With its wide range of balance transfer credit cards, Lloyds Bank is likely to have a suitable deal for you.
Lloyds Bank offers an impressive selection of balance transfer deals, so whatever your balance transfer requirements are, there’s a good chance Lloyds will be able to provide a competitive option.
For those moving small sums that won’t take an age to pay off, there’s a no transfer fee deal. However, if you’d like a lengthy time period to clear your debt, Lloyds is among the front-runners here, too. What’s more, there are options with shorter 0% periods that come with smaller balance transfer fees.
It’s not possible to transfer balances from other Lloyds Bank credit cards, loans or bank accounts, but you can transfer balances from cards held with other banks in the same group – namely Halifax, MBNA and Bank of Scotland.
Lloyds Bank 0% balance transfer credit cards
How do Lloyds balance transfers work?
During the application, you’ll have the option of giving details about the balance(s) you’d like to transfer. You don’t have to do this immediately, but Lloyds’ 0% balance transfer offers only apply to balances transferred in the first 90 days of card ownership.
How long does a Lloyds balance transfer take?
If you’re approved for Lloyds balance transfer card, you’ll receive it within seven days. You’ll then need to activate the card.
From this point, it can be tricky to find out exactly how long your balance transfer will take because Lloyds will need to make arrangements with your current bank. However, Lloyds states that once arrangements are complete, the money will normally arrive the next working day.
Crucially, you should keep making any necessary repayments to your old card issuer until you know the balance has been transferred – otherwise you risk hurting your credit score.
How should I compare Lloyds balance transfer deals?
Here are some of the key features you’ll want to look at when deciding which Lloyds Bank balance transfer offer might be the best option for you:
- Length of 0% period. The credit cards with longer 0% balance transfer periods have a larger balance transfer fee, so you might not necessarily need the longest 0% deal. If you could clear your balance in less time, consider the shorter deals with lower balance transfer fees. A good way to calculate your best option is to divide the balance by the number of months in the 0% deal. This will show you how much you’d need to pay each month to clear your debt before the promotion expires.
- Balance transfer fee. This is expressed as a percentage of the balance being transferred.
- Standard rate. This is the rate that’ll apply to any purchases you make on the card – and is typically also the rate you’ll pay on any outstanding balance after your introductory 0% period ends.
Other frequently asked questions