Lloyds Bank Platinum Low Rate Credit Card review
- Representative example:
- When you spend £1,200 at a purchase rate of 10.94% (variable) p.a., your representative rate is 10.9% APR (variable).
- Account fee
- £0
- Interest-free each billing period
- Up to 56 days
Our verdict
If the headline-grabbing 0% deals aren't for you, enjoy a low ongoing rate (albeit variable) and no annual fee with Lloyds Bank.Available exclusively online, this card's main attraction is its impressively low rate – applied across the board to transferred balances, cash transactions and purchases (although cash advances and balance transfers will involve a fee).
There's no 0% introductory offer that's going to suddenly expire and revert to a horribly high rate, but crucially the card's rate is variable – meaning that it can be raised or lowered at Lloyds Bank's discretion (typically when the Bank of England base rate changes). It's also important to note that applicants who don't qualify for this low rate will be offered a higher rate.
If you're after a straightforward, cheap and versatile card, this is the sort of deal that's likely to appeal to you. However, if you're specifically seeking to minimise interest while you pay off existing card debt, or to spread the cost of a large upcoming purchase, then there are more specialised deals out there which are likely to work out cheaper.
Pros
- Customers report excellent customer service when dealing with Lloyds Bank
- A low ongoing interest rate (variable)
- No annual fee
Cons
- Applicants with low credit scores are unlikely to be eligible
- Relatively high balance transfer fee
- 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 |
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Balance transfers | 10.94% |
| Balance transfer fee | 5% (0% fee if transfer is completed within the first 90 days) |
| Purchases | 10.94% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 10.94% |
| Minimum credit limit | £0 |
| Maximum credit limit | Subject to status |
| Additional cards available | 1 |
| 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 and hold a Lloyds Bank current account to be eligible. |
| Potential costs | 3.5 ★★★★★ |
| Doing its job | 3.5 ★★★★★ |
| Extras | 3.0 ★★★★★ |
| Overall Finder Score | 3.5 ★★★★★ |
Fees and charges
| Minimum monthly payment | 2.5% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 5% (0% fee if transfer is completed within the first 90 days) |
| Foreign usage charge (EU) | 2.95% |
| Foreign usage charge (rest of world) | 2.95% |
| Cash advance fee | 5% (min. £0) |
| 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 |
| Availability | Available to new customers |
The Lloyds Bank Platinum Low Rate 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 it compare with other low rate deals?
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 either damaging your credit score, getting hit with a penalty fee (£12) or losing any promotional rates as a result.
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
This card is available exclusively online. Completing the secure online application form takes about 15 minutes, and Lloyds Bank will usually give you a decision within five minutes. Lloyds Bank states that if you are successful your new card will arrive in seven days.
Before you apply, check that you meet the eligibility requirements and have the information and documents you will need to make the process as straightforward as possible.
After successfully applying, you have the option to request an additional card for a family member or someone else over 18 years old.
The bottom line
With an impressively low variable rate and no annual fee, the Lloyds Bank Platinum Low Rate credit card could be a good choice for anyone who’s worried about carrying a balance each month but wants to keep their costs as low as possible. But beyond that, there are no real perks to speak of, and as you should be trying to pay off you balance each month anyway, the card’s key selling point is something of a catch-22.
While the low rate does apply across purchases, balance transfers and cash advances, this jack of all trades approach means the Lloyds Bank Platinum card will always come up short against dedicated balance transfer or 0% purchase cards.
Frequently asked questions
Can I withdraw cash using the Lloyds Bank Platinum Low Rate 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 Low Rate Credit Card is 5%.
The interest rate on this part of your balance will be 10.94%, which is the same as the standard purchase rate (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 Low Rate Credit Card abroad?
Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£168.36), it'll cost you around £4.97 in fees.
What is the minimum payment on the Lloyds Bank Platinum Low Rate Credit Card?
Each month, you must pay at least 2.5% of your balance at that point or £5.00 – whichever of the 2 figures is greater. So if you had, say, £180.00 outstanding, you'd pay £5.00, and if you had £800.00 outstanding, you'd pay £20.00.
Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money, which can lead to persistent debt.
Finder credit card scores
Our experts score low rate credit cards to determine their value against similar products on the market. We look at a number of important factors, like exactly how low the low rate is, any perks/benefits, 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.
