APR Incentive Link
M&S Bank Credit Card Shopping Plus Offer Mastercard
4.0
β˜…β˜…β˜…β˜…β˜…
0% for 18 months reverting to 23.9%
0% for 15 months
(3.49% fee)
Β£0
23.9% 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 23.9% (variable) p.a., your representative rate is 23.9% APR (variable).
Halifax 0% Purchase and Balance Transfer Mastercard
3.5
β˜…β˜…β˜…β˜…β˜…
0% for 17 months reverting to 24.94%
0% for 17 months
(2.99% fee)
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).
Sainsbury's Bank 20 Month Balance Transfer Credit Card Mastercard
3.5
β˜…β˜…β˜…β˜…β˜…
0% for 3 months reverting to 26.95%
0% for 20 months
(3.24% or 4.24% (Β£4 minimum) for 3 months. Thereafter, the fee will depend on any offer available at the time fee)
Β£0
26.9% APR (variable)
Earn 1 Nectar point per Β£2 spent in Sainsbury's and Argos, and 1 Nectar point for every Β£5 spent elsewhere. Additional points can be earned by also using the Nectar card or app at the time of transaction. 1 point = 0.5p (min 500pts)
Representative example: When you spend Β£1,200 at a purchase rate of 26.95% (variable) p.a., your representative rate is 26.9% APR (variable).
The Elfin Card
Not yet rated
14.8%
N/A
Β£0
14.8% APR (variable)
If you withdraw Β£1,200 from your credit line and make no early repayments, you will pay Β£173.52 in interest over two years at a representative APR of 14.8%. Total amount repayable: Β£1,373.52.
Barclaycard Select Charge Card
3.5
β˜…β˜…β˜…β˜…β˜…
N/A (this product is a charge card).
N/A
Β£42 per annum
3.6% APR (variable)
Access exclusive offers through Barclaycard business rewards. Including, but not limited to, exclusive pre-sale tickets plus discounts on hotel bookings, dining out and car hire. Terms apply.

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Coutts and Co Silk Charge Mastercard
2.5
β˜…β˜…β˜…β˜…β˜…
N/A (this product is a charge card).
N/A
Β£0
N/A (this product is a charge card).
Coutts Concierge service that gives you 24/7 access to expert help and advice, from flight information, tickets, accommodation, car hire, emergency currency lost passports, messaging and interpretation services.

ASOS credit card (in partnership with Capital One)
3.0
β˜…β˜…β˜…β˜…β˜…
0% for 3 months, reverting to 34.94%
N/A
Β£0
34.9% APR (variable)
Representative example: When you spend Β£1,200 at a purchase rate of 34.94% (variable) p.a., your representative rate is 34.9% APR (variable).
Payhawk Corporate Visa Card
4.0
β˜…β˜…β˜…β˜…β˜…
N/A (this product is a charge card).
N/A
Subject to subscription
N/A (this product is a charge card).
Earn up to 1% cashback on all eligible card spend up to the amount of your subscription.

