Last Updated on July 1, 2024 by admin
When it comes to choosing a credit card, Lloyds Bank offers a range of options to suit different needs and financial situations. Whether you’re looking for a basic card for everyday purchases, a card with enticing rewards, or a card specifically tailored for students or businesses, Lloyds Bank has you covered
Lloyds Bank has a rich history, dating all the way back to the 17th century. They have been providing financial services to individuals and businesses for over 250 years. Established in Birmingham, England, Lloyds Bank has since grown to become one of the largest and most trusted banks in the United Kingdom.
With a reputation for excellence, Lloyds Bank has extended its services to include various credit card options for its customers.
At Lloyds Bank you’ll find a range of credit cards to suit most borrowing needs. there are questions that demand for answer such as type of credit card i can apply with the bank? , and what things should you consider? This article should help answer all of those important questions.
Read: How to apply for lloyds bank credit card
Types of credit cards offered by Lloyds Bank, including:
1.Balance transfer credit cards
2. Large purchase credit cards
3. Everyday spending credit cards
4. Cashback credit cards
1.Balance transfer credit cards
This card is designed for customers looking to transfer their existing credit card balances to a new card with a low interest rate for a certain period of time. Moving multiple credit card balances onto a single card can make life easier, with one balance to keep track of and one payment to make each month. A balance transfer can help you do this.
You can request a balance transfer from most credit cards and some store cards which display the Mastercard®, American Express® or Visa® logos, but not from loan companies, bank accounts or other Lloyds Bank credit cards.
The minimum transfer amount is £100. There’s no limit to how many transfers you can make, but you must stay within the credit limit of your new credit card. You’ll also need to account for any other transactions and transfer fees yet to be added to the card balance.
What’s the difference between a balance transfer and a money transfer?
Balance transfers are about moving credit or store card balances to a different credit card with another provider. With a money transfer, you can move money from your credit card to your UK-based current account.
2.. Large purchase credit cards
A large purchase credit card could help you spread the cost of a more expensive item. This card offers a low introductory interest rate on purchases for a certain period of time, making it suitable for customers who plan to make large purchases and want to spread the cost. Section 75 protection on most purchases of over £100 but not more than £30,000
3. Everyday spending credit cards
An everyday spending credit card could be a useful way of staying in control of your finances.
- Usually come with a low interest rate on purchases.
- Can help you manage your essential expenses and regular bills.
- Section 75 protection on most purchases of over £100 but not more than £30,000.
lso read: How to register for Lloyds online banking and mobile app
4. Cashback credit cards
With cashback credit card you will Earn cashback on purchases with a cashback credit card. The Cashback is normally earned as a percentage of every pound spent on eligible purchases.
You could earn cashback on everyday and larger, one-off purchases. and The total cashback amount is usually credited to your credit card account to reduce the balance.
Here are the benefits you could receive with the Lloyds Bank Cashback credit card:
- 0.25% cashback on card purchases.
- No monthly account fee.
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Representative 22.9% APR variable.
Credit limits and interest rates may vary and are subject to an assessment of your personal circumstances.
5. Lloyds Bank World Elite Mastercard®
Lloyds Bank World Elite Mastercard® is a rewards card that comes with cashback on your everyday purchases, whether you’re at home or away, and a world of travel benefits.
- 0.5% cashback on purchases totalling up to and including £15,000 in each anniversary year from account opening.
- 1% cashback on purchases totalling over £15,000 in each anniversary year from account opening.
- Travel benefits including Priority Pass and Airport Security Fast Track.
£15 monthly account fee.
Credit is available subject to status, to UK residents aged 18 and over.
How to apply for a Lloyds Bank credit card
Applying for a Lloyds Bank credit card is quite straightforward. Here are the steps:
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Check your eligibility:
- Use Lloyds Bank’s “One Check” tool. This will show you which cards you’re likely to be approved for, along with potential credit limits and interest rates, without impacting your credit score.
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Choose the right card:
- Compare the different Lloyds Bank credit cards and select the one that best suits your needs and spending habits.
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Apply online:
- This is the quickest and easiest way. Go to the Lloyds Bank website and fill out the application form.
- You’ll need some personal information, such as your income and employment details.
