Lloyds TSB Launches Balance Transfer Fee Refund Offer

New offer makes Lloyds TSB Platinum credit card one of the best value balance transfer deals on the market

Sep 09, 2011, 11:29 ET from Lloyds TSB

LONDON, Sept. 9, 2011 /PRNewswire/ -- From 5th September 2011 Lloyds TSB is offering a 50% refund on balance transfer fees for all new credit card customers. This means that the Lloyds TSB Platinum credit card with 0% interest on balance transfers for 15 months[i], becomes one of the most cost effective balance transfer cards on the market

The offer is available to all new customers who take out a Lloyds TSB credit card and transfer balances totalling pounds Sterling 1,500 or more before 30 October 2011[ii]. Applications can be made online, in branch or over the phone, across the full range of Lloyds TSB credit cards, including:

  • Platinum credit card, with 0% interest on balance transfers for 15 months with a 3% fee and representative 17.9%APR (variable)
  • Duo Airmiles credit card, with 0% interest on balance transfers for 6 months with a 3% fee and representative 15.9%APR (Variable)

The refunded fee means that even if a customer pays off the balance over 18 months, the Lloyds TSB Platinum credit card will cost the customer less over this period than the majority of balance transfer card offers on the market today. This works because upfront the customer pays a relatively low fee to do the balance transfer, and the saving made more than offsets the interest cost incurred after the 0% period ends.

Jasjyot Singh, Acquisition Director Lloyds TSB credit cards said:
"Customers have never had so much choice when selecting a balance transfer card, but it is important for borrowers to weigh up all the offers available to them. The longest deal may not necessarily be the cheapest overall. With a 50% refund available on all fees for balance transfers totalling pounds Sterling 1500 or more, new customers could end up paying less if they opt for this latest offer on the Lloyds TSB Platinum card."

[i] Available through online applications, for applications in branch and over the phone the 0% interest free period is on balance transfers is 12 months, and there is no 0% offer on purchases.

[ii] Customers can transfer balances from multiple cards