Lloyds Bank Online Platinum 20 Month Purchase and Balance Transfer Mastercard Review November 2019

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

Finder rating: ★★★★★

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).

20 months

0% interest on balance transfers

20 months

0% interest on purchases

19.9%

Representative APR

£0

Account fee

Details

IssuerLloyds Bank
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 20 months reverting to 19.94%
Balance transfer fee3% (min. £3)
Purchases0% for 20 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 3% (min. £3) 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.

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

Table: sorted by representative APR, promoted deals first
Updated November 14th, 2019
Name Product Purchases Balance transfers Annual/monthly fees Rep. APR Incentive Representative example
0% for 20 months reverting to 19.9%
0% for 20 months reverting to 19.9%
£0
19.9% p.a. (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).
0% for 25 months reverting to 20.95%
0% for 25 months reverting to 20.95%
£0
20.9% p.a. (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 2 Nectar points per £1 spent on Sainsbury's shopping and fuel. Earn 1 Nectar point for every £5 spent elsewhere.
Representative example: When you spend £1,200 at a purchase rate of 20.95% (variable) p.a., your representative rate is 20.9% APR (variable).
0% for 20 months reverting to 19.95%
0% for 20 months reverting to 19.95%
£0
19.9% p.a. (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).
0% for 3 months reverting to 19.95%
0% for 29 months reverting to 19.95%
£0
19.9% p.a. (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 2 Nectar points per £1 spent on Sainsbury's shopping and fuel. Earn 1 Nectar point for every £5 spent elsewhere.
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).
0% for 3 months reverting to 20.95%
0% for 20 months reverting to 20.95%
£0
20.9% p.a. (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 2 Nectar points per £1 spent on Sainsbury's shopping and fuel. Earn 1 Nectar point for every £5 spent elsewhere.
Representative example: When you spend £1,200 at a purchase rate of 20.95% (variable) p.a., your representative rate is 20.9% APR (variable).
0% for 22 months reverting to 20.95%
0% for 3 months reverting to 20.95%
£0
20.9% p.a. (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 2 Nectar points per £1 spent on Sainsbury's shopping and fuel. Earn 1 Nectar point for every £5 spent elsewhere.
Representative example: When you spend £1,200 at a purchase rate of 20.95% (variable) p.a., your representative rate is 20.9% APR (variable).

Compare up to 4 providers

Repayment options

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.

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

  1. Default Gravatar
    Steven
    February 7, 2019

    Can I have a replacement card, please?

    • AvatarStaff
      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

  2. 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?

  3. Default Gravatar
    Vivien
    December 16, 2018

    how many days do I get interest free on purchases?

    • AvatarStaff
      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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