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Lloyds increases balance transfer card term

Lloyds increases balance transfer card term

Category: Credit cards
Date: 10/01/2017

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 It is now over 6 months old so the content may be out of date.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 increased the introductory balance transfer term on its leading balance transfer card, which has helped move it up to third place in the Best Buy chart for its sector and earned it our highest rating.

The basics…

The Lloyds Bank Online Platinum 42 Month Balance Transfer MasterCard now has an introductory balance transfer term of 42 months, placing it just behind the market-leaders. Although its introductory balance transfer fee has also increased slightly, to 2.35%, this remains a highly competitive rate. It 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 (min £3). Standard purchases will be charged at 18.9% APR.

The card must be opened online, after which it can be managed 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…

Its increased introductory term has made this card even more attractive, ensuring it a third-place spot in the Best Buys and easily earning it 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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

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