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Lloyds Bank shakes up the market with three new credit cards

4th August 2014 Print

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.”