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.
Lloyds Bank Platinum Low Rate Credit Card review 2020
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: ★★★★★
Doing its job: 3.5/5
In a nutshell:
Up to 56 days
Interest-free each billing period
|Balance transfer fee||5%|
|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.
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
- A low ongoing interest rate (variable)
- No annual fee
- Applicants with low credit scores are unlikely to be eligible
- Relatively high balance transfer fee
How does it compare with other low rate deals?
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.
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.