By: Kate Anderson | Updated: 8th January, 2019.
Lloyds Bank Platinum No Fee Balance Transfer Card
Good for: Balance transfers with no fee
Our Bottom Line
Simple is good, and with this Lloyds Bank Platinum balance transfer card you get 20 months of 0% interest on balance transfers and you pay no fee on balances transferred within the first 90 days. In addition, cardholders get an extra kicker of 6 months 0% interest on purchases. If you’re looking to consolidate credit, simplify, or just give yourself some more flexibility on paying down balances, this could be a nice choice.
Representative APR (variable):
Balance transfer fee:
The Lloyds Bank Platinum No Fee Balance Transfer Card may not have the longest 0% balance transfer period on the market, but you don’t have to pay anything to transfer your balance over and you get the added benefit of 0% APR on purchases for the first six months. If what you’re looking for is to simplify your borrowing, then this card could be a good option.
Credit Rating Requirement: Good/Excellent
What I like about the Lloyds Bank Platinum No Fee Balance Transfer Card
The Lloyds Bank Platinum No Fee Balance Transfer card keeps things simple. It offers a way for borrowers to transfer balances over and consolidate their debts without requiring them to pay for the privilege of doing so.
- Fee-free transfer – Balance transfer cards are a great way to consolidate your debt, or to start getting your balance under control by getting you out from under high interest payments. Cards usually carry a balance transfer fee of between 1% and 3%, which equates to paying between £30 and £90 if you transfer a £3,000 balance. This card, however, charges no fee for balance transfers made within the first 90 days. That’s right, nothing. This means you can benefit from the 0% balance transfer offer without paying extra on what you already owe. It is worth noting, though, that once the 90-day period ends, the balance transfer fee will return to 3%.
- 0% introductory balance transfer offer – In addition to fee-free transfers, card holders can benefit from a 20-month 0% (i.e. interest-free) period on balance transfers made within the first 90 days. This period is comparatively short compared with the longest balance transfer periods on the market, which come in between 28 and 30 months, but 20 months is a decent amount of time in which to pay off a balance. Plus, the added benefit of a fee-free transfer outweighs the benefit of a longer 0% introductory period.
- 0% introductory rate on purchases – If the first two offers weren’t enough to tempt you, the card also has 0% on purchases for the first six months, one of the longer introductory periods for purchases on a card of this type. However, seeing as the purpose of taking out a card like this would be to pay down a balance, beware the temptation to build up more debt.
- Worth knowing – Existing Lloyds Bank customers can access this offer by applying for a second credit card. Usually banks prohibit existing customers from accessing introductory offers, but Lloyds is giving customers the chance to apply for this card either as a second credit card or potentially by switching their existing card in order to unlock the additional benefits.
Why you can trust me
I worked on the front line of personal-finance best buys for over eight years at one of the world’s largest research companies, Nielsen. I reported daily on the developments of the 2008 financial crisis and beyond, keeping up with the changing financial landscape and providing insights to all the major banks in the UK. I know the key players in the market and the tactics behind how they behave, all of which I will apply to highlight the best deals and give honest reviews about what card will really suit you.
What could be improved
While the Lloyds Bank Platinum No Fee Balance Transfer Card does stack up well against its competitors, there are a couple of areas for improvement.
- A longer introductory period – The 20-month 0% introductory period on balance transfers is comparatively short compared with those of some other cards out there. It is even one of the shorter periods compared with those of other cards that also offer fee-free transfers. It is a manageable amount of time in order to pay down a balance, but it does mean you will need to be quite strict and stick to a repayment schedule in order to pay down the full balance before the interest-free period ends.
- 90-day limit – Both the no-fee offer and the 20-month 0% balance transfer period are for transfers made within the first 90 days. This is great if all you are planning to do is transfer your balance as soon as you open your account, and then start paying it down. If, however, you need to make another transfer after the 90-day window, it will be subject to the card’s usual APR.
How does the Lloyds Bank Platinum No Fee Balance Transfer Card offer stack up?
As a balance transfer card, the Lloyds Bank Platinum No Fee Balance Transfer Card keeps things simple. It offers the benefits of a 0% introductory period and fee-free transfers. Yes, there are longer introductory periods out there, but if you can escape the transfer fee applied by other cards, then you have already benefited. The addition of a decent six-month introductory period for interest-free purchases makes it a tempting option.
The Lloyds Bank Platinum No Fee Balance Transfer Card credit score
The bank states that at least 51% of applicants will receive the headline rate for this card. Applicants must be 18 years of age or over and be UK residents with a regular income. Credit checks will be carried out as part of the application process. The bank requires applicants to be free of county court judgements (CCJs), and not be currently bankrupt or subject to an individual voluntary arrangement (IVA).
How to apply
The card can only be applied for online through the bank’s website. You will be required to provide your bank account number and sort code, your home addresses over the past three years, an email address and phone number, and details of your annual income.
Applicants will receive a decision within five minutes, and if successful, they will receive their card in seven days’ time.
Is the Lloyds Bank Platinum No Fee Balance Transfer Card right for you?
If you have a balance that you want to get out from under high interest payments and start paying down, then the Lloyds Bank Platinum No Fee Balance Transfer Card could be a good choice for you. If you think you can transfer all balances within the first 90 days, then you stand to benefit from both the 0% introductory balance transfer period and the fee-free transfers. However, you will need to be confident that you can pay off the balance in full over the 20-month period, because the interest rate will revert to the card’s APR after that promotional period ends.
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