Are you looking for a credit card that has a long interest-free period? How about one that promises reliable and convenient services? With a Lloyds Bank Purchase Credit Card, your search is over.
Offering a number of desirable features and above-average benefits, this credit card is the perfect partner for your day-to-day purchases. Whether you are on the lookout for the right credit deal for your large purchases, balance transfers, or everyday spending, the Lloyds Bank Purchase Credit Card is a great choice to consider.
Interested in knowing more about this credit card? Keep reading below to find out more about the card. We will also explain the eligibility requirements and how you can apply for the card.
Lloyds Bank Purchase Credit Card Features
The Lloyds Bank Purchase Credit Card highlights a long introductory offer alongside other useful features. Customers get 0 percent interest on purchases for up to 20 months and 0 percent on balance transfers for up to 20 months, giving breathing room during the promotion. These promotional time frames form the core of the offer.
The balance transfer fee is 3 percent of the amount moved, and it applies to each transfer made after the first 90 days of account opening. That clear fee structure makes it easier to estimate costs when planning a transfer.
The credit card also allows users to manage their accounts with Internet banking, the mobile banking app, telephone banking, and free text alerts. In addition, you can stop by one of the 1,100+ branches that Lloyds Bank operates. Moreover, since the card is powered by Mastercard, it can be used at over 43 million locations worldwide, so long as you can see the Mastercard® sign.
Although, there are a lot of great aspects of this card, not everything is perfect. Such as not being able to get promotional offers once you have exceeded your credit limit or don’t make your minimum monthly repayments on time. The card also offers no interest-free period on cash transactions.
The Lloyds Bank website is vague and gives no indication of the credit limit you can expect for this card. That lack of detail makes planning harder for potential applicants who want to gauge affordability in advance.
What are the Risks?
Even during the cards 0% interest period, if you do not make the minimum payment on time each month, you will be charged interest. Also, interest charges will apply on balance transfers (after the promotional offer), credit card cheques, and cash withdrawals made on your credit card even if you pay off your balance in full.
If you miss or make a late payment, you will be charged a fee. To help avoid this fee, you can choose to pay between the minimum and full amount by Direct Debit each month. Missing a payment will likely have a negative impact on your credit rating. You should also stay within your allowed credit limit to avoid being charged a fee.
A declined application can harm your credit, even when you meet other parts of the profile. Apply only when finances are ready and you can comfortably satisfy the requirements listed. Careful timing helps limit unnecessary marks on your history.
The Details of the Lloyds Bank Purchase Credit Card
- Annual Fee: £0
- Representative Variable APR: 19.9% (0% on purchases for the first 20 months)
- Balance Transfer Fee: 3% on transfers made after the first 90 days
- Foreign Cash Transaction Fee: 3% or a minimum of £3
- Non-Sterling Transaction Fee: 2.95%
- Late Payment Charge: £12
- Over limit Charge: £12
- Cash Transactions (of any currency): 3% or minimum £3
Are You Eligible?
To apply for the Purchase Credit Card, Lloyds Bank requires that you must be aged 18 or above, a resident in the UK, have a regular income, and be free from any County Court Judgements, bankruptcy, or Individual Voluntary Agreement.
Before applying, it is also important to take note that the bank will be asking for your bank account number and sort code, your home address, your contact number (email address and phone number), and your annual income.
The Application Process
Applying for a Lloyds Bank Purchase Credit Card has never been easier with their online application. Simply visit the Lloyds Bank website, browse through their credit cards section, and click on the “Apply Now” button. Individuals may also apply personally by going to the branch nearest to them.
Lloyds Bank Contact Details
If you have any inquiries, you are free to contact Lloyds Bank at 0345 300 0000. Customers who will be calling from international locations can reach them at 0173 334 7007.
Conclusion
Overall, the Lloyds Bank Purchase Credit Card features a number of benefits that are great for cardholders. Be sure to kickstart your application by visiting the bank’s official website today. If you are interested in a Llyods Bank card but don’t think this one is right for you, check out the Lloyds Bank Longest 0% Balance Transfer Credit Card.
Disclaimer: All credit products carry risk. Be aware of these risks by reading the associated terms and conditions.
