Credit cards Date:
Lloyds Bank has increased the length of its 0% interest term for both balance transfers and purchases on one of its credit cards, cementing its place in the Moneyfacts charts and meriting it the top accolade as a result.
The re-named Platinum 21 Month Purchase and Balance Transfer MasterCard now has a lengthy 21-month interest-free period for both purchases and balance transfers, allowing it to sit comfortably in the charts.
Transfers must be made within 90 days of the account opening in order to be eligible for the interest-free deal and will be charged a fee of 2.5%. Once the initial offers expire, balance transfers will be charged at an annual rate of 18.94% with a fee of 3.00%, while standard purchases will be charged 18.9% APR.
Applicants must be at least 18 years old and apply online. Borrowers should also remember that rates are representative and dependent on their credit rating.
The increase to the 0% interest term for both purchases and balance transfers is a welcome update in this competitive market, and means that borrowers who are looking to both spread the cost of their borrowing and pay down existing credit card debt are likely to find this deal appealing. As a result, this product fully deserves the highest Moneyfacts rating.
Moneyfacts rating: Outstanding
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