Lloyds Bank improves balance transfer credit card | Product News - Moneyfacts

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Lloyds Bank improves balance transfer credit card

Lloyds Bank improves balance transfer credit card

Category: Credit cards
Date: 05/08/2016

Lloyds Bank has increased the introductory balance transfer term of its online balance transfer credit card, and at the same time reduced the introductory balance transfer fee. Thanks to these beneficial changes, the card easily improves its position in the Moneyfacts charts.

The basics…

The Lloyds Bank Online Platinum 40 Month Balance Transfer MasterCard has gotten a little closer to the longest introductory balance transfer term available, at 40 months from date of issue, with an introductory balance transfer fee of 2.85%. It also 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. Standard purchases will be charged at 18.9% APR.

As the name implies, the card has to be opened online, after which it can be operated online, in branch and over the phone. 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 lengthier balance transfer term and reduced fee make the card even more attractive to new customers looking to benefit from a long balance transfer term offer. Thus, the card remains an outstanding product that fully deserves the highest Moneyfacts 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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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