Credit cards form an integral part of daily financial dealings. It’s not only a means to beat the mid-month cash flow slump, but also a suitable way for companies to secure a safety deposit for rentals and reservations. Although life without a credit card is possible, it can become difficult when needs become a little more involved. It’s not always the fanciest card that steals the show, as needs differ from consumer to consumer. Therefore, the review takes a look at more than just the benefits. Lloyds Bank Credit Cards look promising but only a full review on this range will reveal whether they’re well matched to a variety of clients.
A bank that offers a stellar range of credit cards is Wells Fargo, and we recently did a review on this line.
Some History on Lloyds Bank
With over 250 years of history, there is a lot of pressure on Lloyds Bank to remain a market leader in the financial segment. From an early stage, the bank has shown its keen interest in broadening the bank’s horizons through mergers and acquisitions. This has not slowed down in the decades that followed which now ensures Lloyds is one of the biggest banks in the world.
Lloyds didn’t start out as a bank for the masses and instead focused its services on the mercantile and manufacturing industries. With a change in the economic climate, they found it necessary to expand their services to other parts of the market. It now enjoys a large customer base, with a healthy mix of personal and commercial clients.
A full review on Lloyds Bank was recently done.
Lloyds Bank Credit Cards Product Offerings
Lloyds Bank Platinum Credit Card – low Fee 0% Balance Transfer
Customers who feel they’re paying too much interest at their existing institution and wish to save on interest will find this a good option. The card offers a 32-month 0% interest option on balance transfers on this card, permitted customers to do their balance transfers within 90 days of opening. Furthermore, they pay a low balance transfer fee of 0.8% of the transfer is made within 90 days. The fee is normally 3% of the balance transfer amount.
- Customers also enjoy 0% interest on purchases for 12 months after opening the account.
- The card offers a variable interest rate and depends on the creditworthiness of the customer. Those who don’t qualify for the lower interest rates may only qualify for a balance transfer offer of 18 months.
- Furthermore, the card doesn’t carry an annual card fee.
- Customers will also have access to their card through internet and mobile banking.
- Balance transfers need to be more than £100.
- Finally, the credit card limit will depend on the client’s current status.
Lloyds Bank Platinum Credit Card – Longest 0% Balance Transfer
Those who have a large chunk of credit card debt that they want to pay over a longer period of time will find this option to be ideal. Customers will enjoy up to 39 months 0% interest on balance transfers.
- The card also offers a balance transfer fee of 1.6% on every balance transfer. The rate charged is 3% initially. However, thereafter customers enjoy a refund of 1.4% for balance transfers done within the first 90 days of card opening.
- Customers also enjoy 0% interest on purchases for 6 months after opening the account.
- Furthermore, customers enjoy a variable interest rate which will depend on their personal circumstances.
- Also, the card doesn’t carry an annual card fee.
- Customers have access to their card via internet and mobile banking.
- Those who don’t qualify for the lower credit card interest rates will only enjoy a balance transfer offer period of 19 months.
- The promotional offers are only valid to customers who stay within their limits and pay their installments on time.
- Finally, each balance transfer needs to be a minimum of £100.
Lloyds Bank Platinum Credit Card – Long 0% Balance Transfer Offer
Customers who wish to benefit from a long balance transfer offer of 35 months, should consider this card. Furthermore, the offer is a 0% interest for this period on the balance transfers.
- The balance transfer offer is available on balance transfers done within 90 days of card opening.
- Also, customers are charged an initial balance transfer fee of 3%. The balance transfers done within the first 90 days of card opening ar refunded 1.51% which means the effective rate is 1.49%.
- Furthermore, the card provides a 0% interest offer on purchases for the first 3 months.
- The card doesn’t carry an annual fee.
- Customers enjoy access to their card account through internet and mobile banking.
- Those who don’t qualify for the lower interest rates will only have access to a balance transfer offer of up to 18 months.
