The Lloyds TSB Platinum card offers an introductory 0% interest rate for 12 months on balance transfers, which is an excellent offer.
Apply online for the Lloyds TSB Platinum credit card
You do need to spend £100 on the credit card to ensure that you have access to the introductory balance transfer offer but the Lloyds Platinum credit card also gives you six months interest free on new purchases, so you will only have to pay interest on that £100 spend for six months of the year which adds up to a cost of just £8.50.
Apply for the Lloyds Platinum, spend £100 and destroy the card
If you want a Lloyds Platinum Mastercard, the way to keep your costs down is by spending – not withdrawing - just over £100 and then cutting the card up so you can’t spend any more.
Do this, and you will only accrue £8.50 in interest at the end of the year, an insignificant amount, especially when compared to the amount you’ll save from the interest free balance transfer.
As the table below shows, switch £4,000 debt and you will save £649 in interest over one year.
| Card | Debt | Trsfr fee | APR | Interest |
| Standard card | £4,000 | NA | 17.71% | £769 |
| Lloyds Platinum | £4,000 | £120 (3%) | 0%* | £120 |
| You save | | | | £649 |
*Reverting to 16.9% thereafter
Summary box - Lloyds TSB Platinum credit card
| APR | 16.9% |
| Introductory rate on purchases | 0% for six months |
| Introductory rate on cash advances | NA |
| Balance transfers | 0% p.a. for 12 months on balance transfers made in first 6 weeks - provided you spend £100 in the first three months. |
| Interest-free period | Up to 56 days on your purchases if you pay off your entire balance by the payment date shown in the statement after purchases have been added to your balance. |
| Interest charging information | Interest is due on transactions from the date they are carried out |
| Allocation of payments | Your monthly payment will pay off your interest charges and any Payment Protection Premiums first. After this any payment will be used to reduce promotional balances at 0% followed by any other promotional balances. This will mean that your lower rate balance transfers are paid off before higher rate balances. |
| Minimum payment | 2% (minimum £5 of the balance shown on your statement or if it is more the amounts for interest and payment protection cover on your statement) |
| Amount of credit | Minimum credit limit of £1,000 |
| Fees | No annual fee |
| Charges | |
| Cash withdrawals | 2.5% or minimum £2.50 |
| Balance transfers | For each individual balance transfer there is a 3% fee. Interest is charged on BT fees |
| Promotional cheques | For each individual cheque used there is 3% fee (minimum £3) |
| Non-sterling transactions | 2.75% if the amount of the transaction |
| Copy statements | £6 for copies of non-current statements |
| Default charges | £12 for late payments, returned payments or if you go over your credit limit. |
Figures correct as at October 22nd
Learn more about balance transfer credit cards
The Egg credit card - more information
The Virgin credit card - more information
Other credit card articles
-Shed those plastic pounds and trim your waste
-The top ten money buys you must not miss
-Don't fret about the credit card squeeze
-The five worst credit card scams to avoid
-Get 17% cashback on your Christmas purchases
-Control your credit cards, your spending and your life
