A question about : Lloyd Credit card
I am currently Lloyd Bank customer and would like to apply this Lloyd CC
https://www.lloydsbank.com/credit-car...nsfer-card.asp
Summary (direct quotation):
• 0% interest for up to the first 28 months on balances transferred within the first 90 days after your account is opened.
• Balance transfer fee of 1.5% applies on balances transferred within the first 90 days of opening the account, 3% fee applies thereafter.
• 0% interest on purchases for the first 12 months after your account is opened.
I currently have 0% for purchase on Barclaycard with a balance of around Ј3600 which will end on this coming mid March. So the intention here is to apply this Lloyd CC and transfer all the balance from Barclaycard to the new Lloyd credit card (subject to acceptance with credit limit higher than the balance to be transferred).
Assuming I get accepted with the limit of Ј5,000 (say). Is my understanding for the following correct??
1. I will only pay 1.5%xЈ3600 and nothing else to pay long as I do the balance transfer within the first 90 days after the account is open and pay minimum balance. I could leave this balance for up to 28 months without paying any interest, am I correct??
2. I could still top up the balance of this CC with purchase for up to Ј1400 (to achieve limit of Ј5000) for the first 12 months after the account is opened without paying anymore interest, am I correct ?
3. After the 12 month has elapsed. What is the amount I will need to pay to avoid any interest on purchase ? Is it Ј1400 or another amount??
Thank you for your time ….
Best answers:
- Pretty much as you state bearing in mind your assumptions. You will have to clear the purchases contribution by the 12 months to avoid interest
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