Lloyds Bank Classic Credit Card review 2019
Discover whether this multi-purpose credit card is suitable for you.
Finder rating: ★★★★★
Doing its job: 3/5
In a nutshell:
0% interest on balance transfers
|Balance transfers||0% for 16 months reverting to 27.95%|
|Balance transfer fee||3% (min. £3)|
|Purchases||0% for 6 months reverting to 27.95%|
|Purchases interest-free period||Up to 56 days|
|Min. credit limit||£500|
|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.
There isn’t much to get excited about in this Lloyds Bank credit card, but it does the job.
Its main pro is that it offers introductory 0% deals on both purchases and balance transfers – handy if you’re both planning a significant expenditure and want to spread the cost and looking to cut the interest on existing credit card debt.
Since the purchase and balance transfer deals expire at different times, you need to set two different alarms on your calendar and draft a well-thought repayment plan (and stick to it!).
There are longer 0% deals on the market (provided you can get approved), and with a high standard rate after the 0% introductory periods have expired, this card may not be suitable for those who need a little longer to clear card debt or who anticipate carrying a card balance from month to month.
On the plus side, cardholders don’t have to pay an annual fee and are entitled to access the Mastercard Priceless Cities programme.
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 Classic Credit Card
If you’ve compared cards and want to apply, you’ll need to head to a branch, as this card is not available online. Check that you meet the eligibility requirements and have photo and address ID with you to make the process as straightforward as possible.