Lloyds Bank Platinum 0% Purchase and Balance Transfer Mastercard Review 2021

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Take a breather from interest with a long 0% purchase and balance transfer periods.

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).

19.9%

Representative APR

17 months

0% interest on balance transfers

17 months

0% interest on purchases

£0

Account fee

Details

IssuerLloyds Bank
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 17 months reverting to 19.94%
Balance transfer fee2.99% for 3 months reverting to 5%
Purchases0% for 17 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

Expert review

Chris Lilly

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

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 20 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

Pros

  • Customers report excellent customer service when dealing with Lloyds Bank
  • Over a year of 0% interest to focus on reducing existing card debt
  • Over a year to spread the cost of purchases
  • No annual fee

Cons

  • Applicants with low credit scores are unlikely to be eligible

How does this card compare with similar cards on the market?

Table: sorted by representative APR, promoted deals first
Data indicated here is updated daily
Name Product Purchases Balance transfers Annual/monthly fees Rep. APR Incentive Link
M&S Bank Shopping Plus Credit Card
0% for 18 months reverting to 19.9%
0% for 16 months
(2.9% fee)
£0
19.9% (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 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
Check eligibility
More Info
Sainsbury's Bank Dual Offer Credit Card Mastercard
0% for 20 months reverting to 21.95%
0% for 20 months
(3% fee)
£0
21.9% (variable)
Earn 750 bonus Nectar points each time £35 or more spent on Sainsbury's shopping, up to ten times in your first 2 months, up to a total of 7,500 points, offer available for new customers. Earn 3 Nectar points per £1 spent in Sainsbury's and Argos. Earn 1 Nectar point for every £5 spent elsewhere.
Representative example: When you spend £1,200 at a purchase rate of 21.95% (variable) p.a., your representative rate is 21.9% APR (variable).
More Info
Halifax 0% Purchase and Balance Transfer Mastercard
0% for 17 months reverting to 19.95%
0% for 17 months
(2.99% fee)
£0
19.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.95% (variable) p.a., your representative rate is 19.9% APR (variable).
More Info
Sainsbury's Bank Balance Transfer Credit Card Mastercard
0% for 3 months reverting to 21.95%
0% for 29 months
(3% fee)
£0
21.9% (variable)
Earn 750 bonus Nectar points each time £35 or more spent on Sainsbury's shopping, up to ten times in your first 2 months, up to a total of 7,500 points, offer available for new customers. Earn 3 Nectar points per £1 spent in Sainsbury's and Argos. Earn 1 Nectar point for every £5 spent elsewhere.
Representative example: When you spend £1,200 at a purchase rate of 21.95% (variable) p.a., your representative rate is 21.9% APR (variable).
More Info
Sainsbury’s Bank No Balance Transfer Fee Credit Card
0% for 3 months reverting to 21.95%
0% for 18 months
(0% fee)
£0
21.9% (variable)
Earn 750 bonus Nectar points each time £35 or more spent on Sainsbury's shopping, up to ten times in your first 2 months, up to a total of 7,500 points, offer available for new customers. Earn 3 Nectar points per £1 spent in Sainsbury's and Argos. Earn 1 Nectar point for every £5 spent elsewhere.
Representative example: When you spend £1,200 at a purchase rate of 21.95% (variable) p.a., your representative rate is 21.9% APR (variable).
More Info
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Repayment options

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 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" (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 0% Purchase and 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).

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 (£180.02), it'll cost you around £5.31.

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.

Finder credit card ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our experts score matched/balanced credit cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the introductory offer, balance transfer fees, any restrictions to the offer, 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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5 Comments

    Default Gravatar
    Steven
    February 7, 2019

    Can I have a replacement card, please?

      Avatarfinder Customer Care
      Jhez
      February 11, 2019

      Hello Steven,

      Thank you for your comment.

      If your credit card is lost or stolen, you can report this and request a replacement through Internet Banking, or on the move using your Lloyds Bank Mobile Banking app. Simply log on and fill in our short form. Alternatively, you can call Lloyds bank or visit your nearest branch.

      Regards,
      Jhezelyn

    Default Gravatar
    Vivien
    January 21, 2019

    Why do you want my bank account details? Do you propose to take money from it for any reason?

    Default Gravatar
    Vivien
    December 16, 2018

    how many days do I get interest free on purchases?

      Avatarfinder Customer Care
      Joshua
      December 18, 2018

      Hi Vivien,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      The interest-free period of this card is 56 days.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

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