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