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Lloyds Bank Platinum Longest 0% Balance Transfer Mastercard review June 2023
Only available online, this card has the longest 0% balance transfer deal currently available from Lloyds.
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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).
19.9%
Representative APR
28 months
0% interest on balance transfers
£0
Account fee
6 months
0% interest on purchases
Details
| Issuer | Lloyds Bank |
|---|---|
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 28 months reverting to 19.94% |
| Balance transfer fee | 3% for 3 months reverting to 5% |
| Purchases | 0% for 6 months reverting to 19.94% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 19.94% |
| Minimum credit limit | £0 |
| Maximum credit limit | Subject to status |
| Additional cards available | 1 |
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
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.