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: ★★★★★
Doing its job: 4/5
In a nutshell:
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|
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 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?
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.