The low-interest credit card that can be your perfect shopping partner
Depending on your circumstances, you could receive interest rates as low as 6.45%.
You'll also pay no fee on balances transferred within 90 days of account opening, instead of the standard 3% fee.
There is no annual fee to pay.
Most successful applicants will get:
Credit limits and interest rates vary based on your individual circumstances.
The Platinum Low Rate credit card has a low representative APR of 6.4%. Most successful applicants will receive this rate.
The standard 3% balance transfer fee is reduced to 0% for balances transferred within 90 days of account opening.
The annual fee is £0.
You may be eligible to apply for this card even if you already have a credit card with Lloyds Bank (conditions apply).
Manage your credit card with Internet Banking, the Mobile Banking app, Telephone Banking, in branch, and also get free Text Alerts.
This credit card can only be applied for online.
If you don't qualify for the lowest rate, you'll get a higher APR, either 10.9% (variable) or 14.9% (variable), depending on your circumstances.
To keep your promotional offers, you must stay within your credit limit and make your minimum monthly repayments on time.
Any balance transfers made after 90 days of account opening will incur the standard 3% balance transfer fee.
You can transfer balances to us (£100 minimum) from most credit cards and some store cards, excluding other Lloyds Bank products.
This credit card has an annual fee of £0.
Outside of introductory promotional periods, the interest you pay on transferred balances, cash transactions, and purchases is 6.45% (variable) if you qualify for the lowest rate and either 10.94% (variable) or 14.94% (variable) if you do not.
Outside of introductory promotional periods, the interest free period on purchases is up to 56 days if the full balance is paid off by the due date on both your previous and latest statement.
The fee for balance transfers is 3%.
The fee for cash transactions is 3% or £3, whichever is the biggest.
The fee for foreign currency transactions is 2.95%.
Your monthly payments will pay off balances with the highest interest rate first, in this order: cash transactions, purchases, balance transfers and money transfers, and then default charges (plus any interest or charges incurred as a result of those balances).
The information contained in this table summarises key product features and is not intended to replace any terms and conditions.
|SUMMARY BOX – Lloyds Bank Platinum Low Rate CREDIT CARD|
||Representative 6.4% APR (variable).|
|Rates from 6.4% APR to 14.9% APR variable, depending on individual circumstances.|
|Interest rates||Introductory promotional rates||Standard monthly rate (variable) simple %||Standard annual effective rate (variable) %|
|Purchases||Not applicable.||0.522% or 0.869% or 1.167%||6.45% or 10.94% or 14.94%|
|Cash transactions||Not available.||0.522% or 0.869% or 1.167%||6.45% or 10.94% or 14.94%|
|Balance transfers and money transfers (if available)||
Balance transfers: not applicable.
Money transfers: not available.
|0.522% or 0.869% or 1.167%||6.45% or 10.94% or 14.94%|
|Default charges - the simple annual interest rate is 6.264% or 10.428% or 14.004%
|We will charge you £12 if you do not make at least your minimum payment to us by the payment due date requested on your statement. You will lose your promotional offers if this happens and the standard interest rates for the applicable transactions will apply.|
|Interest free period||
- Maximum 56 days for purchases if you pay your balance in full (including any balance transfers and money transfers) by the payment due date and you also paid your previous month's balance in full by the due date.
|Interest charging information||We calculate interest daily for all transactions (purchases, cash transactions, balance transfers and money transfers) based on the total amount you owe. We add together all the daily interest amounts in each statement period and add the total to your balance on your statement date. There are three exceptions to this rule:
- Annual fees: We do not charge interest on annual fees (see below for details of whether your card has an annual fee).
- Purchases: We do not charge interest on purchases during the interest free period, as detailed above.
- Default charges: We do not charge interest on default charges for the first 28 days after the day we give you notice (usually in your statement) that these charges are payable. After that we charge simple interest, so we will not charge interest on interest.
|Allocation of payments||We use your payments to pay off balances charged at the highest interest rate first and so on down to balances with the lowest interest rates. This means the more expensive balances are always paid off first.
