Lloyds Bank Online Platinum 20 Month Purchase and Balance Transfer Mastercard Review September 2019
Take a breather from interest with a long 0% purchase and balance transfer periods.
0% interest on balance transfers
0% interest on purchases
|Balance transfers||0% for 20 months reverting to 19.94%|
|Balance transfer fee||3% (min. £3)|
|Purchases||0% for 20 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|
If you’re looking at a significant upcoming expense while trying to clear an existing debt, a multi-purpose card like this could be a smart choice, buying you time to focus on clearing the debt.
As well as a long interest free period from both purchases and balance transfers, there’s no annual fee to worry about, and because it’s on the Mastercard network, you can also enjoy access to Priceless Cities experiences.
Just remember that once the 0% period expires, any outstanding balance will start to accrue interest at the card’s standard rate (see table below).
How does this card compare with 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 Purchase and 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.