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Lloyds Bank Platinum Low Fee 0% Balance Transfer Mastercard Review 2021
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”.
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
- 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
- Applicants with low credit scores are unlikely to be eligible
How does this card compare with other balance transfer deals?
Lloyds Bank’s card
Other balance transfer deals
You can make manual repayments through Lloyds Bank's app, by logging in to your online banking or over the phone (0345 606 2191). Alternatively you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee (£12) 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
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.
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 (£180.02), it'll cost you around £5.31.
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.