Lloyds TSB Platinum Card

Maisie11

Hello,

Sorry to appear thick but I wonder if someone could tell me whether I am missing something here.

I have about £6000 on two credit cards that I would like to transfer onto a 0% credit card (I know there is a fee of 3%). I have an excellent credit score and always pay off any outstanding balances on cards apart of course from the one that are currently interest free! The interest free period on Halifax comes to an end in Feb 09 so I am looking for another card to transfer my balance to.

I have applied for a Lloyds TSB Platinum card and the rules are that once you pay the 3% balance transfer fee you also have to purcahse £100 worth of goods in the first 3 months to ensure that the 0% interest free period lasts for 14 months.

As I understand it my 'purchases' would be paid first when I make repayments. I dont mind paying interest on £100 of goods for 14 months but is there something I am missing here please.

Thanks

YorkshireBoy

You probably have time to make the purchase and then repay it before making the BT.

Also, your purchases are paid off last, and so (if you don't do as I queried above) you would pay interest on these (and the BT fee) for the remaining 11 months of the deal...ie, after the initial 3 months 0% on purchases.

Maisie11

I have put on the form the balance transfers I want to make already (oops).

I dont mind paying interest on the £100 for 11 months if thats what will happen now. Could just do with not paying off the £6000 in Feb 09 which is why I am looking for a 0% balance transfer rate.

YorkshireBoy

Maisie11 wrote: »

I dont mind paying interest on the £100 for 11 months

You'll be paying interest on £280 though, £180 of it being the BT fee.

Maisie11

of course, the £180 BT fee appears as a purchase which of course isnt interest free. Still think I can manage that.

Thanks for the very quick reply

judy2357

We have just signed up for this card too and it was a arranged at the local branch where the Manageress assured me we could pay off the £100 separately from the other balance. However on trying to do this today the customer services said they could not do this and I would have to speak to the branch. The branch said their Manageress wasnt available today and told me to come back next week. Will let you know the outcome.

Maisie11

Hi, I think you were misinformed by the manger of the branch. The Helpline have told me that unless you spend £100 the offer only lasts for 3 months. Having said that this is a good offer and interest on £100 or so for the next 14 months is not worth worrying about!