Tips for managing your credit card

Once you’ve got a credit card, of course it’s useful to know how to get the best out of it.

In this guide, learn how to:

  • Stay in control of your balance, credit limit and repayments. 
  • Make sure you understand the cost of borrowing, including interest, fees and charges. 
  • Protect your account benefits and credit score by managing your account well. 
  • Keep track using Internet Banking and the Mobile Banking app.

5 tips for managing your credit card

1. Limit your borrowing

It’s a good idea to only borrow what you really need and can reasonably afford to repay. Also consider the future and potential changes in your circumstances.

If you are planning a transaction though, make sure you use any introductory rates while they’re available, so you benefit from the lowest and longest lasting interest rates.

2. Stick to your credit limit

If you go over your agreed credit limit, not only could you lose any introductory or promotional interest rates on your account, but your credit score could also be affected.

If you need more flexibility, you could request to change your credit limit, subject to status and security checks. We may also contact you to offer a higher limit, but you don’t have to take it if we do.

3. Understand the cost of borrowing

Different rates of interest may apply to portions of your balance, varying based on transaction type, and whether a standard or introductory interest rate applies.

Fees may also apply to some transactions and account features. Additional charges may apply if you don’t manage your credit card account in line with the terms and conditions set out in your credit agreement.

4. Always check your statements

It’s important to check your statement as soon as it’s issued. It includes details about payments due, the interest rates which apply to your account and, of course, recent transactions, fees and charges.

It’s a good idea to keep hold of receipts and order confirmations so you can check them against your statement later.

5. Always make payments on time

It’s important that you make at least the minimum payment shown on your statement each month, and that it reaches your account by the due date. To limit your interest costs, it’s always a good idea to pay as much as you can.

If you miss or make a late payment, in addition to fees and charges, you could lose any promotional rates which apply to your account, and your credit score could be affected.

Setting up a Direct Debit is a good option as we’ll claim payments automatically from your selected bank account when they’re due, but there are a number of other payment methods available too.

Using your credit card

It’s useful to understand how a credit card works, so you get the best out of yours.

  • Paying for goods or services with a card is pretty familiar to most people. Using a credit card gives you the option to spread the cost of large or unexpected purchases, or just to manage your everyday spending.

    Just remember, you may need your credit card PIN to complete a transaction.

    Change your PIN or get a reminder

  • Contactless is an easy and secure way to make card payments of up to £100, usually without entering your PIN. This is available at a growing number of retailers and service providers around the world.

    Learn about contactless

    You can also add your card details to compatible devices to use Apple Pay and Google Pay.

    Learn about mobile payments

    If you don’t want a £100 contactless payment limit, you can change it using our app.

    Change your contactless limit

  • Shopping online offers you convenience and choice, but it’s important you know who you’re buying from, how to keep your information safe and about any additional costs.

    Learn about online shopping

  • We’re sorry that your transaction was declined. Take a look below to see why this might have happened.

    Your card isn’t activated

    • If you’re using a credit card, double check that it’s been activated and follow the instructions on the sticker if it hasn’t. 

    You have a card freeze in place

    • This is when you have applied a temporary card freeze on our app or by calling us. If you’re registered on the app, please check to see if you’ve applied a card freeze, or you can call us on 0345 606 2172. Lines are open 8am – 8pm, seven days a week.

    You’ve reached your agreed credit limit

    • That’s the total amount of money you can borrow on your credit card at any one time. You may have reached it, or your transaction may have taken you over it. You can learn more about your credit limit on our website, app or by calling us on 0345 606 2172. Lines are open 8am – 8pm, seven days a week. 

    Your card has expired

    • Double check the expiry date of your card. We’ll always send you a new card before your current one expires. 

    You’ve reached your daily Cashpoint®  withdrawal limit

    • We set a daily withdrawal limit of £500 and you may have reached it. It’s also worth knowing that other lenders and Cashpoint operators can set their own limits as well. Learn more about your limit.

    If your card was declined while paying for something online or over the phone, it could be because of these reasons:

    Your name and address don’t match our records

    • It’s worth checking that your name and address details match our records. If you need to update any details, you can find out how to do it on our manage your personal details page.

    Incorrect CVV number

    • This is the 3 digit number on the back of your card. You’ll always be asked for it if you pay for something online or over the phone. Double check that you’ve entered it correctly. 

    If none of those answers have helped you, please get in touch: 

    Call us on 0345 606 2172. Lines are open 8am – 8pm, seven days a week.
    Not all Telephone Banking services are available 24 hours a day, seven days a week.

    If you're calling from abroad or prefer not to use the 0345 number, you can call us on +44 (0) 1702 278 272.

    Calls to 03 numbers are charged at no more than local rate.

  • You could move your balances from other credit and some store cards, to a single card. With everything in one place, your finances should be easier to manage. Transfer fees may apply.

    Learn about balance transfers

  • If the option is available, with a money transfer you could move funds to your UK current account, helping you to spread the cost of unexpected bills, or for cash only purchases. Transfer fees may apply.

    Learn about money transfers

  • Your credit card can be a great addition to your wallet when you travel, but it’s important to understand what additional fees may apply when you use your card outside the UK.

    Learn about using cards abroad

  • You can use your credit card to take cash out at an ATM, over the counter, at a bureau de change and for other cash type transactions.

    This is usually the most expensive way to use your credit card, so you may want to limit it to emergencies only.

    Learn about cash advances

Manage your account online

Log on to Internet Banking

Internet Banking gives you convenient access to your Lloyds Bank accounts in one place, at any time.

Simply log on or register to check balances, view statements, make payments and transfers, manage your contact details and more.

Log on

Register now

Use the Mobile Banking app

Popular account services are at your fingertips when you need them, using the Mobile Banking app. 

But there are also some extras in the app, including:

  • The option to view your PIN online, rather than waiting for a reminder by post.
  • The option to freeze your card if you’ve misplaced it, or certain transaction types if you’d like more control over how you or other cardholders use your account.

Once you’ve downloaded the app to your smartphone or tablet, simply log on using your Internet Banking username and password. You can also set up fingerprint or face ID on compatible devices.

We’re here if you need support

If you’re experiencing difficulties making your credit card payments, please let us know so we can find a way to help.

Reducing the cost of your credit

If you are paying more in interest, fees and charges than you are paying back, you may be in persistent debt. 

Key points on managing your credit card

  • Try to borrow only what you need and can reasonably afford to repay.
  • Stay within your credit limit, otherwise your interest rates and credit score could be affected.
  • Make sure you know what interest rates, fees and charges apply when you use your card.
  • Check your monthly statements carefully – especially balance, transaction and payment due information.
  • To avoid fees and to protect your introductory or promotional interest rates and credit score, make at least the minimum payment on time each month.
  • It’s easy to manage your credit card account using Internet Banking, or the Mobile Banking app.

Where next?

Managing your card

Related guides

Looking for a card?

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To use our Mobile Banking app you need to have a valid phone number registered to your account. Available to UK personal Internet Banking customers and Internet Banking customers with accounts held in Jersey, the Bailiwick of Guernsey or the Isle of Man. Check your preferred app store for minimum operating system requirements. Device registration required. The app doesn’t work on jailbroken or rooted devices. Terms and conditions apply.

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.