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How to do a balance transfer
Transferring balances from other cards to Lloyds Bank could help make things easier to manage, as you’ll only have one payment to think about every month.
Let’s look at the details
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Balance transfers are generally either 0% p.a. interest for a set time period or a longer-term fixed low interest rate. You might be offered one or both types of transfer on your account.
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You’ll usually be charged a fee for each individual balance transfer made. This will be a percentage of the amount transferred and will be added to the balance. For example, a transfer of £1,000 with a 3% fee would result in a £30 transfer fee.
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To keep your promotional rate, you’ll need to make at least your minimum monthly payments on time. If you pay late or miss a payment, you may have to pay fees, lose any promotional offers you have, and it could damage your credit score. If you’ve got a Direct Debit set up, check the amount due after your transfer’s approved, especially if you normally clear your balance in full.
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If you need to increase your credit limit to transfer any balances, the simplest way is online. Or you can give us a call.
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As soon as transactions show on your monthly statements, those with a higher interest rate will be paid before any lower rate balances, including any promotional rates that might be finishing soon.
Balances with the same interest rate will be paid off in the following order:
- Cash transactions (ATM or over the counter withdrawals)
- Card purchases
- Balance and money transfers
- Default fees, including interest and other charges added
For each type of balance, the oldest transactions and any related fees, charges and insurance, will be paid first.
Before you go ahead, ask yourself:
- Does this option suit my borrowing needs, or should I consider other alternatives?
- Will I be able to make repayments, even if my circumstances change?
Still not sure? Read our balance transfer guide
All set to do a balance transfer?
Log on to see your options in Internet Banking or using the Lloyds Mobile Banking app.
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