Customer rating
★★★★★
Satisfaction survey
87% of Lloyds Bank customers in our 2023 customer satisfaction survey would recommend the brand to a friend.
The waiting times to get through via telephone can be lengthy.
Lloyds Bank Platinum 0% Purchase and Balance Transfer Mastercard review 2023
Take a breather from interest with a long 0% purchase and balance transfer periods.
You say: ★★★★★We say: ★★★★★
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Representative example: When you spend £1,200 at a purchase rate of 22.94% (variable) p.a., your representative rate is 22.9% APR (variable).
15 months
0% interest on balance transfers
22.9%
Representative APR
17 months
0% interest on purchases
£0
Account fee
Details
| Issuer | Lloyds Bank |
|---|---|
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 15 months reverting to 22.94% |
| Balance transfer fee | 2.99% for 3 months reverting to 5% |
| Purchases | 0% for 17 months reverting to 22.94% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 22.94% |
| Minimum credit limit | £0 |
| Maximum credit limit | Subject to status |
| Additional cards available | 1 |
Review by
Chris Lilly
chris.lilly@finder.comChris Lilly is a publisher at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. 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 17 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.
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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
1 - 20 of 193
Repayment options
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 15 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 22.94% (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 (£172.35), it'll cost you around £5.08 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 2 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
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★★★★★ — 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.
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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
February 7, 2019
Can I have a replacement card, please?
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
January 21, 2019
Why do you want my bank account details? Do you propose to take money from it for any reason?
December 16, 2018
how many days do I get interest free on purchases?
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