How do 0% credit cards work?
Exploring 0% introductory or promotional rates and how you can use them.
A 0% credit card is a credit card with a 0% introductory/promotional interest rate available for a set duration. This means you can spread costs by paying off less than the full amount each month and still pay no interest. Once the offer ends, the standard rates will apply to the remaining balance of your card.
- Your 0% offer is usually on specific transactions like card purchases or balance transfers.
- To keep your 0% rate, you’ll still need to make your monthly minimum payment on time and stay within your card’s credit limit.
- Introductory or promotional offers are subject to status and availability.
0% credit cards can let you borrow without paying interest
With a 0% interest rate offer, you use your credit card without paying interest on your balance for a set period of time. This usually relies on you using your card for its intended purpose (e.g. card purchases or balance transfers) and paying off your balance before your offer ends.
0% offers are for a set period of time
Your 0% interest rate is usually an introductory/promotional offer given to you for a limited time. Afterwards, any remaining introductory/promotional rate balance, will be charged at the card’s standard rate.
What is an introductory or promotional rate?
You must still make your minimum payment on time
Even if you’re paying no interest, you still need to make at least the minimum payment towards your balance every month. Otherwise, you could end up losing your introductory/promotional rate.
Going over your credit limit might mean losing your 0% rate
Avoid going over your credit limit by checking on your credit card statement regularly. With us, you can also check on Internet Banking or the Lloyds Bank mobile app, so you know when you’re nearing your limit.
Key things to know about any 0% credit card
To make the most of your 0% offer check your card’s terms and conditions and your statements. These include details about your introductory or promotional rate and its expiry date, helping you to keep track.
Always plan how you’ll use a 0% credit card
If you plan ahead, you can apply for a card that offers an introductory or promotional rate on the particular use you require.
Frequently Asked Questions
Not necessarily. Depending on your circumstances you may not be eligible for the offer. Or you might get the offer for the full period advertised or for a shorter length of time.
You can find a breakdown of the interest rates which apply to your balance on your monthly statement. You’ll be able to see any different rates of interest based on transaction type or whether it’s a standard or introductory interest rate. And you can check when introductory or promotional interest rates will expire.
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.