Lloyds | Platinum 0% Purchase & Balance Transfer Card
Representative 21.9% APR
Intro purchase rate: 0% for 20 months
Purchase rate: 21.9%
Representative Example: The standard interest rate on purchases is 19.94% p.a. (variable), so when borrowing £1,200 the Representative APR will be 19.9% (variable).
Lloyds | Platinum 0% Purchase & Balance Transfer Card customer reviews.
1.7 out of 5 stars
Our review of Lloyds | Platinum 0% Purchase & Balance Transfer Card
The main benefit of the Lloyds Platinum Balance Transfer Credit Card is the 0% interest on balance transfers for the first 20 months, as well as the lower balance transfer fee of 2.5% during the first 90 days. After this time it goes up to 3%, however that is a standard fee across competitors and isn’t too high. To make the most of these rates you’ll need to make the balance transfer within the first 90 days, otherwise you’ll pay interest on it as normal.
One thing that differs with the Lloyds Platinum 0% Purchase and Balance Transfer Credit Card is that you could apply for this card even if you already have a credit card with Lloyds Bank. There are a lot of banks out there that specifically request that you haven’t already got a card with them in order to apply. You can also use your Lloyds online banking to control the card and make sure that payments are made on time, as well as keeping an eye on the balance.
Looking across the web there are no online reviews for the Platinum 0% Purchase and Balance Transfer Credit Card, but Lloyds Bank itself has received quite a negative reception. With a rating of ‘bad’ on TrustPilot, customers state that they have been locked out of their internet banking for no reason, have reported that customer service communication is poor and that they’ve had problems with the fraud department.
Overall verdict: Despite the negative online reviews, Lloyds are one of the most well-known high street banks and do have swarms of satisfied customers. The Platinum Balance Transfer Credit Card offers a competitive representative APR and the 0% interest on balance transfers for 29 months would be handy if you’re looking to consolidate a few smaller card debts.
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Highlights
- 0% interest on balance transfers for 20 months
- 2.5% balance transfer fee
- 0% interest on purchases for 20 months
- No Annual fee
- Existing Lloyds credit card customers can still apply
Minimum criteria
- You must be aged at least 18
- You must be a UK resident
- You need to have a regular income
- No CCJs, IVAs or bankruptcy
Fees
- Introductory Balance Transfer Rate: 0%
- Introductory Purchase Rate: 0%
- Balance Transfer Rate: 1%
- Balance Transfer Fee: £3
- Purchase Rate: 21.9%
- Fee Amount: £3
- Representative APR: 21.9%
About Lloyds | Platinum 0% Purchase & Balance Transfer Card
The Lloyds Platinum Balance Transfer Credit Card has a representative APR of 19.9%. The maximum credit you will be granted will be determined on your personal circumstances and previous credit history. For up to 20 months you’ll receive 0% interest on balance transfers that are made within 90 days of first opening the account. During these 90 days, you’ll also be charged a 2.5% fee on balance transfer which then goes up to the standard 3%.
In the first 20 months, customers also pay 0% interest on purchases, but you will still have to pay interest on foreign currency transactions and when withdrawing cash. There is no annual fee for the Lloyds Platinum 0% Purchase and Balance Transfer Credit Card, but you will be charged a fee of £12 if you either go over your assigned credit limit or make a late payment.
The application for the Lloyds Platinum 0% Purchase and Balance Transfer Credit Card is completed online and takes around 10 minutes to complete. If successful, you can then manage your loan using online banking – here you’ll be able to view your balance and make payments.
FCA registration
Reference No: 119278
Trading names: Lloyds Bank PLC, Lloyds Bank, Black Horse Specialist Mortgages
Place of business: 25 Gresham Street, London EC2V 7HN
Data protection registration
Registration No: Z5313128
Data controller: LLOYDS BANK PLC
Address: 25 Gresham Street, London EC2V 7HN
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