Lloyds 0% Platinum Mastercard

mi33cupc@ke

Hi all, I've just been approved for a Lloyds TSB platinum mastercard. Its says its 0% on balance transfers for 12 months with a 3% fee but this is subject to a min £100 spend within the first 3 months. Does this mean I can transfer a balance straight away and it will be 0% for 12 months and spend the £100 at any time after this (as long as its in the first 3 months), or do I have to spend the £100 before I do the balance transfer?

mrmajika

So long as you spend £100 within the first 3 months of having the card, you will keep the promotional rate. It doesn't matter whether this is before or after the balance transfer.

Remember, that it is the 0% portion that gets paid off first no matter when you make the £100 of spending, so you would have to clear the balance transfer amount before you pay off the £100. Also remember that the balance transfer fee as well as the £100 accrues interest over the 12 month period.

mi33cupc@ke

Hi thanks for your reply that was really helpful. I do have another quick question - would this card let me transfer my overdraft (also with Lloyds to it?)

mrmajika

jools02 wrote: »

would this card let me transfer my overdraft (also with Lloyds to it?)

I don't think so, no.

cm233lh

mrmajika wrote: »

So long as you spend £100 within the first 3 months of having the card, you will keep the promotional rate. It doesn't matter whether this is before or after the balance transfer.

So the best strategy would be to spend £100 as soon as you get it, then pay off the £100 so you've got a zero balance. Then do the balance transfer. Will they let you do that?