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How to do a money transfer
Moving money from your Lloyds Bank credit card to your current account could be useful for dealing with unplanned expenses or for when you can’t use plastic.
Let’s look at the details
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Money 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.
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You’ll usually be charged a fee for each individual money 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.
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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.
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If you need to increase your credit limit to transfer any balances, the simplest way is online. Or you can give us a call.
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The balances on your latest statement with the highest interest rate will be paid off first. This includes any introductory or promotional interest rates.
Balances with the same interest rate and not on an introductory or promotional interest rate will be paid off in this order:
- Cash transactions, plus interest, fees and charges
- Purchases, plus interest, fees and charges
- Balance transfers and money transfers, plus interest, fees and charges
- Default fees.
For any balances with a promotional or introductory offer on the same interest rate – we’ll use your payments towards the offer ending first.
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Because money is transferred to your current account and you use your debit card or cash to make a purchase, it won’t be eligible for Section 75 of the Consumer Credit Act 1974 protection.
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