Lloyds Bank Online Platinum 20 Month Balance Transfer Mastercard Review September 2019
Transfer an existing credit card balance and save on interest – without paying a fee for the privilege.
Finder rating: ★★★★★
Doing its job: 4.5/5
In a nutshell:
0% interest on balance transfers
Balance transfer fee
0% interest on purchases
|Balance transfers||0% for 20 months reverting to 19.94%|
|Balance transfer fee||0% for 3 months reverting to 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.
Although you won’t have to look to far to find a longer 0% balance transfer deal, many people forget that there’s usually a fee payable when you transfer a card balance. And because the fee is generally a percentage of the balance being transferred, for larger sums this can get quite painful. With this card you get the 0% period without a transfer fee, so if you can clear your debt before the 0% period expires (and the card’s standard rate kicks in), this could be a smart option.
As an additional bonus there’s no interest charged on purchases for a limited period after opening.
Cardholders won’t have to pay an annual fee, and are also 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 Lloyds Bank Online Platinum 20 Month 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.