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Lloyds Bank launches market leading low interest rate credit card

10th November 2014 Print

Lloyds Bank has launched a new, market leading low interest rate credit card. The new credit card complements the broad range of Lloyds Bank cards and offers customers more choice when it comes to their purchasing power. Customers can now pick a card based on the benefits that suit them most, choosing either interest free purchasing, balance transfers, earning spending rewards or, as the new card offers, a low rate over a longer period. 

The new Lloyds Bank Low Interest Rate card offers:

Purchase Rate: 6.45%

Balance Transfer Rate: 6.45%.

Fees: There is no annual fee on the card and customers can take advantage of no balance transfer fees for the first 90 days. A 3% fee will be applied to balances transferred after this period

The credit card will be available online only.

Based on a typical spend of £2,000 on a card charging 18.9% APR (variable), moving to the Lloyds Bank Low Interest Rate Card would mean customers would be £392 better off over a 36 month period.

Based on a typical balance transfer of £3,000 from a card charging 18.9% APR (variable), moving to the Lloyds Bank Low Interest Rate Card would mean customers would be £296 better off over a 36 month period.

Mark Powys, Lloyds Bank Credit Cards, said: “We know that some customers find an ongoing lower rate of interest helpful to manage their finances – whether that is spreading the cost of purchases or transferring existing balances. We have added the Low Interest Rate Card to our credit card range to better serve those customers.”