Our daily lives in this modern era are highly influenced by the concept of plastic money or credit cards
. There are hundreds of banks, which are issuing credits cards for their customers according to different needs and categories of customers. Lloyd Bank is also one of such banks that issues different types of credit cards to its customers. These cards have different names bundled with different types of features suitable for different categories of customers.
Lloyds credit cards come in following brand names:
Duo Avios Credit Cards
Platinum MasterCard Card
Premier Duo Avios Credit Cards
Advance MasterCard Card
Student Credit Card
All these above mentioned Lloyds credit cards have different options, incentives, and plans of repayments. Getting a suitable card and using it prudentially for your financial needs is bit tricky. On one hand, there are many good features of certain card for certain transactions; but on the other hand, same card has bad impact on some other types of transactions. So it is very imperative to have detailed product knowledge with critical analysis data of the same.
If your want to transfer the credits to clear your other financial needs and want to repay it in longer span of time (more than 12 months) then Lloyds advance credit card is not suitable for you because it does not give grace time and the lower interest rates on your outstanding credit increase after 12 months. Although it charges interest immediately after your transaction but it offers lower rates about 4.9% p.a. for next 12 months so it suits those people who pay their bills in minimum payments for about 12 months. Taking cash advances is one of the nasty features because it charges 3% upfront and 24.9% p.a. It charges very low interest rates on normal purchases but offers no grace time.
Lloyds Duo Avios credit cards are very suitable for earning air miles on your purchases and even on credit transfers. This card offers 0% for 6 months; thus it is very useful for those people who spend on regular shopping and bills and at the same time repay regular in full. It has good interest free period too.
Lloyds platinum credit card is very good to use for credit transfers and other regular purchases. Credit transfers offers good interest free period of about 14 months. It also offers 0% on purchases for three months. You can use this card prudentially to control your debits. Cash advance on this card is also a nasty experience. Every bank is discouraging the cash advances on credit cards by imposing tough conditions on all cash advances. They charge about 3% upfront on every transaction and interest rates are also very high. So no credit card is very suitable for cash advances. Platinum card has another very exciting feature of security and fraud protection; but it does not offer insurance plan that is a downside of this product.
After having gone through all the pros and cons of Lloyds credit cards, it is very clear that which card is suitable for which financial need. You can enjoy your transaction prudentially.