The Lloyds TSB Platinum MasterCard

Banking and Borrowing

Updated on 09 April 2010 | 0 Comments

Donna Werbner reviews the pros and cons of the Lloyds TSB Platinum Mastercard.

If you’re looking for a balance transfer card, on the surface, the Lloyds TSB Platinum Mastercard looks pretty good. Transfer your existing debt from another credit card and you won’t have to pay any interest for a year.

Is that all?

The worst thing about the Lloyds TSB Platinum Mastercard, however, is that it forces you to spend one hundred pounds on the card in first three months, in order to get the 12-month 0% deal.

This is a trap. Buy anything using the Lloyds TSB Platinum Mastercard, and you won’t be able to pay off what you’ve spent until you’ve cleared the entire balance you’ve transferred. So effectively, until you’ve paid off all your interest-free debts, that one hundred pounds will lie on the card, racking up interest at a whopping fifteen point nine percent  APR.

Apply for the Lloyds TSB Platinum Mastercard  via lovemoney.com

Donna Werbner reviews the pros and cons of the Lloyds TSB MasterCard

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