Many cardholders often have problems with interest rates and debt consolidation. This is why there are a lot of people who are looking into getting a balance transfer credit card more than ever. If you are looking to gain a more solid grasp of your finances, having this type of credit card will help you achieve such a goal.
Lloyds Bank offers different kinds of credit cards that cater to each cardholder’s different needs and goals. One is the Lloyds Bank Balance Credit Card, which is designed to help you make smart financial choices that complement your lifestyle.
If you want to know what this product offers, read this article to learn more about the benefits, fees, and how you can apply for a Balance Transfer Card.
- Make a Smart Financial Decision Today With the Lloyds Bank Credit Card
- Access and Manage Your Account Online
- Let’s Talk About the Fees of a Lloyds Bank Credit Card
- What Are the Eligibility Requirements That You Need to Know Before You Apply
- What to Expect After Your Approval
Make a Smart Financial Decision Today With the Lloyds Bank Credit Card
We all want to achieve complete financial control over our debts. It can be difficult to reach this status, but there are a few options that you can take. If you’re looking to take full control of your finances, it is time to switch to Lloyds Bank credit card.
One of its main features is the option to transfer balances from one card to another. The fact that you can make this transfer without any charges for 17 to 22 months is an offer that you simply cannot pass.
While you can make balance transfers all you want, the card does have a minimum transfer amount of £100. Having the ability to transfer a large balance from one card to another without any interest is a smart financial decision that you can make today.
Get Full Control of Your Finances
You might wonder how this credit card can help you with your finances. If you have two or more credit cards and you want to manage their failing credit scores, you can transfer all of the balances from one card to the other which can help diminish and even clear off debts from other cards and accounts.
This allows cardholders to have breathing room to fix their issues. Those who have been struggling with their finances lately should make the jump to Lloyds Bank credit cards now that they are offering these to every cardholder who passes their requirements.
Make sure to take advantage of this introductory feature, as the interest rate reverts to 19.94% once the period is over.
Access and Manage Your Account Online
Many credit card companies these days offer a quick and convenient way to access their accounts through their website.
Having the ability to access your account online not only allows you to check your account but also gives you the option to manage your finances better. You get to see all of your previous transactions and review them.
You can even make payments online in the comfort of your home. Cardholders can have access to the website wherever they are, so you are sure to make payments on time.
If you’re worried about security, the website is one of the most secure sites to process all of your transactions, so you don’t have to worry about it.
Zero Interest on Purchases
Many cardholders often make good use of their credit cards to increase their credit score. Every purchase that you make will add up to your credit score, and when you pay on time, it will drastically change your status.
Imagine having a credit card where you have zero interest rates on purchases. This is what the Lloyds Bank Platinum credit card is all about. Take advantage of this feature and use the card as much as possible to make your purchases.
The more you use the card, the more you help achieve a better credit score. After the promotional period expires, you will then have to pay the interest rates on each purchase that you have. Just make sure that you know when the promotional period ends on your account.
Let’s Talk About the Fees of a Lloyds Bank Credit Card
A credit card wouldn’t be a credit card with fees and other charges. It is normal for a credit card holder to have to pay interest rates and other fees. As such, it is equally important to know what you’re going to pay when the bill comes.
This way, you won’t be shocked at the amount that you’re going to pay. The annual interest rate is 19.94%, but it is a variable rate since the rate depends on the evaluation during your application.
The balance transfer fee is 1.99% to 2.99% for three months, and it will then revert to 5% after the introductory period. The best part about using the Lloyds Bank credit card is that it doesn’t have any annual fee.
You will be charged a non-Sterling transaction fee of £2.95. Every time you have late payments, you will be charged £12.
Offers Protection on Goods and Services
Most credit cards today feature a safety net that protects the cardholder. And just like many other credit cards, Lloyds Bank Balance Transfer card offers protection on goods and services that you have paid costing more than £100 and up to £30,000.
This offer is part of section 75 of the Consumer Credit Card, which aims to protect you if something goes wrong when you use your card to purchase any goods or services. These usually happen if your purchase does not arrive or if the product or service is faulty or not in good condition when you receive it.
There are many other instances that the credit card covers, so you can always check it out with the card provider when you apply for one.
What Are the Eligibility Requirements That You Need to Know Before You Apply?
Speaking of applying for a Lloyds Bank credit card, you will need to be eligible first before you can apply. The first requirement is for you to be 18 years old and above. You should also have a steady annual income, as this will be one of the most crucial aspects during the deliberation for your approval. Having a credit card is a huge responsibility and paying on time is part of that.
This is the reason why most card providers will require you to have a steady income in the past few years. Additionally, you should not have any county court judgments or have not filed for bankruptcy.
Another prerequisite before your application is that applicants should not have been declined for a credit card in the past 30 days. If you have previously applied for one, you will need to wait until 30 days before you can re-apply.
How to Apply for a Lloyds Bank Credit Card
The application process is quite simple when you apply for a credit card at Lloyds Bank. All you need to do is to take the eligibility test found on their official website first.
Once you are proven to be eligible for the application, you can proceed to fill out the application form. Take note that you will be required to provide all the necessary personal information such as your address, employment, and income details.
The card provider might ask you to provide some documents for further verification, so have them prepared at any time. Your application will be processed for approval and the card will be sent to you afterward.
What to Expect After Your Approval
A lot of people often receive their credit cards after a few business days but don’t know what to expect. The very first thing that you need to do is to check all the necessary details found on the card to see if there are any errors.
If you have further inquiries, you can always check the branch near you so that they can provide you with up-to-date answers.
It is expected that you will have a credit limit starting at £1,200 but the amount will depend on your creditworthiness. This is why having a good credit score means a lot if you plan on having another credit card.
Where to Contact Lloyds Bank
For those who want to learn more about the Balance Transfer credit card or have any further inquiries regarding their card, you can call Lloyds Bank at 0345 606 2172.
You will be directed to a customer service representative, and you can expect to have all of your inquiries answered. You may also check out their address at 25 Gresham Street, London EC2V 7HN.
Conclusion
Lloyds Bank Balance Transfer Card is a great option for those who want to consolidate their debt and want to take control of their finances.
Not only does the card allow you to transfer your balance at zero percent interest, but you also get to enjoy a lot of benefits that many other credit cards usually do not offer. Get yourself back on track with the Lloyds Bank Balance Transfer Card today!
Disclaimer: There are risks involved when applying for and using a credit card. Please see the bank’s Terms and Conditions page for more information.
