Credit cards are essential instruments that help us meet our dier financial needs. However, in addition to the leverage they give us, they come with some additional fees that make it hard to repay loans.
One of these is the balance transfer fee and having a credit card that lets you avoid paying and reduces your loan risks. Lloyds Bank offers you credit cards with this perk, but you don’t find a plethora of information online explaining what they really offer you.
This article presents you with all you need to know about balance transfer credit cards from Lloyds Bank.
- Introducing Lloyds Bank 0% Balance Transfer Credit Card
- Features of the Lloyds Bank Platinum 0% Purchase and Balance Transfer Credit Card
- Lloyds Bank Platinum 0% Purchase and Balance Transfer Credit Card Fees and Interest
- How to Apply for the Lloyds Bank Platinum 0% Purchase and Balance Transfer Credit Card?
- Pros of the Platinum 0% Purchase and Balance Transfer Credit Card
- Lloyds Bank Address and Contact
Introducing Lloyds Bank 0% Balance Transfer Credit Card
A 0% balance transfer credit card from Lloyds Bank allows you to avoid interest charges on balance transfers for an extended period. You move all your existing credit balances from one credit card to another without having to pay interest on the amount moved.
Balance transfer cards from Lloyds Bank only allow you to transfer your balances from any bank outside of the Lloyds Banking Group. This means that you can’t transfer balances from a credit card issued by Lloyds Bank, Halifax, Bank of Scotland, and Scottish Widows.
Additionally, you may only transfer from cards with the Mastercard, Visa, or American Express logo and are limited to a minimum of £100 per transfer.
These are only general specifications regarding Lloyds Bank balance transfer credit cards. Although there aren’t a lot of Lloyds Bank credit cards that offer you 0% interest rates on balance transfers, there is one that mainly centers on this.
What Card Offers A 0% Balance Transfer Credit Option?
With Lloyds bank, the Platinum 0% Purchase and Balance Transfer Credit Card is specifically dedicated to providing you with these benefits. It comes with an introductory offer that allows you to transfer balances for up to 18 months without interest charges.
The Lloyds Bank Platinum 0% Purchase and Balance Transfer Credit Card also comes with additional benefits. These benefits pertain to annual fees, protection on purchases, and ease of account management.
There is a whole lot more to know about this credit card, which will be covered in detail throughout the other sections of this article.
Features of the Lloyds Bank Platinum 0% Purchase and Balance Transfer Credit Card
The main features of the 0% Purchase and Balance Transfer credit card from Lloyd’s bank are presented through its main selling points — zero interest charges on purchases and zero interest charges on balance transfers. The period over which these offers last is worth mentioning.
You enjoy the introductory 0% balance transfer offer for up to 18 months after you apply for the card. The 0% purchase offer on the card is applicable for up to 21 months after you apply for it.
Although some fees apply during these periods, avoiding paying interest rates on your purchases and balance transfers makes it easier to pay up your loans.
What’s more, is that this credit card is only available to you if you are a new Lloyds Bank customer. The credit card from Lloyds Bank also offers some additional features.
Other Key Features of the Lloyd 0% Balance Transfer Credit Card
You enjoy zero annual fees on the card and protection on your purchase activities. Protection here relates to some level of insurance against bad or unauthorized purchases between £100 and £30,000.
Credit account management is seamless through the bank’s online portal and mobile application. You enjoy contactless payments and paperless statements and get to add one additional cardholder to the account. There are, however, different versions of the 0% Purchase and Balance Transfer Credit card.
The version of the credit card you are eligible for depends on your credit score and determines how long your introductory offers last. For example, if your credit score is below excellent (below 800), your 18-month and 21-month offers are only limited to 12 months.
Regardless of these, you still have a chance to avoid paying a couple of high-interest charges for at least the first year of card use. Now, what does the entire fee structure look like?
Lloyds Bank Platinum 0% Purchase and Balance Transfer Credit Card Fees and Interest
Of course, you have to pay other fees and interest rates when using the card even within these introductory periods. In addition, after the introductory periods, you also have to pay interest charges on balance transfers and purchases. Here is a breakdown of all fees you have to pay.
