24 Month Balance Transfer


24 Month Balance Transfer

What you get with this card

At least 51% of customers will receive the best rate for this card:

  • 0% interest on balance transfers

    You will pay 0% interest for up to 24 months on balance transfers you make in the first 90 days of opening your account.

  • 1.5% effective fee applies on each balance transfer made in the first 90 days

    Initially you will pay 3% on each balance you transfer in the first 90 days but we'll give you back 1.5% so overall you’ll only pay a 1.5% fee.

    You'll receive the fee refund within 90 days of completing the balance transfer, providing the account remains open.

    You will pay the full 3% fee for each balance transfer you make after the first 90 days.

  • 0% interest on purchases

    You will pay 0% interest on purchases you make for 12 months from account opening.

Other customers may be offered: the Classic Credit Card which may have a different promotional period and a rate of 27.9% APR (variable).

Representative example

Most successful applicants will get:

a variable annual
purchase rate of
and a variable
based on borrowing
over 12 months,
with an annual fee of

Credit limits and interest rates vary based on your individual circumstances.

What is a representative example?
This is a table of information designed to show how much this account would cost most successful applicants. We use the example of how much it would cost over one year if you borrowed £1,200. It is for illustrative purposes only, and does not reflect the credit limit you will get if you successfully apply.
What does purchase rate mean?
When you use your credit card to buy things, you will be charged interest on your purchases (outside of any introductory offer periods). If you pay off the outstanding balance of your credit card each month, you would not be charged purchase rate interest.
What does APR mean?
APR stands for 'Annual Percentage Rate' and is a figure that includes all fees, charges and interest rates associated with your credit card. APR is a representative figure and it allows you to quickly compare credit cards.
Could my APR be different from the example?
We treat all applications on an individual basis, so the APR you get is determined by the details supplied on your application, along with an independent verification of your credit and repayment history. Most successful applicants (at least 51%) will receive the lowest APR displayed in the representative example.
What is an annual fee?
This is a fee charged every 12 months as a condition of continuing to hold this credit card account. (There will be other costs attached to holding a credit card account, which are outlined in this account’s Summary Box).
What is a credit limit?
If you successfully apply for a credit card, a limit on how much you can spend on it will be applied. You must not go over this limit. Your credit limit will be based on your current circumstances, and may vary.
What do these numbers mean?

Key facts

Features and benefits

  • Most successful applicants will receive the representative rate of 19.9% APR (variable).

  • If you qualify for the lowest rate, you will pay 0% interest for 24 months from opening your account on balance transfers made within 90 days.

  • If you qualify for the lowest rate, you will pay 0% interest for 12 months on purchases, from the date your account is opened.

  • The annual fee is £0.

  • Accepted wherever you see the Mastercard® sign at over 43 million locations worldwide.

  • If you already hold a Lloyds Bank credit card, you may still be eligible for this offer when you apply for a second card.

  • Manage your credit card with Internet Banking, the Mobile Banking app, Telephone Banking, in branch, and also get free Text Alerts.

Keep in mind

  • If you don't qualify for the lowest rate, you may be offered the Classic credit card, which has a higher rate of 27.9% APR (variable), depending on your circumstances.

  • To keep your promotional offers, you must stay within your credit limit and make your minimum monthly repayments on time.

  • Any balance transfers made after 90 days of account opening will incur the standard 3% balance transfer fee.

  • You can transfer balances to us (£100 minimum) from most credit cards and some store cards, excluding other Lloyds Bank products.

  • If your application is successful, your credit limit and any applicable promotional rates will be based on your current status.

You can apply for a second Lloyds Bank Credit Card, subject to the following conditions:

  • You don’t already have a Classic or Student credit card with Lloyds Bank.
  • You can only have a maximum of two credit cards with Lloyds Bank, and a maximum of five with the Lloyds Banking Group (which also includes Halifax and Bank of Scotland).
  • You’re not applying within 60 days of having opened your first credit card with Lloyds Bank.
  • Your application is subject to a full credit check.

