Lloyds Bank Platinum Low Fee 0% Balance Transfer Mastercard review 2021

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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: ★★★★★

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).

22 months

0% interest on balance transfers

19.9%

Representative APR

£0

Account fee

9 months

0% interest on purchases

Details

IssuerLloyds Bank
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 22 months reverting to 19.94%
Balance transfer fee1.99% for 3 months reverting to 5%
Purchases0% for 9 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
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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

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”.

The Lloyds Bank Platinum Low Fee 0% Balance Transfer Mastercard is issued on the Mastercard network so it's accepted at nearly 53 million merchants across more than 210 countries and territories.

Pros and cons

Pros

  • Customers report excellent customer service when dealing with Lloyds Bank
  • Almost two years of 0% interest to focus on reducing existing card debt
  • No annual fee

Cons

  • Applicants with low credit scores are unlikely to be eligible

How does this card compare with other balance transfer deals?

Lloyds Bank’s card

Name Product Balance transfers Balance transfer fee Purchases Annual/monthly fees Rep. APR Incentive Link
Lloyds Bank Platinum Low Fee 0% Balance Transfer Mastercard
0% for 22 months reverting to 19.94%
1.99% for 3 months reverting to 5%
0% for 9 months reverting to 19.94%
£0
19.9% (variable)
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).
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Other balance transfer deals

Table: sorted by length of 0% balance transfer offer, promoted deals first
Name Product Balance transfers Balance transfer fee Purchases Annual/monthly fees Rep. APR Incentive Link
M&S Bank Transfer Plus Mastercard
0% for 29 months reverting to 21.9%
2.75% (min. £5)
0% for 3 months reverting to 21.9%
£0
21.9% (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 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).
Check eligibility
HSBC Balance Transfer Credit Card
0% for 29 months reverting to 21.9%
2.85% (min. £5)
0% for 3 months reverting to 21.9%
£0
21.9% (variable)
Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).
Check eligibility
Santander All in One Credit Card
0% for 26 months reverting to 17.9%
0% for 26 months reverting to 3% (min. £5)
0% for 20 months reverting to 17.9%
£3 per month
23.7% (variable)
0.5% cashback after £1 of monthly spend. Cashback paid monthly into card account. Maximum spend for cashback purposes is limited to credit limit.
Representative example: When you spend £1,200 at a purchase rate of 17.9% (variable) p.a. with a fee of £3 per month, your representative rate is 23.7% APR (variable).
Check eligibility
M&S Bank Shopping Plus Credit Card
0% for 20 months reverting to 21.9%
2.9% (min. £5)
0% for 20 months reverting to 21.9%
£0
21.9% (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 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).
Check eligibility
Santander Everyday Credit Card
0% for 18 months reverting to 20.9%
0% for 18 months reverting to 3% (min. £5)
0% for 3 months reverting to 20.9%
£0
20.9% (variable)
Earn up to 15% cashback with your selected Retailer Offers at selected major retailers.
Representative example: When you spend £1,200 at a purchase rate of 20.9% (variable) p.a., your representative rate is 20.9% APR (variable).
Check eligibility
The Royal Bank Balance Transfer Credit Card (eligibility criteria apply)
0% for 18 months reverting to 21.9%
0%, transfers must be made within the first 3 months of account opening
0% for 3 months reverting to 21.9% p.a. (variable)
£0
21.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable), your representative rate is 21.9% APR (variable).
Check eligibility
The NatWest Balance Transfer Credit Card (eligibility criteria apply)
0% for 18 months reverting to 21.9%
0%, transfers must be made within the first 3 months of account opening
0% for 3 months reverting to 21.9% p.a. (variable)
£0
21.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable), your representative rate is 21.9% APR (variable).
Check eligibility
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Approval for any credit card will depend on your status. The APR shown represents the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.

Repayment options

You can make manual repayments through Lloyds Bank's app, by logging in to your online banking or over the phone (0345 602 1997). Alternatively, you may wish to set up a direct debit.

A direct debit protects you from forgetting to make a repayment and losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of £12). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 22 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).

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

If you've compared cards and settled on the Lloyds Bank Platinum Low Fee 0% Balance Transfer Mastercard, 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. You can request a balance transfer as part of your application.

Frequently asked questions

Can I withdraw cash using the Lloyds Bank Platinum Low Fee 0% Balance Transfer Mastercard?

Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) often incur steep fees and/or higher rates of interest.

The cash advance fee on the Lloyds Bank Platinum Low Fee 0% Balance Transfer Mastercard is 5%.

The interest rate on this part of your balance will be 19.94% (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).

What should I do with my old credit card after transferring the balance to the Lloyds Bank Platinum Low Fee 0% Balance Transfer Mastercard?

Transferring a balance doesn't automatically close your old account. In most cases, you'll want to close the old account(s) straightaway, especially if they have an annual/monthly fee or if you might be tempted to use them in the future. There is an argument that you should keep the old account open to help your credit score. That's because doing so keeps your "credit utilisation ratio" lower (that's a measure of how much credit you're using compared to what's available to you), and helps the average age of your credit accounts. However, unless you're just about to apply for a new mortgage, it's probably fair to say that most people would prefer to have no more bank accounts open than was truly necessary.

How much does it cost to use the Lloyds Bank Platinum Low Fee 0% Balance Transfer Mastercard abroad?

Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£172.27), it'll cost you around £5.08.

What is the minimum payment on the Lloyds Bank Platinum Low Fee 0% Balance Transfer Mastercard?

Each month you must pay at least 2.5% of your balance at that point or £5.00 – whichever of the two figures is greater. So if you had, say, £180.00 outstanding, you'd pay £5.00, and if you had £800.00 outstanding, you'd pay £20.00.

Paying only the minimum required amount each month is generally not advisable as it makes it much harder to get debt-free before that introductory 0% period expires.

Finder credit card ratings

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★★★★★ — Poor

Our experts score balance transfer cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the balance transfer offer, the balance transfer fee, any restrictions to making a transfer, plus the potential costs involved with running the card both in the short and longer term.

You can read more about our scoring criteria on our credit card methodology page.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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