Key features
- 0% interest for up to 21 months on purchases
- 0% interest for up to 18 months on balance transfers (fee applies)
Charges
There is no annual fee attached to Lloyds Bank’s Platinum interest-free purchase and balance transfer offering.
After the promotional periods expire, you’ll pay a representative annual interest rate (APR) of 21.9% (variable). However, you could be offered an APR as high as 27.9% (variable) depending on your credit score and circumstances.
Regardless of your personal APR, this card comes with 56 days’ interest-free on purchases. This means that if you clear your balance in full and on time each month, you won’t have to pay a penny in interest. As well as damaging your credit score, any late monthly repayments will trigger a £12 fee.
To qualify for the interest-free offer, you’ll need to make any balance transfers within 90 days of opening your account. Within that window, it will cost 2.99% of each transfer – for example, £29.90 on a £1,000 debt. However, you could be charged 3.49%, depending on your application.
After 90 days, the balance transfer fee will rise to 5%.
Rewards
This card gives its best in 0% promotional periods, and there are no rewards up for grabs.
Protection
As with any credit card, the Lloyds Bank Platinum 0% Purchase and Balance Transfer card offers protection on goods and services you pay for costing more than £100 and up to £30,000.
This safety net is offered via section 75 of the Consumer Credit Act. This protection applies for the entire cost even if you only use your plastic to pay for part of the purchase – such as the deposit – as long as the amount is still within these two values. To find out more, read our guide.
Will I be eligible?
The headline terms on this credit card of 18 months and 21 months for interest-free balance transfers and purchases respectively, require an excellent credit score.
If yours is not up to the mark, you may be offered terms as little as 12 months while, as mentioned above, your personal APR may also be pegged higher than the representative 21.9% (variable).
You can find out what kind of version of the card you will be offered by using an eligibility checker before making your formal application. This will give you an indication of your likelihood of qualifying for the card without leaving a mark on your credit record.
What are the pros?
- Long 0% window on both purchases and balance transfers
- No annual fee
- Account can be managed online and via the mobile banking app
- Easy to keep on top of balances with free text alerts
- One additional cardholder can be added
What are the cons?
- Balance transfer fee of up to 3.49%
- Transfers from other cards in the Lloyds Bank group are not permitted
- Much longer 0% windows on balance transfers available
- Terms and rates offered depends on application
- Charges apply for use overseas
- No rewards on offer
What more should I know?
This card is only available to customers that are new to Lloyds Bank. And if you want to transfer a balance, it will have to be from a card or cards outside of Lloyds Banking Group (which includes Halifax, Bank of Scotland and Scottish Widows).
If you fail to make repayments on time – or don’t keep within your credit limit – you risk losing your promotional offer. Setting up a direct debit is a good way to ensure all payments are made when they are due.
Try to clear your balance by the time both interest-free offers come to an end, or costs could soar.
If you withdraw cash with your card, you will start being charged interest from the day you make the withdrawal. Try to avoid this at all costs.
Is it the right card for me?
If you have nuisance balances sitting on cards with providers outside of the Lloyds Banking Group, and plan on making purchases – or to cover an unexpected expense – this card could be just the ticket. That’s because it offers plenty of breathing space from interest.
What are my alternatives?
Even the best interest-free window on balance transfers on this card is capped at 18 months – and if this is your primary motivator, much longer 0% balance transfer deals are available.
The interest-free offering on purchases alone however, is near to the top of the market.
If you have no card debt and intend to pay off your balance in full each month, it’s worth considering a card offering some form of cashback or rewards.