lloyds credit card product transfer

leeroy2009

opened up a lloyds account for the 4% on 5k


account is now 7 months old, applied for the 33 month 0% card, was accepted in seconds with no external credit check for the 33 months at 18.9%


just noticed the low rate card and id rather have this! does anyone know if they will transfer the account to the low rate one? I tried ringing but that dept is closed until tommrow.

Fruit_and_Nut_Case

leeroy2009 wrote: »

opened up a lloyds account for the 4% on 5k


account is now 7 months old, applied for the 33 month 0% card, was accepted in seconds with no external credit check for the 33 months at 18.9%


just noticed the low rate card and id rather have this! does anyone know if they will transfer the account to the low rate one? I tried ringing but that dept is closed until tommrow.

I'm not 100% sure that I follow what you're saying. Do you think that Lloyds have not given you the card you applied for? I suspect that 18.9% is the APR after the 0% offer expires.

grumbler

It's 33 months !!!!!!!
You have plenty of time to pay it off or to find a new home for the remaining balance.

Also, what's the point in paying 6.4% on your CC balance when you have £5K saved?.

leeroy2009

sorry bud, I applied and was accepted for 33 months 0% 18.9% apr when 33 months come to a end, they have given me the correct card I applied for.


however after the above I noticed they do a different product that would be much more suited to my needs, the low rate card at 6.4% apr.

grumbler

leeroy2009 wrote: »

33 months at 18.9%

This makes no sense.

EDIT: "33 months 0%" does make sense. Why do you want 6.4% instead then?

leeroy2009

grumbler wrote: »

This makes no sense.

EDIT: "33 months 0%" does make sense. Why do you want 6.4% instead then?

because id rather have this card that's why, I make enough interest through my various accounts each month, that id rather borrow (no doubt how mad this may seem) the banks money at 6.4% then use my own money, I don't buy lurpack butter or expensive brown sauce, I do have no problem though buying money in the same way I buy items from aldi, id rather use the banks money then my own.


that's just over 0.5% per month not to be sniffed at

grumbler

This does seem mad. MSE article: Should I Repay Debts or Save?

Do you have the balance to transfer? If not, do you realize that APR is irrelevant if you pay the balance in full?
Why do you want to borrow?

And what do lurpack butter, brown sauce and Aldi have to do with this?!

MABLE

Take no notice of grumbler he thinks he knows it all.

stclair

What's the balance transfer length on the low rate card?

I applied yesterday and was offered 28 months 0% balance transfer, 12 months 0% purchases with 1.5% fee on balance transfers.

I've done a balance transfer and could easily clear it by the end of the 0%.

YorkshireBoy

stclair wrote: »

What's the balance transfer length on the low rate card?

There isn't one. However, the rate is 'variable' so could be increased by Lloyds (although not for the first year unless the T&Cs are breached?).

leeroy2009

grumbler wrote: »

This does seem mad. MSE article: Should I Repay Debts or Save?

Do you have the balance to transfer? If not, do you realize that APR is irrelevant if you pay the balance in full?
Why do you want to borrow?

And what do lurpack butter, brown sause and Aldi have to do with this?!

it means in simple terms for you, that it is cheaper to borrow £500 off the low rate Lloyds card then what it is to buy a pack of lurpack butter, so if I buy £500 or the lurpack butter out of the money I make in interest each month on my various balances at the interest paying current accounts I hold, that's the point im trying to make


and yes of course I do understand aprs perfectly, I came to ask if anyone had experience of product transfers with Lloyds credit cards.