Latest World Breaking News Online News Portal
Lloyds Bank has spoken out to clarify its transfer rules after a query from a customer.
The person contacted the group over social media to ask: “Am I still able to balance transfer from a Halifax credit card please?”
They went on to explain that they had applied and been accepted for a Lloyds Bank 0% balance transfer credit card and were worried they may not be able to transfer over their Halifax balance.
Lloyds Bank responded to explain the rules, saying: “You can transfer balances between different brand credit cards that you hold within the Lloyds Banking Group.
“If you have an existing Lloyds credit card you can check the available offers in the more actions area of online banking and use any available offer.”
Lloyds Banking Group includes Llloyds Bank, Halifax, and Bank of Scotland. You may be able to apply for a credit card with Lloyds Bank if you are a UK resident, aged 18 and over, and have a regular annual income.
Information on the Lloyds Bank website explains: “Before you apply, you’ll need to check your eligibility. This will show you the cards you can apply for and what credit limit we could offer you.
“You’ll just need to fill in some basic information like your bank details, annual income, spending commitments, and a couple of other things. It’ll only take about five minutes.”
You will need to go through the One Check process to verify your details, and then you will see which cards you can apply for and what credit limit and interest rate you can get. Doing so will not affect your credit score.
Financial journalist Martin Lewis recently did a podcast about credit cards. One listener sent in a question asking which credit card would be best for them, as a graduate looking for their first credit card.
He gave this response: “There is no best credit card. Credit cards, like fire, are a useful tool when used right, and use them wrong and they burn.
“You have to be getting the right credit card for the purpose that you need it for.” He said the various reasons people may use credit cards for include to borrow cash, to build up a credit score or to benefit from certain rewards.
Mr Lewis further explained: “A credit card has two purposes: the first is it’s a way to spend, it’s a transactional card, it’s something you can pay with.
“The second is it’s an open-ended borrowing facility where you can continually borrow up to a limit, and your usually charged interest. That interest now is typically 25% APR.”
The financial expert always encourages people to pay off their credit card “in full” at the end of each month to avoid paying any interest on the amount you spend.
