Balance transfer credit card fee reduced | Product News - Moneyfacts

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Balance transfer credit card fee reduced

Balance transfer credit card fee reduced

Category: Credit cards
Date: 04/09/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Lloyds Bank has reduced the introductory balance transfer fee on its 32-month balance transfer credit card by 0.15%, earning an 'excellent' rating as a result.

The basics…

Online Platinum 32 Month Balance Transfer Credit Card MasterCard now has an introductory fee of 1.39% (after a partial refund), one of the lowest fees available in its sector. Balances must be transferred within 90 days of the card being opened in order to benefit from the deal.

The finer details…

As well as a 32-month interest-free balance transfer period, this card also gives borrowers a six-month 0% purchase term. Once the initial offers expire, purchases will be charged at 18.9% APR, while balance transfers will have an annual rate of 18.94% with a fee of 3.00% (min £3.00).

Borrowers must be at least 18 years old to apply and applications must be made online. Borrowers should remember that rates are representative and dependent on their credit history.

Why we like it…

The reduction to the balance transfer fee has enhanced this deal's competitiveness and is sure to catch the eye of borrowers who are looking to clear their outstanding balance and keep costs down. However, in order to benefit most from the interest-free deals, borrowers should ensure that they pay off the balance before the offers end and interest kicks in.

Moneyfacts rating: Excellent

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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