Time is running out to enjoy half price balance transfers with the Lloyds TSB 21-month balance transfer credit card for less.
There are just a couple of days left to qualify for the half price deal on the Lloyds TSB 21-month 0% balance transfer credit card.
If you apply for the Lloyds TSB Platinum MasterCard before the 10th of May you can get a 50% discount on the handling fee as long as you move a balance over within 90 days.
So instead of paying 3% on the balances you transfer, you pay just 1.5%. On a £2,000 debt that’s the difference between paying £60 and £30 to freeze the balance for 21 months.
But how does the Lloyds TSB card compare to other longer lasting interest-free balance transfer credit cards?
How it compares
Below is a round-up of the best cards available right now that offer interest-free balance transfers of 20 months or more.
|
Credit card |
0% balance transfer period |
Balance transfer fee |
APR after 0% period |
Cost of transferring £2,000 |
|
26 months |
3.5% |
18.9% |
£70 |
|
|
25 months |
2.9% |
16.9% |
£58 |
|
|
25 months |
2.4% |
18.9% |
£48 |
|
|
25 months |
2.5% |
18.9% |
£50 |
|
|
MBNA Platinum |
24 months |
2.85% |
16.9% |
£57 |
|
24 months |
2.89% |
16.9% |
£57.80 |
|
|
24 months |
2.9% |
17.9% |
£58 |
|
|
24 months |
2.9% |
17.9% |
£58 |
|
|
21 months |
1.5% |
17.9% |
£30 |
|
|
20 months |
3.1% |
15.9% |
£62 |
As you can see the best card on the market lasts 26 months and comes from Barclaycard. But you will need to fork out a hefty 3.5% fee to transfer balances onto it. With a £2,000 debt that amounts to £70.
The Lloyds TSB Platinum MasterCard is the cheapest of the longer lasting 0% balance transfer credit cards. You save £40 compared to the market leader but you will need to be able to cope with five months less of 0% interest. Be careful here as a miscalculation on how long you need might mean you don't finish paying down the debt in time and have to suffer an APR of 17.9%.
Shopping around is the key to finding the card that best suits your needs, but comparing deals can be tricky. Take for example the Nationwide Visa which offers only 20 months interest-free on balance transfers but charges more than cards with 0% periods lasting between 21 and 25 months. Shorter deals aren’t always cheaper and longer deals aren’t always the most expensive!
Even cheaper fees
Recently the balance transfer fee on the Halifax All in One credit card was lowered from 3% to 1% meaning you only pay £20 to relocate £2,000 worth of debt.
The card comes with 15 months interest-free on balance transfers which is six months less than the Lloyds TSB deal but it also comes with 15 months interest-free on new purchases - so you can spend and save with one card.
Elsewhere the NatWest Platinum Low Balance Transfer Fee Credit Card also comes with a 1% fee but the 0% period lasts just 13 months on any debt you move over.
Playing your cards right
A balance transfer credit card is a great tool for freezing the size of spiralling debt but it won’t stay interest-free forever.
If you need more time than what the leading cards can offer you could try a low APR balance transfer credit card which doesn't have a time limit and usually comes without a fee.
Or you could try applying for another market leading card once your offer runs out but there is no guarantee you will be successful.
More on credit cards:
The best cashback credit cards
The best 0% purchase credit cards
The best money transfer credit cards
The best credit cards to use on your travels
Balance transfer fee drops on MBNA’s 24-month card