Lloyds Bank credit card offers interest free balance transfer offer of 33 months

Lloyds Bank has launched its longest ever interest free balance transfer credit card of 33 months. The credit card has a 0% interest rate lasting almost three years on balance transfers and six months’ interest-free on new purchases. The credit card will be available online only.

The new Lloyds Bank Transfer card offers:

Balance transfers:  33 months interest free on any balance transfers made within the first 90 days and an APR of 18.94%. This carries an effective 2.85% fee on balances transferred within the first 90 days

Purchases: six months interest-free on new purchases reverting to a subsequent rate of 18.94% thereafter.

Based on a typical balance transfer of £2,000 from a card charging 18.9% APR (variable), with 0% for 33 months and a 2.85% balance transfer fee, moving to the Lloyds Bank Transfer Card would mean customers would be £770.62 better off over the 33 month period.

The card is launched to complement Lloyds Bank’s new range of balance transfer and purchasing credit cards, launched last month.

Mark Powys, Lloyds Bank Credit Cards, said: “Our longest ever 0% balance transfer card helps people spread the cost of repayments over almost three years, without paying a penny in interest. With people able to make their repayments work harder for them, by not paying interest for the first 33 months, people can get ahead on repaying the balance of their card quicker.”