Are you looking for a basic credit card with low rates and no annual fees that will help cover an upcoming expense? Well, look no further, the Lloyds Bank Low Rate Credit Card has got you covered.
It is important to choose a credit card that fits your individual needs. If you have the need a carry a balance on your card, this might be the one for you! Aptly named, the Lloyds Bank Low Rate Credit Card offers cardholders low rates on interest. Plus, during an introductory period, the benefits get even better.
This credit card comes with a range of features and perks. Continue reading to find out more about the benefits of the Lloyds Bank Low Rate Credit Card and how you can apply today.
Lloyds Bank Low Rate Credit Card: The Details
This low rate credit card comes with a low representative APR of just 9.9% for most successful applicants, based on a limit of £1,200. Though this does depend on your individual circumstances, the APR rates for this card are considerably lower than the average credit card’s.
Apart from the low-interest rate, this credit card comes with zero balance transfer fees for the first 90 days of your account being open. After the introductory period, the balance transfer fee rate will rise to 3%. This higher rate is common amongst most credit cards.
If you travel a lot or prefer to use your credit card over cash, you can rest assured that this credit card is accepted in over 43 million locations worldwide, wherever you see the Mastercard® sign. However, you should note that there is a 2.95% foreign currency transaction fee associated with this card. Amongst the other benefits, you can also enjoy the perk of having zero annual fees with this card.
Finally, for your convenience, you can manage your credit card online through the Lloyds Bank mobile internet banking app.
Eligibility and How to Apply: It’s all online!
If you are eligible, applying for this Lloyds Bank credit card is fairly straightforward. You must be at least 18 years old, a UK citizen with a regular income and you must be free from any county court judgments or bankruptcy. If you would like to check your eligibility before officially applying, the Lloyds Bank website also offers an eligibility calculator for your convenience.
This card can only be applied for online via the Lloyds Bank website. Upon completing your application, you will receive the decision regarding your approval less than 10 minutes later.
How to Make Sure You Get a Low Rate
Let’s be honest, the main reason you want to apply for this low rate credit card is to get that generously low-interest rate. For an interest rate of 16%, there are other cards out there that offer rewards and even cashback. So, you want to make sure you are awarded the lowest possible interest rate available to you. Here are a few tips in order to do so.
First, it is important that you meet the basic eligibility requirements, as noted above. Failure to meet the base standards can result in outright denial or the offer of a higher interest rate, which is not what you are after.
Second, make sure your credit score is in good standing. Lower interest rates are awarded to those who have proved themselves to be creditworthy. If the bank knows they can trust you, they are happy to provide you with a more relaxed interest rate.
Lastly, minimize outstanding debt. Perhaps you have another credit card that has a substantial balance on it. Though you won’t necessarily be penalized for this, paying off your debt before applying, if you are able, is always a good idea. Even if you have a great credit score, the bank may look at the outstanding debt as a red flag.
Unlike credit limits, interest rates are generally not changed over time, so it is important to get a good one at the start! With these tips, you can help your chances of being granted that amazing rate of 9.9% on the low rate credit card.
If you have been searching for a basic low rate credit card that will help you spread out the cost of an upcoming expense, the Lloyds Bank Low Rate Credit Card may be able to help you. Visit the Lloyds Bank website and apply today to begin enjoying the features and benefits of this credit card.
Note: There are risks involved when applying for and using a credit card. Please see the bank’s Terms and Conditions page for more information.