Alternative application methods:
- Call Lloyds Bank: You can call their customer service line on 0345 606 2172 (8 am-8 pm, seven days a week).
- Visit a branch: Find your nearest Lloyds Bank branch and speak to an advisor.
Important points:
- Before applying, carefully consider your borrowing needs and budget.
- You must be a UK resident aged 18 or over to apply.
- Applying for a credit card will leave a mark on your credit file, so only apply if you’re serious about getting one.
How to Activate Lloyds Bank credit card
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You have two convenient ways to activate your new Lloyds Bank credit card:
1. Online:
- Go to the activation page: Visit the Lloyds Bank credit card activation page:
- Enter your details: Provide your credit card number, date of birth, and card expiry date.
- Click activate: Once you’ve entered your information correctly, click “Activate.” Your card should be ready to use immediately.
2. Mobile Banking App:
- Log into the app: Open the Lloyds Bank mobile app and log into your account.
- Navigate to card activation: Select “Apply” at the bottom of the screen, then choose “Credit Cards” followed by “Activate credit card.”
- Confirm details: Check that the card details displayed match your new credit card.
- Activate: If the details are correct, select “Activate.” Your card should be ready to use.
Important Note:
- You’ll need your new credit card handy to activate it, as you’ll need the card number and expiry date.
- If you encounter any issues during activation, you can contact Lloyds Bank customer service for assistance.
Balance transfers are generally either 0% p.a. interest for a set time period or a longer-term fixed low interest rate. You might be offered one or both types of transfer on your account.
Balance transfer fees expandable section
You’ll usually be charged a fee for each individual balance transfer made. This will be a percentage of the amount transferred and will be added to the balance. For example, a transfer of £1,000 with a 3% fee would result in a £30 transfer fee.
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You need to make at least the minimum payment every month and stay within your credit limit to keep your promotional rate and not incur extra fees or charges. If you’ve got a Direct Debit set up, check the amount due after your transfer’s approved, especially if you normally clear your balance in full.
If you need to increase your credit limit to transfer any balances, the simplest way is online. Alternatively, you can call 0345 606 2171 Lines are open 8am – 8pm, seven days a week.
Not all Telephone Banking services are available 24 hours a day, seven days a week.As soon as transactions show on your monthly statements, those with a higher interest rate will be paid before any lower rate balances, including any promotional rates that might be finishing soon.
Balances with the same interest rate will be paid off in the following order:
- Cash transactions (ATM or over the counter withdrawals)
- Card purchases
- Balance and money transfers
- Default fees, including interest and other charges added
Frequently ask questions
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Q: How do I check if I’m eligible for a Lloyds Bank credit card?
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A: Use Lloyds Bank’s “One Check” tool to see which cards you’re likely to be approved for without impacting your credit score.
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Q: How do I apply for a Lloyds Bank credit card?
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A: You can apply online through their website, by phone, or in person at a branch.
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Q: What information do I need to apply for a credit card?
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A: You’ll need your personal details, employment information, income details, and information about your existing debts.
Account Management:
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Q: How do I activate my new Lloyds Bank credit card?
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A: You can activate it online or through the Lloyds Bank mobile app.
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Q: How do I check my credit card balance and transactions?
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A: You can check online, through the mobile app, by phone, or on your statement.
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Q: How do I make a payment towards my credit card bill?
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A: You can make payments online, through the app, by phone, at a branch, or by direct debit.
Interest Rates and Fees:
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Q: What is the interest rate on my Lloyds Bank credit card?
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A: The interest rate (APR) varies depending on the card and your personal circumstances. You can check the specific APR for your card in your agreement.
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Q: Are there any fees associated with Lloyds Bank credit cards?
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A: There may be fees for balance transfers, cash withdrawals, late payments, and exceeding your credit limit. Check the terms and conditions of your card for details.
Other:
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Q: Can I use my Lloyds Bank credit card abroad?
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A: Yes, but be aware of potential foreign transaction fees.
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Q: What should I do if I lose my credit card?
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A: Report it to Lloyds Bank immediately by phone or through the app to prevent unauthorized use.
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Q: How do I request a balance or money transfer?
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A: You can do this online or by calling Lloyds Bank customer service.
