Lloyds, Halifax and Bank of Scotland launch their longest ever 0% balance transfer periods.
Lloyds, Halifax and Bank of Scotland have extended the 0% balance transfer period on their top credit cards to 33 months.
On top of the increased interest-free balance transfer period, cardholders can enjoy 0% on purchases for the first six months.
How good are these cards?
Although the 0% balance transfer fee period has increased from 32 to 33 months on all three cards, the transfer fee charged varies. The transfer fee for the Lloyds and Bank of Scotland cards has risen from 2.8% to 2.85%, but Halifax has made the biggest jump fee-wise, rising from 2.65% to 2.80%.
Here's how the revamped cards shape up compared to the rest of the market.
|
Credit Card |
0% period on balance transfers |
0% on purchases |
Balance transfer fee |
Cost of transferring £2,000 balance |
Representative APR |
|
34 months |
6 months |
2.99% |
£59.80 |
18.9% |
|
| Barclaycard 33 Month Platinum Visa | 33 months | 6 months | 2.79% | £55.80 | 18.9% |
| Halifax 33 Month Balance Transfer MasterCard | 33 months | 6 months | 2.80% | £56 | 18.9% |
| Lloyds Bank 33 Month Balance Transfer MasterCard | 33 months | 6 months | 2.85% | £57 | 18.9% |
| Bank of Scotland Platinum 33 Month Balance Transfer MasterCard | 33 months | 6 months | 2.85% | £57 | 18.9% |
| Sainsbury’s 33 Month Balance Transfer Credit Card | 33 months | 6 months | 2.89% | £57.80 | 18.9% |
|
33 months |
3 months |
2.9% |
£58 |
18.9% |
|
|
32 months |
3 months |
2.69% |
£53.80 |
18.9% |
|
|
31 months |
3 months |
2.88% |
£57.60 |
18.9% |
|
|
31 months |
3 months |
2.88% |
£57.60 |
18.9% |
As you can see, the revamped cards are still not quite as attractive as Barclaycard's offering. That said, Barclaycard tends to respond to any developments at the top of the 0% balance transfer table so don't be surprised if it rejigs its own cards in the near future.
Compare even more credit cards with lovemoney.com
Smaller debt
If you have a small amount of debt to pay off, it may be a better idea opting for a card with a shorter 0% balance transfer period as it will have a lower balance transfer fee. In fact, the Tesco Bank Clubcard No Balance Transfer Fee (as the name suggests) doesn't charge a fee at all to move your balance onto its 12-month 0% credit card.
Check out the best 0% balance transfer credit cards for more.
I've been offered a different deal
Lenders only have to offer the advertised deals to 51% of successful applicants. So if you're one of the 49%, you will be offered a different package on the Halifax, Lloyds and Bank of Scotland credit cards.
[SPOTLIGHT] With all three cards, you may be offered a 30-month 0% period and APR of 21.9% or a 27-month 0% period, followed by APR of 25.9%, depending on your credit score.
To boost your chances of bagging the best deals in future, find out how to build an excellent credit history.
Compare credit cards with lovemoney.com
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