Swap your existing credit card

As your credit needs change over time, you could apply to switch your Lloyds Bank credit card to suit.

Swapping your existing credit card could help you to:

  • Move from one card type to another, e.g. from a balance transfer to a purchase card.
  • Take advantage of new introductory interest rates. 

For example, if you used your existing credit card to transfer a balance which is now paid off, and you now need a card with lower interest rates for purchases, a swap could be a good option.

Are you eligible to swap?

  • You won’t be able to make a like for like swap, e.g. you can’t switch a Platinum credit card for another Platinum credit card.
  • It must be at least 60 days since you applied for your existing credit card with us.
  • Any credit agreement and borrowing amount is subject to an assessment of your personal circumstances.

How it works

  • You’ll lose any existing interest rates when you swap, including any introductory or promotional rates. The standard interest rates on your new credit card will apply to outstanding balances moved across, so you may want to pay those off on your existing credit card first. 
  • Different interest rates, fees and charges may apply to the credit card you switch to, so make sure you read through the terms and conditions carefully to understand the cost of borrowing. 
  • Your minimum payment rate will be 2.5%.

Your new credit card

  • You won’t be able to use your new interest rate for purchases until your new credit card and PIN are delivered by post. You can continue to use your old card in the meantime, but your existing interest rates will apply. 
  • If you make credit card payments by Direct Debit, or you have regular payments set up on your account for things like TV subscriptions or insurance premiums, you’ll need to update your payment details with each service provider. 
  • If you have Payment Protection Insurance (PPI), that will not be transferred from your existing credit card to a new one. Instead, your policy will be cancelled.

Other ways to borrow

Take a second card

If you want to keep existing balances at their current interest rates, you may prefer to apply for a second credit card instead.

Consider your options

  • 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?

Ready to swap your credit card?

Visit us in branch

Types of credit card offered by Lloyds Bank

Everyday spending cards

Everyday spending cards

Manage your day-to-day budgeting with an everyday credit card.

More about everyday spending cards

Balance transfer cards

Balance transfer cards

Move other credit or store card balances to make things easier to manage.

More about balance transfer cards

Large purchase cards

Large purchase cards

A credit card could help you to spread the cost of a larger purchase.

More about large purchase cards

Frequently asked questions about switching credit cards

  • Think about your main reason for switching from your existing credit card. The lowest and longest lasting interest rates are usually offered on a primary transaction type.

    Card purchases – perhaps you’re planning a larger purchase and need to spread the cost over a number of months, or you’re looking for a credit card to manage your everyday spending. 

    Just be aware, unless a 0% p.a. promotional rate for purchases applies, to avoid paying interest on purchases you need to pay off your monthly statement balance in full every month.

    Balance transfers – you could consolidate credit card balances you hold elsewhere, making your outgoings easier to keep track of. Just bear in mind that transfer fees may apply. 

    At Lloyds Bank, you can transfer balances from most credit cards and store cards which display the Mastercard®, American Express®, or Visa® logos, but not from loan companies, bank accounts or other Lloyds Bank credit cards. 

    More about balance transfers

    Money transfers – with selected credit cards you can transfer funds to your UK current account, helping you to manage cash-only purchases and unexpected expenses. Transfer fees may apply. 

    It’s important to know, if you make a purchase using money transferred from your credit card to your current account, the purchase will not be protected under Section 75 of the Consumer Credit Act 1974 – unlike some credit card purchases. 

    More about money transfers

  • Applying to swap your credit card could affect your credit score in a few ways:

    • Any full application for credit will be recorded on your file at the Credit Reference Agencies.
    • If your application is approved, the total amount of credit available to you may increase, which could limit further credit applications being approved, at least in the short term.

    The way you manage your borrowing is also important. For instance, if you miss a payment or go over your credit limit, in addition to fees, charges and the possibility of losing any promotional interest rates, your credit rating could also be affected.

    Before you switch to a new credit card, consider if this is the right borrowing option for you and if you’ll be able to make repayments, even if your circumstances change.

    More about your credit score

  • If you’ve got a balance on your existing credit card, it’ll simply move to your new credit card when you swap. However, it’s important to know you’ll lose your previous interest rates, including any introductory or promotional rates.

    Introductory interest rates on the card you swap to are limited to new transactions only.

    That means the standard interest rates on your new credit card will apply to any outstanding balances moved across, so make sure you understand any change in costs.

    If this standard interest rate will be higher than you’re paying already, or promotional interest rates apply to the balance on your existing credit card, you may choose to:

    • Wait and pay off the balance on your existing credit card before you swap.
    • Apply for a second credit card instead, keeping your balances separate. Bear in mind that you can’t transfer balances between Lloyds Bank credit cards. 
    • Accept an increase in costs, but aim to repay the balance sooner rather than later.

    It’s useful to know that payments you make are always allocated to balances with the highest interest rates first, helping to keep your interest costs to a minimum. 

    To check the interest rates which apply to your existing credit card, refer to:

    • Your monthly statement – the transaction pages include a breakdown of the interest rates which apply to your balance, along with the expiry dates for any introductory or promotional rates.
    • Your account terms and conditions – these are issued by post after your application is approved, or if the terms of your account have changed, so make sure you’re looking at the latest version.

  • You could make some changes to your existing credit card, so it better suits your needs: 

    • Increase your credit limit for added flexibility, without applying for or swapping to a new card, subject to status and security checks. 
    • Check for promotional interest rates on your existing credit card. We may contact you by email or post when new rates are available, but you may also see offers advertised when you log on to Internet Banking or the Mobile Banking app. 
    • Add additional cardholders, so you can keep track of family spending in one place. Just be aware, cardholders must be aged 18 or over, and you’ll be responsible for all spending and repayments.

  • When an application is approved, your PIN will be delivered by post within 5 working days. Your new card will follow, arriving within 7 working days. 

    We send these items separately for security. If your card doesn’t arrive within 2 days of your PIN being delivered, please call us on 0345 606 2172. Speak to an adviser 24 hours a day, 7 days a week. Not all Telephone Banking services are available 24 hours a day, seven days a week.  Please speak to an advisor for more information.

Key points on swapping your credit card

  • Useful for switching from one card type to another, e.g. a transfer to a purchase credit card, or to take advantage of new introductory interest rates. 
  • Conditions apply, e.g. it must be at least 60 days since you applied for your existing credit card. 
  • You can’t make a like for like swap, i.e. you can’t change a Platinum credit card for another Platinum credit card. 
  • Note, you’ll lose any existing interest rates, including introductory or promotional rates. The standard interest rates on your new credit card will apply to any balances moved across. 
  • Consider if you can make changes to your existing credit card, or apply for a second credit card instead. 
  • Any credit agreement and borrowing amount is subject to an assessment of your personal circumstances.

Where next?

Managing your card

Related guides

Looking for a card?

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.

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