By: Kate Anderson | Updated: 6th February, 2019.
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.
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.Read full review >
|A variable annual purchase rate of||19.94%|
|A variable representative||19.9% APR|
|Based on borrowing (over 12 months)||£1,200|
|An annual fee of||£0|
Credit limits and interest rates vary based on your individual circumstances.
There are other cards with longer introductory periods, but this card has a decent period of 20 months and the added benefit of no fees on transfers made within the first 90 days.
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.
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 to help you in your search.
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.
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 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).
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.
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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