Lloyds Bank Platinum Low Rate Credit Card review 2020

Last updated:  

If the headline-grabbing 0% deals aren't for you, enjoy a low ongoing rate (albeit variable) and no annual fee with Lloyds Bank.

You say: ★★★★★We say: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 9.94% (variable) p.a., your representative rate is 9.9% APR (variable).

9.9%

Representative APR

£0

Account fee

Up to 56 days

Interest-free each billing period

Details

IssuerLloyds Bank
NetworkMastercard
Annual/monthly fees£0
Balance transfers9.94%
Balance transfer fee5%
Purchases9.94%
Purchases interest-free periodUp to 56 days
Cash advances9.94%
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

Available exclusively online, this card’s main attraction is its impressively low rate – applied across the board to transferred balances, cash transactions and purchases (although cash advances and balance transfers will involve a fee).

There’s no 0% introductory offer that’s going to suddenly expire and revert to a horribly high rate, but crucially the card’s rate is variable – meaning that it can be raised or lowered at Lloyds Bank’s discretion (typically when the Bank of England base rate changes). It’s also important to note that applicants who don’t qualify for this low rate will be offered a higher rate.

If you’re after a straightforward, cheap and versatile card, this is the sort of deal that’s likely to appeal to you. However, if you’re specifically seeking to minimise interest while you pay off existing card debt, or to spread the cost of a large upcoming purchase, then there are more specialised deals out there which are likely to work out cheaper.

The Lloyds Bank Platinum Low Rate Mastercard is issued on the Mastercard network so it's accepted at nearly 53 million merchants across more than 210 countries and territories.

Pros and cons

Pros

  • A low ongoing interest rate (variable)
  • No annual fee

Cons

  • Applicants with low credit scores are unlikely to be eligible
  • Relatively high balance transfer fee

How does it compare with other low rate deals?

Table: sorted by representative APR, promoted deals first
Data indicated here is updated daily
Name Product Purchases Balance transfers Annual/monthly fees Rep. APR Incentive Link
TSB Advance Credit Card Mastercard
0% for 3 months reverting to 7.95%
0% for 3 months
(0% fee)
£0
7.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 7.95% (variable) p.a., your representative rate is 7.9% APR (variable).
More Info
The Co-operative Bank 3 Year Fixed Rate Visa
8.9%
8.9%
(0% fee)
£0
8.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 8.9% (variable) p.a., your representative rate is 8.9% APR (variable).
More Info
MBNA Long Term Low Interest Credit Card
4.9% for 48 months reverting to 8.9%
4.9% for 48 months
(0.5% fee)
£0
8.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 8.9% (variable) p.a., your representative rate is 8.9% APR (variable).
More Info
Ulster Bank Credit Card Mastercard
9.9%
6.9%
(0% fee)
£0
9.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.9% (variable) p.a., your representative rate is 9.9% APR (variable).
More Info
The Royal Bank Credit Card
9.9%
6.9%
(0% fee)
£0
9.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.9% (variable) p.a., your representative rate is 9.9% APR (variable).
More Info
The NatWest Credit Card
9.9%
6.9%
(0% fee)
£0
9.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.9% (variable) p.a., your representative rate is 9.9% APR (variable).
More Info
Tesco Bank Low APR Card
9.942%
10.362%
(3.99% fee)
£0
9.9% (variable)
1 point per £4 spent (£4 minimum) in Tesco and 1 point per £8 spent (£8 minimum) outside Tesco, must have available credit to earn points. Card can also be used as a Clubcard to collect standard points at 1 point per £1 spent on shopping and 1 point per £2 spent on fuel. Points are converted to Tesco vouchers which can be used towards shopping or exchanged for Partner Rewards.
Representative example: When you spend £1,200 at a purchase rate of 9.942% (variable) p.a., your representative rate is 9.9% APR (variable).
More Info
Lloyds Bank Platinum Low Rate Mastercard
9.94%
9.94%
(5% fee)
£0
9.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.94% (variable) p.a., your representative rate is 9.9% APR (variable).
More Info
loading

Compare up to 4 providers

Approval for any credit card will depend on your status. The APR shown represents the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.

Repayment options

You can make manual repayments through Lloyds Bank's app, by logging in to your online banking or over the phone (0345 606 2191). 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 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

This card is available exclusively online. Completing the secure online application form takes about 15 minutes, and Lloyds Bank will usually give you a decision within five minutes. Lloyds Bank states that if you are successful your new card will arrive in seven days.

Before you apply, check that you meet the eligibility requirements and have the information and documents you will need to make the process as straightforward as possible.

After successfully applying, you have the option to request an additional card for a family member or someone else over 18 years old.

The verdict

With an impressively low variable rate and no annual fee, the Lloyds Bank Platinum Low Rate credit card could be a good choice for anyone who’s worried about carrying a balance each month but wants to keep their costs as low as possible. But beyond that, there are no real perks to speak of, and as you should be trying to pay off you balance each month anyway, the card’s key selling point is something of a catch-22.

While the low rate does apply across purchases, balance transfers and cash advances, this jack of all trades approach means the Lloyds Bank Platinum card will always come up short against dedicated balance transfer or 0% purchase cards.

Frequently asked questions

Can I withdraw cash using the Lloyds Bank Platinum Low Rate Mastercard?

Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) often incur steep fees and/or higher rates of interest.

The cash advance fee on the Lloyds Bank Platinum Low Rate Mastercard is 5%.

The interest rate on this part of your balance will be 9.94%, which is the same as the standard purchases rate (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 Low Rate Mastercard abroad?

Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£176.54), it'll cost you around £5.21.

What is the minimum payment on the Lloyds Bank Platinum Low Rate Mastercard?

Each month you must pay at least 2.5% of your balance at that point or £5.00 – whichever of the two 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 tends to be a very expensive way to borrow money which can lead to persistent debt.

Finder credit card ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our experts score low rate credit cards to determine their value against similar products on the market. We look at a number of important factors, like exactly how low the low rate is, any perks/benefits, 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.

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.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site