Lloyds Bank Platinum 28 Month Balance Transfer Credit Card review 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.
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In a nutshell:
0% interest on balance transfers
|Balance transfers||0% for 28 months reverting to 19.94%|
|Balance transfer fee||3% (min. £3)|
|Purchases||0% for 6 months reverting to 19.94%|
|Purchases interest-free period||Up to 56 days|
|Min. credit limit||£0|
|Max credit limit||Not specified|
|Additional cards available||1|
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.
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% (min. £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 6 months.
The length of the card’s 0% period and the rate it reverts to afterwards are “subject to status”, meaning that you may be offered a shorter 0% and/or a higher rate, depending on Lloyds’ assessment of your circumstances. In some cases applicants may find they are offered the bank’s Classic Card instead.
The card is issued on the Mastercard network, so it’s accepted in more than 40 million locations worldwide. You’ll also be able to enjoy access to Priceless Cities experiences.
How does this card compare with other similar cards on the market?
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.