How much does this card cost

This credit card account has an annual fee of £0.

Interest rates

Outside of introductory promotional periods, the interest you pay on transferred balances, cash transactions, and purchases on this card is 19.94% (variable).

Outside of introductory promotional periods, the interest free period on purchases is up to 56 days if the full balance is paid off by the due date on both your previous and latest statement.

Fees and charges

Outside of the 90-day introductory offer period, the fee for balance transfers is 3%.
The fee for cash transactions is 3% or £3, whichever is the biggest.
The fee for foreign currency transactions is 2.95%.

What will be paid off first?

Your monthly payments will pay off balances with the highest interest rate first, in this order: cash transactions, purchases, balance transfers and money transfers, and then default charges (plus any interest or charges incurred as a result of those balances).

Summary box

The information contained in this table summarises key product features and is not intended to replace any terms and conditions.

SUMMARY BOX – Lloyds Bank Platinum Balance Transfer CREDIT CARD
APR Representative 19.9% APR (variable).
Interest rates Introductory promotional rates Standard monthly rate (variable) simple % Standard annual effective rate (variable) %
Purchases 0% p.a. fixed for the first 12 months from either your account opening or the date of your account transfer. 1.527% 19.94%
Cash transactions Not available. 1.527% 19.94%
Balance transfers
0% p.a. on balance transfers you make in the first 90 days fixed for 24 months from either your account opening or the date of your account transfer, on the transferred amount and the promotional fee. 1.527% 19.94%
Money transfers
Not applicable. 1.527% 19.94%

Default charges - the simple annual rate is 18.324%

We will charge you £12 if you do not make at least your minimum payment to us by the payment due date requested on your statement. You will lose your promotional offers if this happens and the standard interest rates for the applicable transactions will apply.

Interest free period

- Maximum 56 days for purchases.
- No interest-free period on cash transactions.
- There is no interest free period for balance transfers or money transfers (if available) where these are outside promotional offers.

Interest charging information

We calculate interest daily based on the total amount you owe. We add together all the daily interest amounts in each statement period and add the total to your balance on your statement date.

There are three exceptions to this rule:

- Annual fees: We do not charge interest on annual fees.
- Purchases: We do not charge interest on purchases made during your latest statement period if you pay off your full balance (including any balance transfers and money transfers) by the payment due date and you also paid your previous month's balance in full by the due date.
- Default charges: We do not charge interest on default charges for the first 28 days after the day we give you notice (usually in your statement) that these charges are payable. After that we charge simple interest, so we will not charge interest on interest.

Allocation of payments

We use your payments to clear any overdue amounts before we apply them to your latest minimum payment.

We will reduce the amount you owe in the following order:

- any overdue amounts from previous statements; then
- the remaining balance on your statement; then
- any recent transactions not yet shown on your statement.

We use your payments to pay off balances charged at the highest interest rate first and so on down to balances with the lowest interest rates. This means the more expensive balances are always paid off first.

If there is more than one type of balance at the same interest rate, they are paid off in the following order: cash transactions, purchases, balance transfers and money transfers, and then default charges (plus any interest or charges incurred as a result of those balances). For each type of balance, your payments will pay off the oldest balance (and related fees, charges or insurance) first.

Minimum payment

The minimum payment we ask for is charged on a monthly basis and will be the higher of £5 or the total of:

- any interest charged; plus
- any default charges payable; plus
- 1% of the total balance you owe (including interest and charges), as shown in your statement. If you owe less than £5, you must pay the full amount you owe.

