What is a balance transfer?
How you can use a credit card to help manage your finances.
A balance transfer is when you move your existing credit card balance(s) to another credit card with a different provider.
- This can help you keep all of your borrowing in one place.
- You could receive an introductory or promotional rate for a set period of time.
- Balance transfers are subject to approval. Balance transfer fees may apply.
Why is a balance transfer useful?
A closer look at balance transfers
You may be charged a balance transfer fee
Your balance transfer fee is usually worked out as a percentage of the balance you’re moving across. If you make multiple balance transfers, you’ll likely be charged for each one.
You’ll also pay interest, depending on your rate
You might get an introductory interest rate for a set period of time. Or, you might pay your standard balance transfer rate. Either way, the sooner you clear your balance, the less interest you’re likely to pay.
You can’t transfer between two cards with the same provider
For example, you can’t transfer your balance from one Lloyds Bank credit card to another. There are also some store cards you can’t balance transfer from, so check with your provider beforehand.
The minimum balance you can transfer is £100
On the other hand, the maximum varies from person to person depending on your overall credit limit and credit available at the time.
How to make a balance transfer with us
If you’re an existing Lloyds Bank customer, simply log on to Internet Banking or the Mobile Banking app to see what balance transfer offers are available to you. Remember, you can’t transfer balances between two Lloyds Bank credit cards.
You should also make sure that you:
- Have read the terms and conditions and understand your fees and interest rates.
- Know all of the relevant card details, such as credit card numbers.
- Have your phone to hand, as you’ll be required to complete a security check.
Frequently Asked Questions
Once approved, the transfer should arrive on the next working day.
The lowest credit card balance you can transfer is usually £100. The maximum amount is usually up to 93% of your credit limit.
Remember, you may pay an interest rate and fee each time you complete a balance transfer.
To complete a balance transfer with a Lloyds Bank credit card, you’ll need a few things to hand:
- All of the card details for both cards, including credit card numbers.
- Your phone, as you’ll need to complete a security check using it.
- If applying online, you’ll need Internet Banking log on details.
At Lloyds Bank, you can make a transfer from most credit cards and some store cards (those which display the Mastercard®, American Express®, or Visa® logo), but not from other Lloyds credit cards, loan companies or bank accounts.
The easiest way to find out for certain is to check with your credit card provider.
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.