Lloyds TSB Platinum 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 Balance Transfer Fee:
  • Standard Balance Transfer Rate:
  • Standard Purchase Rate:
  • 3%
  • 27.95% p.a.
  • 14 months
  • 3%
  • 0% p.a.
  • 3 months
  • 0% p.a.
  • 17.9% p.a. variable
  • 3%
  • 17.95% p.a.
  • 17.95% p.a.

Pros

  • 0% on balance transfers for 14 months

  • 0% on purchases for 3 months

  • Active fraud protection & monitoring

Cons

  • Longer interest free offers on purchases are available

  • Better balance transfer offers on the market

Best Features of the Lloyds TSB Platinum Credit Card

  • 0% on balance transfers for 14 months
  • 0% on purchases for 3 months
  • Excellent fraud protection

Our Review

Want to save on your debt but still need to spend more too? The Lloyds TSB Platinum credit card lets you do both. It is hard to beat the 0% p.a. for 14 months on balance transfers plus the perk of 0% p.a. for 3 months on purchases. With a standard purchase rate of just 17.95% p.a., you can save a lot of money while getting yourself out of debt.

Who it’s for

The Lloyds TSB Platinum card is the choice for people wanting to consolidate high interest debt, save money on that debt, and still borrow for purchases.

Eligibility

To apply for Lloyds TSB, you must be over 18, a UK resident, free of any County Court Judgments, and have a UK bank account.

Balance transfers

The 0% p.a. for 14 months balance transfer deal is main drawing point of Lloyds TSB Platinum. After this introductory period expires, your remaining balance transfer revert to the purchase rate of 17.95% p.a.. Keep in mind that you must transfer the debt within 90 days of opening your Lloyds TSB Platinum card account. There is a 3% balance transfer fee, but this is standard for any card now. It is important to note that you must pay this fee upfront, so factor that into your budgeting. Remember, if you are late paying any bill, you will lose the special introductory deals!

Purchases

Lloyds TSB’s Platinum card gives you 0% p.a. for 3 months on purchases. This is far from the best introductory deal, but is uswful when combined with the balance transfer deal. After 3 months, purchases are charged at the rate of 17.95% p.a.. There is an interest free period of up to 56 days so long as you pay your bills in full on time every month. Keep in mind that you must pay at least your minimums on time every month or you will lose the introductory deals on purchases and balance transfers.

Cash advances

The Lloyds TSB Platinum is not cheap for cash advances. However, pretty much all credit cards nowadays are tough on cash advances so Lloyds is in line with the industry standard. Cash advances are charged a 3% cash withdrawal fee and then at the rate of 27.95% p.a.. There are no grace periods for cash advances, so you will start paying interest immediately. If you do need fast cash though, the card can be a real life-saver because they let you withdraw up to half of your purchase limit.

Security & fraud protection

With the Lloyds TSB Platinum credit card you can expect a fraud and purchase guarantee, which is standard amongst all credit cards. These guarantees extend to internet purchases. Lloyds is also part of the MasterCard SecureCode program, which gives you additional security while shopping online. Unfortunately, Lloyds does not have any insurance plan for protecting yourself while travelling or providing additional assistance.

Conclusion

The Lloyds TSB Platinum credit card is one of the best credit card choices in the UK for consumers who want to get their debt under control. While 14 months isn’t the longest interest free period available for debt transfers, the card makes up for this with useful extras. The 0% p.a. for 3 months on purchases is another major plus, but the low standard purchase rate of 17.95% p.a. ties it all together nicely.