- Sign-up Fee – £0
- Annual Fee – £0
- Purchase Rate – 0% for the first 21 months. You enjoy an additional 56-day extension period every month if you fully clear your monthly credit balances on time
- APR – 21.9%, and up to 27.9%, depending on your credit score and other circumstances determined by the bank
- Balance Transfer Rate – 0% for the first 12 – 18 months and 2.99% – 3.49% after, depending on your application. The balance transfer rate goes up to 5% 90 days after the introductory offer ends
- Late Payment Fee – £12 and damage to your credit score
Lloyds Bank also charges undisclosed cash advance, cash withdrawal, and foreign transaction fees.
To qualify for the Lloyds Platinum 0% Purchase and Balance Transfer credit card, you must be a resident in the UK of at least 18 years of age. You also need to be employed with a regular annual income without being a student.
The credit card additionally requires that you don’t have County Court Judgements (CCJs), Individual Voluntary Agreements (IVAs), or bankruptcies relating to your credit profile.
If you have been denied a Lloyds Bank credit card within the previous 30 days of your application, it will be declined. Of course, to be eligible for the full introductory offers, as mentioned earlier, you need to have an excellent credit score of 800 and above.
How to Apply for the Lloyds Bank Platinum 0% Purchase and Balance Transfer Credit Card
To apply for the 0% Purchase and Balance Transfer credit card, you can make your way to the Lloyds Bank One Check website, which is its online eligibility checker.
You fill in the information on your bank sort code and account number, address over the last three years, annual income, employment status, and bills. You are then provided with information on what credit cards you are eligible for and your credit limit. Applying through the Lloyds Bank internet banking app makes the whole process easier.
Once you are done with the eligibility check and determined as qualified for the 0% balance transfer card, you follow the instructions and provide additional information required to complete the process.
Why Use the One Check For Credit Card Application?
Having a credit card application declined has a negative impact on your credit score. However, with the One Check portal from Lloyds Bank, you have a solution that lets you determine your eligibility for a credit card without damaging your credit score.
The whole process is completed within 5 minutes, and you know the probability of your application getting declined for the specific credit card you want to acquire.
Pros of the Platinum 0% Purchase and Balance Transfer Credit Card
From the features, the major advantages of using the 0% Purchase and Balance Transfer credit card are the introductory offers you get. These are the 0% balance transfer rate for 18 months and the 0% purchase rate for 21 months.
You enjoy a 56-day extension on the 0% purchase rate if you clear your credit balance early and are also not charged any annual fees.
Managing the credit card is easy through the bank’s mobile application and an online portal. In addition, free alerts update you on the status of your card, and contactless payment options are available with the credit card.
You also enjoy fraud protection of at least £100 and up to £30,000 on your purchase activities. Alongside these advantages, however, the Lloyds Bank balance transfer credit card comes with some disadvantages.
Cons of the Platinum 0% Purchase and Balance Transfer Credit Card
Some major disadvantages of using the credit card include the subsequent balance transfer fee of up to 5% and the inability to transfer balances from credit cards within the Lloyds Banking Group.
The terms on the credit card are not universal and depend on your credit score and other factors. In addition, foreign transaction fees are applied, and there are no rewards for the use of your credit card.
What’s more, and probably the worst downside, is that you may see balance transfer offers from other banks that span longer periods. You may also lose the introductory offers if you make late payments. You will start getting charged interest rates once you make cash withdrawals.
Lloyds Bank Address and Contact
The Lloyds Banking Group is headquartered in Edinburgh, Scotland, United Kingdom, while the legal address for Lloyds Bank is situated at 25 Gresham Street, London EC2V 7HN.
Lloyds Bank has multiple branches, and you may find one that is close to you through the “Find a Branch” page. Mobile branch services are also available throughout the United Kingdom.
Some circumstances may require Lloyds Bank to close a bank or open new branches. You may find information on this on its Branch Closure page.
If you don’t want or make physical appearances at bank branches, you may contact the bank at 0345 266 6684 (if your policy starts with HBP) or 0345 3000 180.
More Information on Contacting Lloyds Bank
Lloyds Bank customer service is available every day of the week from 8 am to 8 pm BST. In addition, mobile, internet, and automated banking services are always available for use 24/7.
You may also bank through your post office (make withdrawals and pay cash/cheques). Find your post office branch through the “Post Office Finder” page.
Lloyds Bank offers you its most excellent balance transfer offer through its Platinum 0% Purchase and Balance Transfer credit card. So check your eligibility status now and get a card for yourself if you are interested.
Disclaimer: There are risks involved when applying for and using credit products. Ensure you consult the bank’s terms and conditions page before agreeing to anything.