Credit cards Date:
Lloyds Bank has cut the introductory balance transfer term on its leading balance transfer card, but also the introductory fee, which means it retains a place in the Best Buy chart for its sector, and earns our highest rating.
The Lloyds Bank Online Platinum 40 Month Balance Transfer MasterCard now has an introductory balance transfer fee of 1.69% (after a partial refund from 3.00%) to complement its introductory 0% interest term on balance transfers of 40 months. It still comes with a six-month 0% interest term for purchases.
Balances must be transferred within 90 days. 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.
The reduced introductory fee has balanced out the one-month reduction in term for this card, ensuring it stays in the Best Buys and once again earns our highest rating.
Moneyfacts rating: Outstanding
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