Lloydstsb Credit Card Swop

mikeywills

Recently Lloyds TSB have been changing their existing customers credit cards over from Platinum, to Airmiles Duo or Mastercard.

When I looked into it I realised that the latter was the best deal as they would offer 12 months 0% Balance transfer with a 3% fee, whereas the duo cards where only offering 6 months.

However, as I have been waiting for the cards to open they have changed their offers and the mastercard now is still 12 months low rate but with a transfer of 3% and an annual charge of 4.9%.

Is this legal, they have changed their offer, and don't seem to wish to honour their original terms?

mrmajika

All the offers are for new credit card customers.

Anyone who was on the offer at the time of applying will still have the original terms honoured.

What is this 4.9% annual charge? It's not something I've heard of.

^edit to above^

I think i've just realised. 0% for 12 months on the Platinum still exists for new credit card customers. Existing customer are not eligible for the introductory offers. However, as they are migrating you, they are offering a special offer for existing customers - which is 4.9% on balance transfers.

To get the 0% you would have to close the card, wait 12 months, then reapply. Or... talk nicely to retentions.

mikeywills

I thought as they are changing the cards, then they are doing it for a reason, and you bet your bottom dollar it won't be for my benefit. So I was expecting to receive the promotional rates as suggested for new card holders, how wrong could I be.

It just goes to show the best thing to do is ditch it and look a fresh, the only disadvantage is they are currently offering me the highest level of borrowing at £9750, no one else comes close best alternative is about £5000.

I currently have around £9200 juggled on a number of 0% deals, and was looking forward to benefitting from a new promotional rate for this card.:(