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:
|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.
Pros and cons
- No annual fee.
- Applicants with low credit scores are unlikely to be eligible.
- Relatively high balance transfer fee.
Compare alternative credit cards
When it comes to repayments, you can make manual repayments online or over the phone (0345 606 2191), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee 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 for the Platinum Low Rate Mastercard
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.