Credit cards Date:
Lloyds Bank has increased the introductory 0% interest term for balance transfers on its balance transfer credit card, pushing it further up the Moneyfacts charts as a result.
The re-named Lloyds Bank Online Platinum 39 Month Balance Transfer MasterCard now offers borrowers 39 months of interest-free balance transfers with an introductory fee of 2.95%. It also has a six-month 0% interest term for purchases.
In order to receive the 0% interest offer, balances must be transferred within 90 days of opening an account. Once the initial offers expire, balance transfers will attract an annual charge of 18.94% (with a fee of 3.00%), while standard purchases will be charged at 18.9% APR.
Borrowers must be at least 18 years old and aware that rates are representative and dependent on their credit rating. Applications must be made online.
By increasing the 0% interest balance transfer term, Lloyds Bank has given this card the propulsion it needs to climb up the charts. This is certain to make borrowers who are looking for a lengthy term in which to clear their credit card debts take notice, and means it fully deserves the highest Moneyfacts rating.
Moneyfacts rating: Outstanding
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