Lloyds Bank Platinum Longest 0% Balance Transfer Mastercard review August 2020

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Only available online, this card has the longest 0% balance transfer deal currently available from Lloyds.

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).

28 months

0% interest on balance transfers

19.9%

Representative APR

£0

Account fee

6 months

0% interest on purchases

Details

IssuerLloyds Bank
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 28 months reverting to 19.94%
Balance transfer fee3% for 3 months reverting to 5%
Purchases0% for 6 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
If you’re working to clear existing card debt, a balance transfer offer can help ensure that all of your monthly repayment goes towards chipping away at debt, rather than a large chunk of it going towards interest. That means you can be debt free in less time.

However, if you think you might need to add to your debt soon after account opening (or if you’d simply like the option), you can also take advantage of this card’s 6-month introductory interest-free period on purchases.

Don’t overlook the card’s balance transfer fee of 3% for 3 months reverting to 5%, and remember that if you don’t clear your balance in full within the 28 months, any outstanding balance will start to accrue interest at the card’s standard rate. It’s also important to note that if you miss a repayment, or go over your agreed credit limit, you’ll lose your promotional rate.

It’s quick and easy to check your eligibility for this product on the Lloyds Bank site. If you don’t qualify, Lloyds may offer you its Classic credit card (which has a higher rate) as an alternative.

As this card is on the Mastercard network, it’s accepted in more than 40 million locations worldwide. You’ll also be able to enjoy access to Priceless Cities experiences.

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

Table: sorted by representative APR, promoted deals first
Data indicated here is updated daily
Name Product Balance transfers Balance transfer fee Purchases Annual/monthly fees Rep. APR Incentive Link
The NatWest Balance Transfer Credit Card (eligibility criteria apply)
0% for 20 months reverting to 19.9%.
0%
Transfers must be made within 3 months of account opening
0% for 3 months reverting to 19.9% p.a. (variable)
£0
19.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable), your representative rate is 19.9% APR (variable).
The Royal Bank Balance Transfer Credit Card (eligibility criteria apply)
0% for 20 months reverting to 19.9%
0%
Transfers must be made within 3 months of account opening
0% for 3 months reverting to 19.9% p.a. (variable)
£0
19.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable), your representative rate is 19.9% APR (variable).
M&S Bank Shopping Plus Mastercard
0% for 20 months reverting to 19.9%
2.9% (min. £5)
0% for 20 months reverting to 19.9%
£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).
HSBC Purchase Plus Credit Card Visa
0% for 18 months reverting to 22.9%
2.9% (min. £5) for transfers in first 60 days
0% for 18 months reverting to 22.9%
£0
22.9% (variable)
Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).
first direct Credit Card Visa
0% for 27 months reverting to 18.9%
2.29% (min. £5) for 3 months reverting to 2.9% (min. £5)
18.9%
£0
18.9% (variable)
Earn cashback with selected retailers via Visa Offers, customers can register up to five separate first direct Visa cards.
Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a., your representative rate is 18.9% APR (variable).
HSBC Premier Credit Card Mastercard
0% for 18 months reverting to 18.9%
1.4% (min. £5)
0% for 9 months reverting to 18.9%
£0
18.9% (variable)
A selection of rewards from a range of partners. Earn 1 point for every £1 spent within the UK and earn 2 points for every £1 spent outside the UK. Points can be redeemed for shopping vouchers and frequent flyer miles.
Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a., your representative rate is 18.9% APR (variable).
John Lewis and Waitrose Partnership Mastercard
0% for 18 months reverting to 18.9%
2.9% (min. £5)
0% for 9 months reverting to 18.9%
£0
18.9% (variable)
Earn 1 point for every £1 spent in store or online at John Lewis, Waitrose and John Lewis Insurance. Earn 1 Point for every £2 spent elsewhere. Earn double points on selected insurances taken out through John Lewis Financial Services. Vouchers issued once customer reaches 500 points in Feb, Jun or Oct when vouchers are automatically issued to customers. Every 500 points is worth £5.
Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a., your representative rate is 18.9% APR (variable).
Santander Everyday Credit Card Mastercard
0% for 18 months reverting to 18.9%
0% for 18 months reverting to 3% (min. £5)
0% for 3 months reverting to 18.9%
£0
18.9% (variable)
Retailer offers - 5 Welcome offers of up to 25% cashback at well-known retailers (must switch on Retailer Offers within 60 days of activating card).
Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a., your representative rate is 18.9% APR (variable).
Nationwide Member Credit Card Balance Transfer Offer
0% for 18 months reverting to 19.9%
1.5% (min. £5) for 3 months reverting to 2.4% (min. £5)
0% for 3 months reverting to 19.9%
£0
19.9% (variable)
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).
Bank of Scotland Platinum 0% Purchase and Balance Transfer Mastercard
0% for 17 months reverting to 19.95%
2.99% for 3 months reverting to 5%
0% for 17 months reverting to 19.95%
£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).
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How to apply for the Lloyds Bank Platinum Longest 0% Balance Transfer Mastercard

If you have compared cards and want to apply, completing the secure online application form takes about 15 minutes. Before you apply, use the eligibility checker tool on the Lloyds Bank website to check that you have a decent likelihood of getting approved, without affecting your credit score. You will need to provide your address details for the last three years. In most cases you will get an instant response.

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