Lloyds TSB Advance Credit Card

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  • Cash Advance Fee:
  • Cash Advance Rate:
  • Intro Balance Transfer Duration:
  • Intro Balance Transfer Fee:
  • Intro Balance Transfer Rate:
  • Intro Purchase Duration:
  • Intro Purchase Rate:
  • Representative APR:
  • Standard Purchase Rate:
  • 3%
  • 24.9% p.a.
  • 12 months
  • 3%
  • 4.9% p.a.
  • 6 months
  • 0% p.a.
  • 11.9% p.a. variable
  • 11.95% p.a.

Pros

  • 0% on purchases for purchases

  • A low ongoing interest rate on purchases

Cons

  • No interest free balance transfer offer

  • No balance transfers from other TSB cards

Best Features of the Lloyds TSB Advance Credit Card

  • 0% on purchases for 6 months
  • Low standard purchase interest rate
  • Active fraud monitoring

Our Review

The Advance credit card from Lloyds TSB gives you 0% p.a. for 6 months on purchases and 4.9% p.a. for 12 months on balance transfers. These aren’t the best deals available, but the low 11.95% p.a. standard interest rate on purchases is a major selling point for this credit card. If you are looking to consolidate a manageable amount of debt and also want to make more purchases, then it is worth considering the Lloyds TSB Advance credit card.

Who it’s for

Lloyds TSB’s Advance card is advertised as “your perfect shopping partner”. This does a good job of describing what the credit card has to offer. Because of the decent introductory purchase deal and low standard purchase rate, this is a good choice for people who use their credit cards frequently.

Eligibility

To apply for the card and be approved, you must be at least 18 years of age, a UK resident, and free from any County Court Judgments. You should have good credit rating as well.

Balance transfers

This card charges a non-competitive 4.9% p.a. interest rate for 12 months on balance transfers. Keep in mind that you must transfer balances within 90 days of opening your account. There is also a 3% balance transfer fee, which has become standard with credit cards. While neither 4.9% p.a. nor 12 months are the best deals out there, the Lloyds TSB Advance isn’t designed for the customer looking for the cheapest balance transfer. However, these rates are good enough to help you consolidate your debts and save some money on interest fees in the process.

Purchases

The major selling point of Lloyds TSB Advance is that it gives you 0% p.a. purchases for 6 months. While 6 months isn’t very long, it is worth considering this credit card for your purchases because of the low 11.95% p.a. purchase rate (which is what the introductory offer reverts to). There is one major drawback here though: interest is charged from the date of purchase. That means you don’t get any interest-free grace period for paying off your purchases.

Cash advances

You’ll pay the industry standard for cash advances: a 3% fee upfront plus 24.9% p.a.. This means you can really get hit hard with high interest rates for taking out cash – but that applies to almost all credit cards. Try to use this feature as little as possible and you can save yourself a lot of money.

Security & fraud protection

You can feel secure using the Lloyds TSB Advance card whether making online or offline purchases. Lloyds is part of the SecureCode program which lets you set a personal password for shopping online at participating vendors. They also have an insurance program called Sentinel Gold, which covers all of your credit cards and the cards of your family members. With this insurance program, you will be covered for up to £5,000 for the 24 hours before you report the loss and up to £100,000 afterwards. There is an annual fee for this insurance of £30.

Conclusion

The Lloyds TSB Advance credit card has a few nice features but major minuses as well. When looking over the features, it is important that you weigh up whether the Lloyds TSB Advance suits your spending style and financial needs. As far as balance transfers go, 4.9% p.a. is probably lower than what you’re paying now in interest, but it starts immediately and you only have 12 months at this rate. Thus, we wouldn’t recommend this credit card for getting out of debt as there are better balance transfer offers on the market with lower rates and longer introductory periods. As far as purchases go, the low standard purchase rate is very attractive. Just keep in mind that you must pay immediately! So, if you are the type of person who pays your bills in full every month, then the Lloyds TSB Advance is not a good choice. If you are only paying minimums, then the card could be great for you and help you save money in the long run.