Lloyds Bank shakes up the market with three new credit cards
Lloyds Bank has shaken up the market by introducing three new balance transfer credit cards.
32/6 balance transfer card
Lloyds Bank has dropped the fee on its longest ever interest free balance transfer card to just 2.8%.
Balance transfers: 0% interest rate lasting 32 months. This carries an effective 2.8% fee on balances transferred within the first 90 days.
Purchases: six months’ interest-free on new purchases
Compared to a typical balance transfer of £2,000 from a card charging 18.9% APR (variable), with 0% for 32 months and an effective 2.8% balance transfer fee, Lloyds Bank Transfer Card customers could be £750 better off over the 32 month period.
18/16 balance transfer card
Balance transfers: 0% interest rate lasting 18 months. This carries a fee on balances transferred within the first 90 days of just 2%.
Purchases: 16 months’ interest-free on new purchases
Compared to a typical balance transfer of £2,000 from a card charging 18.9% APR (variable), with 0% for 18 months and a 2% balance transfer fee, moving to the card would mean customers would be over £445 better off over the 18 month period.
10/10 balance transfer card
Balance transfers: 0% interest rate lasting 10 months. This carries a fee on balances transferred within the first 90 days of just 0.4%.
Purchases: 10 months’ interest-free on new purchases
Compared to a typical balance transfer of £2,000 from a card charging 18.9% APR (variable), with 0% for 10 months and an effective 0.4% balance transfer fee, moving to this balance transfer card would mean customers would be over £273 better off over the 10 month period.
Mark Powys, Lloyds Bank Credit Cards, said: “We understand how important it is for our customers to feel in control of their finances so we have launched three new products to help customers restructure their borrowing in a more cost-effective way. Lloyds Bank is committed to offering value for our customers and with these three new cards, we are also offering greater choice as well.”