Lloyds Bank Platinum Low Rate Credit Card

Complete User Guide & Insider Tips

The Lloyds Bank Platinum Low Rate Credit Card is often overshadowed by headline-grabbing 0% balance transfer deals. Yet, its representative 10.9% APR (variable) on both purchases and balance transfers can save you more money in the long run than many short-lived offers.

In this guide, you’ll find practical steps, expert insights, and lesser-known strategies to help you get the most out of this card — from the application stage to day-to-day use.

Step-by-Step Guide to Applying

1. Check Your Eligibility

• Visit the Lloyds Bank eligibility checker online.
• You’ll need to be a UK resident, at least 18 years old, and have a regular income.
• Lloyds will conduct a soft search that doesn’t impact your credit score.

2. Gather Required Information

• Address history for the past 3 years.
• Employment and income details.
• Existing financial commitments.

3. Apply Online

• The process usually takes under 15 minutes.
• A hard credit check will be performed if you proceed after eligibility results.

4. Wait for Approval

• Many applicants receive an instant decision, but Lloyds may request further documentation.

5. Activate Your Card

• Once approved, you’ll receive your card within 5–7 working days.
• Activation can be done via online banking, the mobile app, or over the phone.

Using the Card Strategically

Paying for Planned Expenses

• Spread out the cost of a large purchase without incurring high interest.
• Always aim to pay more than the minimum each month to reduce the total interest.

Balance Transfers

• Complete transfers within the first 90 days to benefit from the 0% transfer fee.
• After 90 days, standard transfer fees may apply.

Avoiding Interest

• Use the up to 56 days interest-free period by clearing your balance in full each month.
• This is especially useful for recurring bills or regular spending.

Insider Hacks Few People Know

1. Pair with a High-Interest Savings Account

• Deposit the cash you would have used for a purchase into a savings account while paying off the credit card at low interest.
• This can generate extra income while keeping borrowing costs predictable.

2. Use for “Big But Predictable” Bills

• Insurance premiums, annual subscriptions, or tax bills can be paid in full and spread over several months at low cost.

3. Leverage for Credit Score Growth

• Keep utilisation under 30% of your limit.
• Make multiple smaller payments throughout the month to show strong repayment behaviour.
  

4. Emergency Buffer Without Cost

• Since there’s no annual fee, you can keep the card unused until needed, avoiding high APRs from other emergency loans.

Maximising Value Over Time

Example Calculation
Let’s compare carrying a £1,500 balance for a year:

Card Type	APR	Annual Interest	Savings vs 24.9% Card
Lloyds Low Rate Platinum	10.9%	~£164	£206
Typical High-APR Rewards Card	24.9%	~£370	—

Over three years, that’s more than £600 saved, without even factoring in potential savings from 0% balance transfer fees.

FAQs: Beyond the Obvious

Does Lloyds offer a grace period for cash advances?

No. Interest on cash withdrawals starts immediately, even at the low APR.

Can I get a credit limit increase?

Yes, after several months of on-time payments and responsible usage, Lloyds may offer a higher limit.

Will I lose the 0% balance transfer fee offer if I’m late once?

Not usually, but late payments can harm your credit score and may lead to higher rates in the future.

Is there purchase protection?

Yes — under Section 75 of the Consumer Credit Act, purchases between £100 and £30,000 are protected.

Can I hold this card alongside other Lloyds credit cards?

Yes, but your combined credit exposure may affect your approval chances.

Does Lloyds allow multiple balance transfers?

Yes, as long as they’re within your credit limit. Transfers after 90 days may incur fees.

Are there foreign transaction fees?

Yes — typically around 2.95%, so this isn’t the best choice for overseas spending.

Alternatives Worth Considering

Halifax Low Fee Gold Card

• APR: 9.9% variable
• Best for those who qualify for ultra-low rates.

TSB Platinum Purchase Card

• Up to 24 months 0% on purchases, but higher APR after the promo ends.

Barclaycard Platinum

• Great for long 0% offers, but significantly higher standard rates.

Final Recommendation

If you want a credit card you can keep for years, with one of the lowest ongoing APRs in the UK, the Lloyds Bank Platinum Low Rate Credit Card is a strong contender. It’s not flashy, but it’s cost-efficient, predictable, and ideal for disciplined borrowers.

For maximum benefit:

• Use the 0% balance transfer fee window within the first 90 days.
• Pay more than the minimum every month.
• Keep it as a long-term financial safety net.

The best credit card isn’t always the one with the longest 0% deal — sometimes it’s the one that stays cheap long after the adverts disappear. The Lloyds Bank Platinum Low Rate Credit Card is exactly that.