Lloyds Bank updates balance transfer card | Product News - Moneyfacts

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Lloyds Bank updates balance transfer card

Lloyds Bank updates balance transfer card

Category: Credit cards
Date: 28/09/2016

Lloyds Bank has reduced the introductory balance transfer fee on its leading transfer balance card by 0.02%. This has made an already outstanding card even more appealing, allowing it to move further up its Moneyfacts chart.

The basics…

The Lloyds Bank Online Platinum 40 Month Balance Transfer MasterCard now has an introductory balance transfer fee of 2.39%. Its introductory balance transfer term remains highly competitive at 40 months from date of issue. 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. Standard purchases will be charged at 18.9% APR.

The card has to be opened online, after which it can be operated online, in branch, via smartphone app 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 fee reduction makes this competitive card even more attractive to new customers, moving it to the number four spot in the Best Buy chart for its sector, and allowing it to retain 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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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