Santander World Elite Mastercard
4.5
β˜…β˜…β˜…β˜…β˜…
0% for 18 months reverting to 18.9%
0% for 18 months
(0% fee)
Β£15 per month
49.8% APR (variable)
0.5% on Β£1 to Β£3000 of monthly spend. Maximum of Β£15 cashback paid per month. Cashback paid Monthly into Card Account. Maximum spend for cashback purposes is limited to credit limit.
Representative example: When you spend Β£1,200 at a purchase rate of 18.9% (variable) p.a. with a fee of Β£15 per month, your representative rate is 49.8% APR (variable).
Lloyds Bank Cashback Credit Card Mastercard
3.5
β˜…β˜…β˜…β˜…β˜…
22.94%
22.94%
(5% fee)
Β£0
22.9% APR (variable)
0.25% on Β£1 to Β£4000 of yearly spend. 0.5% after Β£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 Β£1,200 at a purchase rate of 22.94% (variable) p.a., your representative rate is 22.9% APR (variable).
118 118 Money Guaranteed Rate Card
3.5
β˜…β˜…β˜…β˜…β˜…
34%
34%
(0% fee)
Β£0
34% APR (variable)
Representative example: When you spend Β£1,200 at a purchase rate of 34% (variable) p.a., your representative rate is 34% APR (variable).
Check eligibility
Yonder 'No Fee' Credit Card (only for London residents)
4.0
β˜…β˜…β˜…β˜…β˜…
32.9%
N/A
Β£0
32.9% APR (variable)
Representative example: When you spend Β£1,200 at a purchase rate of 32.9% (variable) p.a., your representative rate is 32.9% APR (variable).
Nationwide Member Credit Card All Rounder
4.5
β˜…β˜…β˜…β˜…β˜…
0% for 15 months reverting to 24.9%
0% for 15 months
(1.5% fee)
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).
Virgin Money 12 Month Balance Transfer Credit Card Mastercard
3.5
β˜…β˜…β˜…β˜…β˜…
0% for 3 months reverting to 29.9%
0% for 12 months
(3% fee)
Β£0
29.9% APR (variable)
Enjoy exclusive offers and rewards on the Virgin Red app.
Representative example: When you spend Β£1,200 at a purchase rate of 29.9% (variable) p.a., your representative rate is 29.9% APR (variable).
Argos Classic Mastercard
2.0
β˜…β˜…β˜…β˜…β˜…
0% for 3 months reverting to 39.94%
39.94%
(5% fee)
Β£0
39.9% APR (variable)
Representative example: When you spend Β£1,200 at a purchase rate of 39.94% (variable) p.a., your representative rate is 39.9% APR (variable).
AMEX Business Branded Content
Not yet rated
N/A
APR (variable)

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Bank of China (UK) Great Wall International Classic Credit Card Visa
3.0
β˜…β˜…β˜…β˜…β˜…
17.1%
N/A
Β£0
18.5% APR (variable)
Representative example: When you spend Β£1,200 at a purchase rate of 17.1% (variable) p.a. your representative rate is 18.50% APR (variable).
Virgin Money Virgin Atlantic Reward Plus Credit Card
4.0
β˜…β˜…β˜…β˜…β˜…
26.9%
0% for 6 months
(3% fee)
Β£160 per annum
69.7% APR (variable)
Earn 15,000 bonus points with your first card purchase made within 90 days of account opening. Earn 1.5 Flying Club miles for every Β£1 spend and 3 miles for every Β£1 spend with Virgin Atlantic and Virgin Holidays. Spend Β£10K a year on your card and choose an extra benefit - an upgrade to Premium, or a Companion ticket. Points value varies dependent on reward (min 3000pts)
Representative example: When you spend Β£1,200 at a purchase rate of 26.9% (variable) p.a. with a fee of Β£160 per annum, your representative rate is 69.7% APR (variable).
Ulster Bank Purchase & Balance Transfer Credit Card Mastercard
3.5
β˜…β˜…β˜…β˜…β˜…
0% for 19 months reverting to 24.9%
0% for 19 months
(2.99% fee)
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).
M&S Bank Credit Card Purchase Plus Offer Mastercard
Not yet rated
0% for 20 months reverting to 24.9%
0% for 12 months
(0% fee)
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).
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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 either damaging your credit score, getting hit with a penalty fee (Β£12) or losing any promotional rates as a result. 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 18 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% Purchase and 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.

Frequently asked questions

Can I withdraw cash using the Lloyds Bank Platinum 0% Purchase and 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% Purchase and 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).

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

Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (Β£171.17), it'll cost you around Β£5.05 in fees.

What is the minimum payment on the Lloyds Bank Platinum 0% Purchase and 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 matched/balanced credit cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the introductory offer, balance transfer fees, any restrictions to the offer, 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.

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