In this guide

  • Our verdict
  • Details
    • Product overview
    • Fees and charges
    • Application requirements

Lloyds Bank Platinum Low Rate Credit Card review 2024

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Lloyds Bank Platinum Low Rate Credit Card
3.5
★★★★★
Finder score
Representative example:
When you spend £1,200 at a purchase rate of 10.94% (variable) p.a., your representative rate is 10.9% APR (variable).
Account fee
£0
Interest-free each billing period
Up to 56 days

Our verdict

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

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.

Pros

  • Customers report excellent customer service when dealing with Lloyds Bank
  • 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

In this guide

  • Our verdict
  • Details
    • Product overview
    • Fees and charges
    • Application requirements

Details

Product overview

Issuer Lloyds Bank
Network Mastercard
Annual/monthly fees £0
Balance transfers 10.94%
Balance transfer fee 5% (0% fee if transfer is completed within the first 90 days)
Purchases 10.94%
Purchases interest-free period Up to 56 days
Cash advances 10.94%
Minimum credit limit £0
Maximum credit limit Subject to status
Additional cards available 1
Potential costs 3.5 ★★★★★
Doing its job 3.5 ★★★★★
Extras 3.0 ★★★★★
Overall Finder score 3.5 ★★★★★

Fees and charges

Minimum monthly payment 2.5% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance.
Annual/monthly fees £0
Balance transfer fee 5% (0% fee if transfer is completed within the first 90 days)
Foreign usage charge (EU) 2.95%
Foreign usage charge (rest of world) 2.95%
Cash advance fee 5% (min. £0)
Late payment fee £12
Replacement card fee £0
Duplicate statement fee £0
Exceeding limit fee £0
Additional card fee £0
Dormancy fee £0

Application requirements

Minimum Age 18
Availability Available to new customers

The Lloyds Bank Platinum Low Rate Credit Card is issued on the Mastercard network so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.

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How does it compare with other low rate deals?

Table: sorted by representative APR, promoted deals first
Name Product Rating Customer rating Finder score Purchases Balance transfers Annual/monthly fees Representative APR Incentive Link
The Royal Bank Credit Card
Finder score
★★★★★
★★★★★
User rating
★★★★★
Expert analysis
12.9%
12.9%
(0% fee)
£0
12.9% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 12.9% (variable) p.a., your representative rate is 12.9% APR (variable).
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NatWest Credit Card
Finder score
★★★★★
★★★★★
User rating
★★★★★
Expert analysis
12.9%
12.9%
(0% fee)
£0
12.9% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 12.9% (variable) p.a., your representative rate is 12.9% APR (variable).
Go to site
AIB Visa Business Card
Finder score
★★★★★
★★★★★
User rating
★★★★★
Expert analysis
N/A
£15 per annum, plus £10 joining fee
N/A (this product is a charge card).
Representative 4.0% APR (variable). £15 annual fee per card, and a £10 joining fee.
The Co-operative Bank 3 Year Fixed Rate Credit Card
Finder score
★★★★★
Not yet rated
★★★★★
Expert analysis
8.9%
8.9%
(0% fee)
£0
8.9% APR (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).
Tesco Bank Low APR Clubcard Credit Card
Finder score
★★★★★
★★★★★
User rating
★★★★★
Expert analysis
10.941%
11.457%
(3.99% fee)
£0
10.9% APR (variable)
5 points per £4 spent (£4 minimum) in Tesco and 1 point per £8 spent (£8 minimum) outside Tesco. Must have available credit to earn points. Points are converted to Tesco vouchers or can be exchanged for Partner rewards to receive money off a variety of restaurants, entertainment or Avios points.
Representative example: When you spend £1,200 at a purchase rate of 10.941% (variable) p.a., your representative rate is 10.9% APR (variable).
Lloyds Bank Platinum Low Rate Credit Card
Finder score
★★★★★
★★★★★
User rating
★★★★★
Expert analysis
10.94%
10.94%
(5% (0% fee if transfer is completed within the first 90 days) fee)
£0
10.9% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 10.94% (variable) p.a., your representative rate is 10.9% APR (variable).
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Approval for any credit card depends on your status. The representative APRs shown represent 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 602 1997). 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 bottom line

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 Credit Card?

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

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

The interest rate on this part of your balance will be 10.94%, which is the same as the standard purchase 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 Credit Card abroad?

Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£171.25), it'll cost you around £5.05 in fees.

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

Each month you must pay at least 2.5% of your balance at that point or £5.00 – whichever of the 2 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 scores

★★★★★ — 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.

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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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