- Balance transfers need to be more than £100.
- Finally, the promotional offers on the card are only valid if customers make their repayments on time and stay within their limits.
Lloyds Bank Platinum Card – No Fee 0% Balance Transfer
This card is suitable for those who wish to save on charges as there is no transfer fee on balance transfers. Also, customers enjoy 0% interest on balance transfers for up to 25 months.
- Customers also enjoy 0% interest on 3 months after opening the account.
- There is also no balance transfer fee on this card.
- Furthermore, there is a variable interest rate on the card.
- There is no annual fee on the card.
- Customers have access to internet and mobile banking.
- The promotions on the card are only valid when customers remain within their balance and make their monthly installments on time.
- Finally, the balance transfer minimum is £100.
Lloyds Bank Platinum Credit Card – 0% Purchase and Balance Transfer
Customers who want a card that provides a decent balance transfer period and minimal fees will find this card ideal. Furthermore, the balance transfer period is 29 months and customers pay 0% interest during this time.
- Not only is this a 0% on balance transfers for 29 months but also on purchases.
- Customers receive a variable interest rate according to their personal situation.
- Also, there is no annual fee on the card.
- The card provides customers with access via mobile and internet banking.
- A minimum of £100 is required for balance transfers.
- Finally, customers are required to remain within their limit and make the monthly payments to qualify for the promotional offers.
Lloyds Bank Platinum Credit Card – Low Rate
This is the card that offers the lowest interest rate at Lloyds and the rate will depend on the customer’s circumstances. Also, there is no annual card fee on this account.
- Customers don’t pay balance transfer fees on transfers done within 90 days of card opening.
- The card provides customers with access to their details via internet and mobile banking.
- Furthermore, there is no balance transfer fee on this card.
- Customers are required to keep within their limit and pay the monthly installment on time to enjoy the benefits of the card.
- Finally, the minimum balance transfer amount is £100.
The ideal card for customers who want to earn Avios rewards. Furthermore, these rewards include flight upgrades to health club day passes. The higher the use of the card, the more rewards.
- Customers who use their Avios Rewards American Express card will enjoy double Avios for 6 months. This is on a maximum spend of $2,500.
- The card carries no foreign transaction fees, however, other fees may apply.
- Furthermore, customers will enjoy a variable interest rate.
- Customers receive two credit cards: one Avios Rewards American Express card and one Avios Rewards MasterCard.
- Customers earn rewards faster when they make use of the American Express card.
- Flight bookings paid for in full using an Avios card may qualify for a flight upgrade voucher.
- The card also offers a 0% interest rate on purchase for the first 29 months.
- Also, there is a 0% interest rate in the first 29 months on balance transfers made within 90 days of account opening.
- The card offers 1.25 Avios for every £5 of their balance transfer made from a single provider.
- Customers have access to their card via mobile and internet banking.
- There are certain restrictions on Avios rewards and some transactions do not generate these rewards. Some of these transactions are transactions at casinos, cash withdrawals, interest, fees and charges, and more.
- Finally, a minimum of £100 for balance transfers is required.
Lloyds Bank also offers a variety of current accounts and the full review is available.
Critical Reviews Rating Lloyds Bank Credit Cards – 4 of 10
This rating may come as a surprise considering the history of the bank and the number of products in their range. Unfortunately, there are only minor differences in each card which make them quite ordinary. While doing the review, the products were just a repetition of each other with slight variations on the balance transfer periods. This doesn’t make it a desirable range for a discerning credit card customer.
There is no denying that the cards offer great benefits where the rates and fees are concerned but there is no diversity. The Avios range brings in some variety, however, not enough to make this an impressive range. This is by far one of the most disappointing credit card selections we’ve reviewed thus far. We expected far more from a bank that’s been around for more than 250 years.
Another credit card range that lacks variety is offered by Ally Bank. As a new player in the industry, find out whether their rating also suffered.