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Lloyds Bank Platinum Low Fee 0% Balance Transfer Mastercard Review August 2020
Enjoy a lengthy 0% period on existing credit card debt along with a low transfer fee.
If you’re paying a painful rate of interest on existing card debt, a 0% balance transfer deal such as this lets you transfer the balance to benefit from an interest-free period – allowing you to get debt-free faster, and more cheaply.
You say: ★★★★★We say: ★★★★★
Doing its job: 4.5/5
In a nutshell:
0% interest on balance transfers
0% interest on purchases
|Balance transfers||0% for 22 months reverting to 19.94%|
|Balance transfer fee||1.99% for 3 months reverting to 5%|
|Purchases||0% for 9 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.
Along with other balance transfer big-hitters like Barclaycard and Virgin Money, Lloyds offers a big selection of balance transfer deals. So where does this one fit in? Lloyds does offers a longer interest-free period on another card, but this option benefits from lower transfer fees. This can make the card a good candidate if you’re transferring a large balance – in which case a percentage-based fee of say, 3.5%, could get painful.
However you’ll want to be confident you’ll be able to clear the balance within the 0% introductory period (or happy to have to apply to switch cards again at that point), otherwise any outstanding balance will start to accrue interest at the card’s much less appealing “standard rate”.
How does this card compare with other balance transfer deals?
Lloyds Bank’s card
Other balance transfer deals
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 Platinum Low Fee 0% Balance Transfer Mastercard
If you’ve compared cards and want to apply, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you’ll need to make the process as straightforward as possible.
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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.