How to do a balance transfer

Transferring balances from other cards to Lloyds Bank could help make things easier to manage, as you’ll only have one payment to think about every month.

What is a balance transfer and how does it work?

Read our in-depth guide to find out all you need to know about balance transfers.

Balance transfer guide

Steps to take

We’ll guide you through it.

  • 1. Log on to your Internet Banking account online or using the app, so you can see what options are available to you.

    2. Fill in a simple form. You’ll also need to complete a quick automated security check to confirm it’s you, so have your phone to hand. We’ll use the number registered with us to do this.

    3. Enter transfer amount. The minimum amount for balance transfers is £100. You can only transfer up to 93% of your credit limit, including your existing balance, to allow for fees and transactions that haven’t hit your account yet.

    4. Approval. Once approved, transfers usually show on your account the next working day after we approve them. They can’t be cancelled and fees can’t be returned.

    Transfer a balance

What do I need before I make a balance transfer?

  • Make sure you have the card details you want to transfer to hand, as you’ll need to tell us the long number from the front.
  • Check the cards you want to transfer have the Mastercard®, American Express® or Visa® logos, on them, or they might be rejected. You can’t balance transfer from other Lloyds Bank credit cards.
  • Read everything thoroughly before you submit your request.
  • Once your promotional period rate ends, any remaining balance will revert to the standard rate for balance transfers.

Not got a Lloyds Bank balance transfer credit card?

Find out which cards you’re likely to be accepted for in about 5 minutes with One Check.

See our balance transfer credit cards

Let’s look at the details

  • Balance transfers are generally either 0% p.a. interest for a set time period or a longer-term fixed low interest rate. You might be offered one or both types of transfer on your account.

  • You’ll usually be charged a fee for each individual balance transfer made. This will be a percentage of the amount transferred and will be added to the balance. For example, a transfer of £1,000 with a 3% fee would result in a £30 transfer fee.

  • To keep your promotional rate, you’ll need to make at least your minimum monthly payments on time. If you pay late or miss a payment, you may have to pay fees, lose any promotional offers you have, and it could damage your credit score. If you’ve got a Direct Debit set up, check the amount due after your transfer’s approved, especially if you normally clear your balance in full.

  • If you need to increase your credit limit to transfer any balances, the simplest way is online. Or you can give us a call.

    More about credit limit increases

  • As soon as transactions show on your monthly statements, those with a higher interest rate will be paid before any lower rate balances, including any promotional rates that might be finishing soon.

    Balances with the same interest rate will be paid off in the following order: 

    • Cash transactions (ATM or over the counter withdrawals)
    • Card purchases
    • Balance and money transfers
    • Default fees, including interest and other charges added

    For each type of balance, the oldest transactions and any related fees, charges and insurance, will be paid first.

Before you go ahead, ask yourself:

  • Does this option suit my borrowing needs, or should I consider other alternatives?
  • Will I be able to make repayments, even if my circumstances change?


Still not sure? Read our balance transfer guide

All set to do a balance transfer?

Log on to see your options in Internet Banking or using the Lloyds Mobile Banking app.

View my options

Register for Internet Banking

Get the Mobile Banking app

 

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Help and guidance

Whether you’re new to credit cards or you’re an existing customer we are here to help. 


Help and guidance

Existing credit card customers

If you need information, or want to make a change to your Lloyds Bank credit card account, this is a good place to start.

Existing customers

Existing credit card customers

If you need information, or want to make a change to your Lloyds Bank credit card account, this is a good place to start.

Existing customers