Pros and Cons of the Lloyds Bank Purchase Credit Card

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Are you looking for a credit card that has a longer interest-free period? How about one that promises reliant and convenient services? With a Lloyds Bank Purchase Credit Card, your search is now over.

Offering a number of desirable features and above-average benefits, this credit card is the perfect partner for your day-to-day purchases. Whether you’re on the lookout for the right credit deal for your large purchases, balance transfers, or everyday spending, the Lloyds Bank Purchase Credit Card comes as a valuable choice to consider.

Interested in knowing more about this credit card? Read on to find out more about it and see how you can apply.

Lloyds Bank Purchase Credit Card Features

Lloyds Bank Purchase Credit Card promises a lengthy list of impressive features. This includes having 0% interest for up to 20 months on balance transfers and 0% interest on purchases for up to 20 months.

The card also features a low introductory balance transfer fee of 3% of the amount of each balance transfer you make within the first 90 days of your account opening.

The credit card also enables users to manage their accounts with Internet Banking, the Mobile Banking app, Telephone Banking and free Text Alerts.

Moreover, since the card is powered by Mastercard, it can be used at over 43 million locations worldwide, so long as you can see the Mastercard® sign in any given ATMs.

Lloyds Bank Purchase Credit Card APR, Interest Rate & Fees

  • Annual Fee: £0
  • Representative Variable APR: 19.9% (0% on purchases for the first 20 months)
  • Balance Transfer Fee: 3% on transfers made after the first 90 days
  • Foreign Cash Transaction Fee: 3% or minimum £3
  • Non-Sterling Transaction Fee: 2.95%
  • Late Payment Charge: £12
  • Overlimit Charge: £12
  • Cash Transactions (of any currency): 3% or minimum £3

Lloyds Bank Purchase Credit Card Pros

The most impressive thing about the Lloyds Bank Purchase Credit Card is that it lets you enjoy a longer interest-free period.

Once you qualify for the card, the bank promises you will automatically get the lowest offers. This includes 0% interest for up to 20 months on balance transfers made within 90 days of opening your account and another 0% interest on purchases for up to 20 months from your account opening.

Lloyds Bank Purchase Credit Card Cons

While the credit card offers a host of privileges, the card also comes with a downside. This includes not being able to get promotional offers once you have exceeded your credit limit or don’t make your minimum monthly repayments on time.

The card also offers no interest-free period on cash transactions.

Lloyds Bank Purchase Credit Card Eligibility

To apply for the Purchase Credit Card, Lloyds Bank requires that you must be aged 18 or above, a resident in the UK, have a regular income, and be free from any County Court Judgements, bankruptcy, or Individual Voluntary Agreement.

Before applying, it is also important to take note that the bank will be asking for your bank account number and sort code, your home address, your contact number (email address and phone number), and your annual income.

Lloyds Bank Purchase Credit Card Application Process

Applying for a Lloyds Bank Purchase Credit Card has never been easier with their online application. Simply visit the Lloyds Bank website, browse through their credit cards section, and click on the “Apply Now” button.

Individuals may also apply personally by going to the branch nearest to them.

Lloyds Bank Purchase Credit Card Limit

Credit limits and interest rates vary based on your individual circumstances (with an assumed limit of £1,200). The bank may increase or decrease the amount depending on the credentials you have submitted.

Lloyds Bank Address and Contact Details

If you have any inquiries, you are free to contact Lloyds Bank at 0345 300 0000. Customers who will be calling from international locations can reach them at 0173 334 7007.

What Next?

Overall, the Lloyds Bank Purchase Credit Card features a number of benefits that are worthy to be availed and experienced. Be sure to kickstart your application by visiting the bank’s official website today.

Note: There are risks involved when applying for and using a credit card. Please see the bank’s Terms and Conditions page for more information.