Pay 0% on your balance transfer and new purchases
If you’ve built up credit card debt, you may be able to transfer your balance to a new card and pay it off interest free. Alternatively, with Christmas coming, perhaps you’d like to make your purchases on a credit card which is free from interest. Perhaps you want both!
With Lloyds you’ve plenty of choice as they have four different cards offering some combination of 0% interest on balance transfers and new purchases.
While these cards appear relatively similar, they have important differences. Firstly, the length of time over which you can repay the balance interest free differs. You can choose from 20, 24, 32 or 40 months. Similarly, on the purchase side, the interest free period varies, with between 6, 12 and 24 months of interest free purchases available.
With these four cards you may have to pay a transfer fee on any balance that you’re transferring over to your new card so look out for that. It’s also worth considering what the APR on the card is, as this is what you’ll have to pay at the end of the interest free periods.