Credit limit Minimum credit limit Subject to status.
Maximum credit limit Subject to status.
Your credit limit is the total amount you can borrow under the credit card agreement. We set this limit and tell you what it is in writing soon after opening your account. Please see your credit card agreement for any limitations that apply to certain transactions.
Annual fee No annual fee.
Fees Cash transactions (any currency) 3% or minimum £3.
Introductory balance transfer fee
3% of the amount of each balance transfer you make within the first 90 days of opening your account.
Introductory money transfer fee
Not applicable.
Non-introductory balance transfer fee 3% of  transfer (min £3).
Non-introductory money transfer fee 3% of transfer (min £3).
Non-sterling transactions (foreign usage) Payment Scheme Exchange Rate Indicative rates can be found at www.mastercard.com/global/currencyconversion/index.html
One or more of the following may apply:
Non-Sterling transaction fee 2.95% of the amount of the sterling transaction value.
Cash transaction fee 3% or minimum £3.
Default charges Late Payment charge £12.
Overlimit charge £12.
These details are correct as of July 2018.

Credit cards are designed to be a flexible form of borrowing. Paying the minimum amount every so often can help you manage your money more effectively, although we would not recommend that you make minimum payments for a long period of time once your promotional offers have ended. Once your account is open, you can set up a Direct Debit for any fixed amount over the minimum payment by calling 0345 606 2172. Lines are open 7am - 11pm, 7 days a week.

For longer term borrowing it may be more appropriate to choose a loan from us. If you would like to find out more about this you can call Lloyds Bank Personal Loans on 0800 092 6290, or visit lloydsbank.com/loans or call into a Lloyds Bank branch, where our staff will be happy to help.

The following example highlights the difference between only paying the minimum and paying a fixed amount:

For a purchase of £1,000 on your Lloyds Bank Platinum Balance Transfer Credit Card.

Monthly payment If you pay the minimum payment each month If you pay £50 each month
How much interest will you be charged in the first year? £175.30 £150.87
How much interest will you be charged in the second year? £155.17 £61.71
How long would it take to clear the balance? 18 years 5 months 2 years 2 months

The above example assumes the following:

  • No introductory promotional rates for purchases.
  • The transaction takes place on 1st January and you make no further transactions.
  • You always make the payment each month on the 15th.
  • The effective rate remains the same.
  • Your statement is produced on the 1st of each month.
  • The minimum payment is made up of 1% of the total balance you owe as shown in your statement (including interest and charges).

Lloyds Bank is a responsible lender and we only want you to borrow what you can afford and in a way that is best for you. If you’d like to talk to us about the choices you’ve made or you would like further information, please contact us. We will also be able to help you if you’re experiencing financial difficulties.

Terms and conditions

Draft credit card account terms and conditions

A full set of Terms and Conditions specific to you will be issued once you’ve been accepted for the Credit Card.

Our responsibilities - and yours

Responsible lending

Lloyds Bank is a responsible lender, and we only want you to borrow what you can afford, in a way that is best for you.  The outcome of your credit card application depends on our assessment of your circumstances.

If you’d like to talk to us about the choices you’ve made we will be happy to refer you to a member of staff that will be able to help you. They will also be able to talk to you about your options if you’re experiencing financial difficulties.

A note on fraud

You won’t have to pay us for any unauthorised postal, telephone or internet transactions made by someone other than you or an additional cardholder. However, you and additional cardholders must take all reasonable measures to protect your cards and PINs. You should never disclose your PIN, not even to Lloyds Bank staff or the police. You can give suppliers your card details (but not PINs) and won’t be liable if they misuse them. However, if you’ve given someone else your card details you are liable for all transactions unless you have told us first they are not authorised.

You can apply for this credit card if:
  • you're aged 18 or older
  • you're a resident in the UK
  • you have a regular income
  • you’re free from any County Court Judgements, you aren't currently bankrupt, and you aren't subject to an Individual Voluntary Agreement.

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Making sure you get a fair deal

We want you to find a product that's right for your circumstances, which is why we adhere to the Standards of Lending Practice, which are monitored and enforced by the Lending Standards Board.

To find out more you can read the statement of responsibilities, which details what's expected of us, the lender and you the borrower.