Credit cards Date:
Lloyds Bank has extended the interest-free term for purchases on its credit card as well as reduced the introductory fee for balance transfers, thereby earning it an 'excellent' rating.
Online Platinum 32 Month Balance Transfer MasterCard has a 32-month interest-free term for balance transfers with a new introductory fee of 1.13% (after a partial refund). In addition, its 0% interest purchase term has been extended to 12 months.
The finer details…
Balances must be transferred within 90 days of the account opening in order for borrowers to benefit from the introductory deal. Once the initial offers expire, balance transfers will attract a charge of 18.94% per annum (with a fee of 3.00%), while standard purchases will be charged at 18.9% APR.
Borrowers must be at least 18 years old to apply and applications must be made online. Applicants are reminded that rates are representative and dependent on their credit rating.
Why we like it…
By extending the interest-free purchase term and reducing the introductory balance transfer fee, Lloyds Bank has succeeded in boosting the appeal of this credit card. Borrowers who are looking to both spread the cost of their purchases and tackle their outstanding credit card debts over the long term are therefore likely to find this an attractive offer.
Moneyfacts rating: Excellent
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