Opting for a classical bank can give you more trust in the institution than in other non-financial institutions. Lloyd’s is a bank headquartered in London with a prestigious reputation among other banks, and this fact can give you trust and benefits.
If you live in the UK, you have probably heard about Lloyds and its financial products. This card is made for the people who want to borrow money from the bank and not making a personal loan.
Furthermore, let’s have a closer peek at Lloyds credit card, its benefits, and how to apply for the card.
Credit Card Features
All successful applicants for this card have a 27.9% APR (Annual Percentage Rate), which is variable. This means you have up to 16 months with 0% interest in transfer balance money within the first 90 days. The minimum amount you can transfer is £100 with 0% interest.Â
Also, with this credit card, you can withdraw up to £500 a day from the ATM, unless the bank modifies the limits. The bank calculates the amount of money you can borrow with this credit card for each application due to the applicant’s credit score.
Benefits
One benefit is that you can choose your credit card from Lloyds and have a 0% introductory fee and having no fees during this period. Also, you have a digital wallet in the mobile app from the bank where you can check your account anytime.Â
You can also freeze your credit card if you notice any suspicious activity with your credit card. You can also use the credit card abroad for international transactions or paying services.
On this card, you can set up 3 categories.
- Balance transfer credit card
- Large purchase credit card
- Every day spending credit card
Discounts and Points System
At the moment, Lloyds bank does not offer any discounts on their credit cards or any point rewarding system for its customers.
Pros, Cons, and Eligibility
On the bright side, you can manage your own limits, and it is your choice how much can you spend. The credit card has a 27.9% APR which can be high for some people, but if they save money with purchases and other spending, it is worth it.Â
Having no fees, at this time, the credit card is more appealing for its potential customers. Tracking your account on your mobile anytime is best and you also have customer support from the bank anytime from Monday to Sunday. You also do not have any annual fees for the maintenance of the card.
On the other hand, the bank will not give you extra points or rewards systems during this period.
If this suits you, you can check your eligibility with a quick search on their website and your application can be approved in less than 5 minutes. If you are a UK resident with a regular annual income or a student, you can apply for this. Also, you need to not have been declined for a Lloyd’s credit card in the previous 30 days.
How to Apply
You can set up all the information about your credit card by clicking here. By using the eligibility checker, you are one step closer to finishing your application.
Fees and Interest
Lloyd’s credit cards have a 27.9% APR (Annual Percentage Rate) and no introductory fees. Also, in this period, the bank does not impose other fees on transferring money or paying abroad. Just charge the default £12 in a few transactions that are stipulated by them.
Contact Details
The bank is located in London at the following location.
Lloyds PLC, 25 Gresham Street, EC2V HN, London, United Kingdom
You also can contact them online or at their customer support call center Monday to Sunday from 7 a.m. to 9 p.m.
You can also call them on the customer support line - 0345 606 2172
Conclusion
If you want a trusty financial institution with a large variety of customers, Lloyd’s may be the perfect choice for you. If you have a good credit score, you can have your new credit card within a few minutes.
Note: There are risks involved when applying for and using credit cards. Consult the bank’s terms and conditions page for more information.
