Lloyds Bank Online Platinum 28 Month Balance Transfer Mastercard review July 2019

Clear existing card debt faster with Lloyds Bank’s longest 0% balance transfer deal, available exclusively online.

If you’re looking to clear card debt faster and pay less in interest, this deal lets you transfer your balance to Lloyds Bank and enjoy 0% interest on it for 28 months.

Finder rating: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 19.94% (variable) p.a., your representative rate is 19.9% APR (variable).

28 months

0% interest on balance transfers

3 months

0% interest on purchases

19.9%

Representative APR

£0

Account fee

Details

IssuerLloyds Bank
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 28 months reverting to 19.94%
Balance transfer fee3%
Purchases0% for 3 months reverting to 19.94%
Purchases interest-free periodUp to 56 days
Cash advances19.94%
Min. credit limit£0
Max credit limitNot specified
Additional cards available1
Minimum Age18
AvailabilityAvailable to new customers
Annual/monthly fees£0
Balance transfer fee3%
Foreign usage charge (EU)2.95%
Foreign usage charge (rest of world)2.95%
Cash advance fee3% (min. £3)
Late payment fee£12
Duplicate statement fee£0
Exceeding limit fee£12
Additional card fee£0
Replacement card fee£0
Dormancy fee£0

Expert review

Chris Lilly

Review by


Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.

Expert review

If you have outstanding credit card debt, this promotion could offer a lengthy break from paying interest on it. You’ll need to transfer the balance(s) within the first 90 days (during the application you’ll be able to specify details of any balances you’d like to transfer) to secure that 0% rate, and each transfer will incur a fee of 3%.

Don’t forget that if you haven’t cleared your balance by the end of the 28-month period, any outstanding debt will start to accrue interest at the card’s standard rate.

As an added bonus, the card comes with an introductory 0% period on your purchases too, so if you’re anticipating a large upcoming expenditure, you’ll be able to spread the cost over 3 months.

How does this card compare with other similar cards on the market?

Comparison ordered by representative APR with affiliated products shown first.
Updated July 18th, 2019
Name Product Balance transfers Balance transfer fee Purchases Rep. APR Incentive Representative example
0% for 12 months reverting to 19.9%
3% (min. £3)
19.9%
19.9% p.a. (variable)
Earn Asda vouchers every time you shop - 1% cashback on all Asda spend, 0.2% on all other transactions and 10% on selected insurance products. Once £2.5 is earnt a voucher can be downloaded to spend in Asda stores.
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 23 months reverting to 19.9%
0% for transfers in first 3 months
0% for 3 months reverting to 19.9% p.a. (variable)
19.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 23 months reverting to 19.9%
0% for transfers in first 3 months
0% for 3 months reverting to 19.9% p.a. (variable)
19.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 20 months reverting to 19.9%
2.9% (min. £5)
0% for 20 months reverting to 19.9%
19.9% p.a. (variable)
Earn 1 point for every £1 spent at Marks and Spencer's and 1 point for every £5 spent elsewhere. 100 points = £1 reward voucher. Points will be converted into reward vouchers 4 times a year.
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 12 months reverting to 15.9%
0% for 3 months reverting to 2.4% (min. £5)
0% for 12 months reverting to 15.9%
15.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 15.9% (variable) p.a., your representative rate is 15.9% APR (variable).
0% for 12 months reverting to 17.9%
0% for 3 months reverting to 2.4% (min. £5)
0% for 12 months reverting to 17.9%
17.9% p.a. (variable)
Customers will be able to earn commission-free purchases abroad by using their Credit Card each time they make a purchase in Sterling. The calculation will be based on a 5:1 ratio - for example, £5 spent in Sterling will earn an allowance of £1 commission free-purchases abroad. Purchases abroad beyond the earned amount will be charged 2% commission.
Representative example: When you spend £1,200 at a purchase rate of 17.9% (variable) p.a., your representative rate is 17.9% APR (variable).
0% for 12 months reverting to 11.9%
3% (min. £3)
0% for 26 months reverting to 18.9%
18.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a., your representative rate is 18.9% APR (variable).
0% for 12 months reverting to 18.9%
3% (min. £3)
18.9%
18.9% p.a. (variable)
1 IHG Rewards Club point for every £1 spent in the UK.
2 IHG Rewards Club points for every £1 spent at any IHG location in the UK.
2 IHG Rewards Club points for every £1 spent abroad.
Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a., your representative rate is 18.9% APR (variable).

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Repayment options

When it comes to repayments, you can make manual repayments online or over the phone (0345 606 2191), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee 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 for the Lloyds Bank Online Platinum 28 Month Balance Transfer Mastercard

If you have compared cards and want to apply, completing the secure online application form takes about 10-15 minutes. Before you apply, use the “Check your eligibility” tool on the Lloyds Bank site to check that you have a decent likelihood of getting approved, without affecting your credit score. You will need to provide your address details for the last three years. Lloyds states that you should get a response within five minutes.

If your application for this card is not approved, you may find that Lloyds offers you its Classic Card instead.

Finder credit card ratings

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Our team evaluates credit cards to determine their value against similar products on the market.

We look at the how good the card is for its designated purpose – spending abroad, clearing debt, earning air miles etc. – how costly it is to use day-to-day and whether it offers much in the way of extras.

*Disclaimer: The offers compared on this page are chosen from a range of products whose details Finder has access to track; they don't represent all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The terms "best", "top", "cheap" (and variations) are not product ratings and are subject to our terms of use. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

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