If there is more than one type of balance at the same interest rate, they are paid off in the following order: cash transactions, purchases, balance transfers and money transfers, and then default charges (plus any interest or charges incurred as a result of those balances). For each type of balance, your payments will pay off the oldest balance (and related fees, charges or insurance) first.
|Minimum payment||An amount equal to the total of interest, default charges and 1 % of the balance shown in your statement (minimum £5, or the full balance if less than £5). The different ways you can repay are included on the back of your statement and in your credit card agreement.|
|Credit limit||Minimum credit limit||Subject to status.|
|Maximum credit limit||Subject to status.|
|Your credit limit is the total amount you can borrow under the credit card agreement. We tell you what it is in writing soon after entering in to this agreement. Please see your credit card agreement for any limitations that apply to certain transactions.|
||No annual fee.|
|Fees||Cash transactions (any currency)||3% or minimum £3.|
|Introductory balance transfer fee||0% of the amount of each balance transfer you make within the first 90 days of opening your account.|
|Non-introductory balance transfers and money transfers fee (if available)||3% of transfer (min £3).
|Statement copy fee||£5 for copies of non-current statements.|
|Non-sterling transactions (foreign usage)||Payment Scheme Exchange Rate||Indicative rates can be found at www.mastercard.com/global/ currencyconversion/index.html|
|One or more of the following may apply:|
|Non-Sterling transaction fee||2.95% of the amount of the sterling transaction value.|
|Cash transaction fee||3% or minimum £3.|
|Default charges||Late Payment charge||£12.|
|Returned Payment charge||£12.|
|These details are correct as of November 2014.|
Credit cards are designed to be a flexible form of borrowing. Paying the minimum amount every so often can help you manage your money more effectively, although we would not recommend that you make minimum payments for a long period of time once your promotional offers have ended. Once your account is open, you can set up a Direct Debit for any fixed amount over the minimum payment by calling 0845 606 2172. Lines are open 24 hours a day, 7 days a week.
For longer term borrowing it may be more appropriate to choose a loan from us. If you would like to find out more about this you can call Lloyds Bank Personal Loans on 0800 092 6290, or visit lloydsbank.com/loans or call into a Lloyds Bank branch, where our staff will be happy to help.
The following example highlights the difference between only paying the minimum and paying a fixed amount:
|Monthly payment||If you pay the minimum payment each month||If you pay £50 each month|
|How much interest will you be charged in the first year?||£59.70||£48.40|
|How much interest will you be charged in the second year?||£52.93||£13.37|
|How long would it take to clear the balance?||16 years 1 month||1 year 11 months|
The above example assumes the following:
Lloyds Bank is a responsible lender and we only want you to borrow what you can afford and in a way that is best for you. If you’d like to talk to us about the choices you’ve made or you would like further information, please contact us. We will also be able to help you if you’re experiencing financial difficulties.
Lloyds Bank is a responsible lender, and we only want you to borrow what you can afford, in a way that is best for you. The outcome of your credit card application depends on our assessment of your circumstances.
If you’d like to talk to us about the choices you’ve made we will be happy to refer you to a member of staff that will be able to help you. They will also be able to talk to you about your options if you’re experiencing financial difficulties.
You won’t have to pay us for any unauthorised postal, telephone or internet transactions made by someone other than you or an additional cardholder. However, you and additional cardholders must take all reasonable measures to protect your cards and PINs. You should never disclose your PIN, not even to Lloyds Bank staff or the police. You can give suppliers your card details (but not PINs) and won’t be liable if they misuse them. However, if you’ve given someone else your card details you are liable for all transactions unless you have told us first they are not authorised.
Lost or stolen cards 0800 096 9779 (+44 1702 278 270 from outside the UK)
Credit card enquiries 0345 606 2172 (+44 1702 278 272 from outside the UK)
Activation 0800 032 0444 (+44 2074 812 548 from outside the UK)
Balance transfers 0345 606 2172 (+44 1702 278 272 from outside the UK)
These lines are available 24/7.