Lloyds Bank reduces balance transfer fee | Product News - Moneyfacts

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Lloyds Bank reduces balance transfer fee

Lloyds Bank reduces balance transfer fee

Category: Credit cards
Date: 15/09/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Lloyds Bank has reduced the balance transfer fee on its 36-month balance transfer credit card by 0.55%, earning it the top accolade as a result.

The basics…

Online Platinum 36 Month Balance Transfer MasterCard now has an introductory balance transfer fee of 2.45% after a partial refund, cementing its position in the Moneyfacts charts.

The finer details…

This card has a 36-month interest-free balance transfer period, provided balances are transferred within 90 days after an account has been opened, as well as an introductory 0% purchase term of six months. After the initial offers have expired, balance transfers will attract a charge of 18.94% per annum with a fee of 3.00%, while standard purchases will carry a rate of 18.9% APR.

Borrowers must be at least 18 years old to apply and all applications must be made online. Borrowers should remember that all rates are representative and dependent on their credit history.

Why we like it…

The reduction to the rate charged for balance transfers has enhanced this card's competitiveness, enabling it to shore up its position on the charts. As a result, borrowers looking to clear their outstanding credit card balances without interest adding to the bill will certainly be interested by this latest development, which will help to keep costs down. This is 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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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