Lloyds Bank Platinum 0% Purchase and Balance Transfer Mastercard review 2021
Take a breather from interest with a long 0% purchase and balance transfer periods.
You say: ★★★★★We say: ★★★★★
Doing its job: 4/5
In a nutshell:
0% interest on balance transfers
0% interest on purchases
|Balance transfers||0% for 18 months reverting to 21.94%|
|Balance transfer fee||2.99% for 3 months reverting to 5%|
|Purchases||0% for 21 months reverting to 21.94%|
|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.
Trying to both clear up old debt and handle an unexpected expense at the same time sounds like your worst personal finance nightmare, but actually, there’s a whole category of credit cards that were thought to help you out in a similar situation. They’re generally referred to as “balanced” or “matched” credit cards, and this Lloyds card is one of them.
It gives you 21 months to clear up both your old balance and the cost of any new purchases, which isn’t the longest you can get in the overall credit card market, but it does come close.
Ideally, this card is more suitable to people who don’t have a big balance to repay (and maybe are more interested in the purchase side of the deal). That’s because the 2.99% for 3 months reverting to 5% balance transfer fee will amount to a comparatively big sum if you have a chunky balance to transfer.
The revert rate is pretty average, so do your best to clear up your balance before the deal expires. Once that happens, you may want to consider switching to a different card – for example a low interest rate credit card may be more suitable if you anticipate you will have to carry a balance on it from time to time.
As well as a long interest free period from both purchases and balance transfers, there’s no annual fee to worry about. Not much to say in terms of rewards and perks, but because the card is on the Mastercard network, you can also enjoy access to Priceless Cities experiences.
The Lloyds Bank Platinum 0% Purchase and 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
- Over a year of 0% interest to focus on reducing existing card debt
- Almost two years to spread the cost of purchases
- No annual fee
- Applicants with low credit scores are unlikely to be eligible
- Don't forget that balance transfer fee! If cutting the interest on existing card debt is your main reason for considering this card, check out no-fee deals first
How does this card compare with similar cards on the market?
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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 either damaging your credit score, getting hit with a penalty fee (£12) or losing any promotional rates as a result. 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 18 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 0% Purchase and 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 0% Purchase and Balance Transfer Mastercard?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Lloyds Bank Platinum 0% Purchase and Balance Transfer Mastercard is 5%.
The interest rate on this part of your balance will be 21.94% (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
How much does it cost to use the Lloyds Bank Platinum 0% Purchase and Balance Transfer Mastercard abroad?
Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£168.86), it'll cost you around £4.98 in fees.
What is the minimum payment on the Lloyds Bank Platinum 0% Purchase and 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.