Lloyds Credit Cards - Is it right for me?

dylanuk

sscott5581 wrote: »

The APR is low yes but watch with this card . .

This card does not offer the standard 56 days interest free even if the balance is paid in full for two months.

After the 0% purchases for 6 month Interest is charged from date of transaction.

From Lloyds

Even if you pay the balance in full, the interest charge for the period from the previous statement to the date of full repayment will be added to your account the following month.

Interest Free Period
N/A

I didn't notice this - I agree, avoid this credit card. Even a sub-prime card with a 30% APR would be better if you stick to repaying the balance in full each month.

As another poster said, set up a direct debit for the full amount and get a credit card with a standard interest free period on purchases.

It should say something like "up to 56 days interest free on purchases" - which is the maximum time between a purchase and the full payment due on a statement.

CannyJock

funkyfilly wrote: »

I have my own business been open 3 years i would like to apply for a business cc to expand and buy extra stock,do they search your personal file or your business.Business has been slower the last 6 months but i feel i can get things going again with a new range of products,i have had some returned direct debits does this go against me,i havent asked the bank for any money for my business i invested £10000 myself. any help would be great..

Sounds like you're asking for a bigger shover to dig a hole and use the soil from the new hole to fill in the old hole?

Not able to negotiate 90 day credit terms with your supplier and self-finance the new product range?

Whether they search your personal file or not depends whether you're a Ltd company or not - if you're Ltd then you may be offered a very modest limit to begin with - if you're a sole-trader they'll search your personal credit history. Anything there you wouldn't want them to see?

Missed DD for a business owner implies either cashflow problems or profitability problems. Adding more debt that you need to finance to the picture could be very risky.

izools

sscott5581 wrote: »

The APR is low yes but watch with this card . .

This card does not offer the standard 56 days interest free even if the balance is paid in full for two months.

After the 0% purchases for 6 month Interest is charged from date of transaction.

From Lloyds

Even if you pay the balance in full, the interest charge for the period from the previous statement to the date of full repayment will be added to your account the following month.

Interest Free Period
N/A

Thanks for pointing this out Scott!

This makes this card excellent as a first time card but only if used to spread the cost of something you were going to get on tick anyway,

Using it as an every day card to clear in full each month would work out more expensive even than a Vanquis card! What a weird system...

RocketPig

Thanks for all the advice.

I'm going to visit my branch tomorrow and see if they can give me a Platanium card instead.
http://www.lloydstsb.com/credit_cards/platinum_card.asp#tab4

Rather than apply online, I dont want to affect my credit rating if I get knocked back.

CannyJock

RocketPig wrote: »

Thanks for all the advice.

I'm going to visit my branch tomorrow and see if they can give me a Platanium card instead.
http://www.lloydstsb.com/credit_cards/platinum_card.asp#tab4

Rather than apply online, I dont want to affect my credit rating if I get knocked back.

A new application whether in branch or online will still add a search to your credit report

izools

CannyJock wrote: »

A new application whether in branch or online will still add a search to your credit report

Yes, but in branch they can tell you the risk score, and with that in mind you have a better idea of whether or not you'll be approved.

If your risk score is low enough it'll go through as a "Supper Approval" without a credit search, and if the risk score is too night it'll go through as a "Super Decline" without a search.

If you're risk score is 1-3, go for it. If it's 6 or above, not so likely.

4 or 5 and you're subject to a credit check and have middling chances of approval. Or something like that - they'll clarify in branch

RocketPig

Ok I went to Lloyds today, my risk score was 3.

I was offered a "super approval" £2000 limit on either a "classic credit card" or "air miles" both at 19.9%.

They said the advance card is only an online offer (not that I wanted it anyway) and that I'd have to apply for a Platinum.

Any comments are appreciated. Thanks.

sscott5581

Well done!!!

dylanuk

Why not go for the Airmiles Duo card then?

At least as you'll be paying it off in full each month you'd then earn reward points. I think AirMiles are quite flexible too. It's been reviewed here http://www.credit-card-comparison-o.../lloyds-tsb/airmiles-duo.asp

Not sure what the classic card offers - it doesn't look like it's on the Lloyds TSB website, is it a branch only offer?

RocketPig

I went and found a second branch as the woman at the first one diidnt know what she was on about. I have now signed up to the airmiles duo card at 19.9% with £2000 limit. The APR is of no concern as I will be paying things off in full.

Is £2000 a good limit for a first credit card? No way do I spend even half that each month.

On a final note, the classic card is basically an airmiles mastercard without the airmiles! So a no brainer really...