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Introductory balance transfer card fee cut

Introductory balance transfer card fee cut

Category: Credit cards
Date: 31/01/2017

Lloyds Bank has cut the introductory balance transfer fee on its leading balance transfer card by 0.05%, which has secured it third place in the Best Buy chart for its sector, as well as the highest Moneyfacts rating.

The basics…

The Lloyds Bank Online Platinum 42 Month Balance Transfer MasterCard now has an introductory balance transfer fee of 2.30% (after a partial refund from 3.00%) to go with its near market-leading introductory 0% interest term on balance transfers of 42 months. It also still comes with a six-month 0% interest term for purchases.

The finer details…

After the introductory periods have ended, balance transfers will be charged at an annual rate of 18.94% with a 3% fee (min £3). Standard purchases will be charged at 18.9% APR.

The card must be opened online, after which it can be managed in branch, via smartphone app and over the phone as well. Borrowers must be at least 18 years old, and should remember that rates are representative and dependent on credit ratings.

Why we like it…

The reduced introductory fee has made this card even more competitive, ensuring it the third-place spot in the Best Buys and easily earning it our highest rating.

Moneyfacts rating: Outstanding

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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