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.
4 steps to making a balance transfer
Other important information
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.
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.
You need to make at least the minimum payment every month and stay within your credit limit to keep your promotional rate and not incur extra fees or charges. 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.
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.
Important legal information
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.