If you're paying interest on existing credit card balances, moving them to a Lloyds Bank balance transfer credit card can reduce or eliminate that interest while the debt is cleared. Lloyds offers a single balance transfer credit card — the specific 0% period, transfer fee, and credit limit are personalized and shown only after completing Lloyds' free eligibility checker, rather than being fixed for every applicant.

Halifax customers can now also bank with Lloyds. Halifax and Lloyds are both part of Lloyds Banking Group, and Halifax's credit card range is being made available under the Lloyds brand as part of this integration. Existing Halifax cards and terms are unaffected by this change.

Always make sure you can afford repayments.

ClearScore is a credit broker, not a lender.

How Lloyds Balance Transfers Work

A balance transfer moves debt from an interest-charging credit card onto a new card, typically with 0% interest for a set period, in exchange for a one-off transfer fee. Generally, a longer 0% period comes with a higher fee, and a shorter period comes with a lower fee — the specific combination on offer depends on individual circumstances and is confirmed through Lloyds' eligibility checker rather than published as one fixed rate.

Balances can be transferred from most credit or store cards displaying the Mastercard, American Express, or Visa logo — but not from another Lloyds Bank credit card, from loan companies, or from bank accounts.

What to Be Aware Of

Missing a payment or exceeding the credit limit can end the 0% promotional period early, reverting the balance to the card's standard interest rate.

Applicants aren't guaranteed the full advertised 0% period — the actual length offered depends on individual circumstances, and some applicants may receive a shorter period than the headline figure.

Holding a Second Lloyds Credit Card

It's possible to open a new Lloyds balance transfer card while holding an existing Lloyds credit card, subject to Lloyds' own eligibility criteria and a full credit check at the time of application. Existing cardholders looking to change card type entirely (rather than add a new card) may instead be able to swap their existing card, subject to Lloyds' own conditions — check directly with Lloyds for current rules on both options.

How Much Can You Save With a Balance Transfer?

As an example: someone with a £3,500 balance on a card charging the UK's average credit card interest rate of around 24.7%, making monthly payments of £200, would take around 22 months to clear the debt, paying roughly £884 in interest along the way. Moving the same balance to a 0% card at the same £200 monthly payment would clear it faster and with no interest charged during the 0% promotional period — the exact time depends on the 0% period offered, but every payment goes toward the balance rather than interest. Any balance remaining when that period ends may be charged at the card’s standard rate, and transfer fees affect the overall saving.

Any transfer fee charged reduces this saving slightly, but is typically far smaller than the interest saved by avoiding a standard rate over a similar period.

Understanding UK Household Debt

Credit card balances make up a meaningful share of UK household debt — recent estimates put the average UK household debt (excluding mortgages) at £18,392, with credit card balances alone averaging £2,601 per household. Even a modest reduction in the interest rate paid on this kind of balance can have a real effect on monthly finances.

Looking for a Balance Transfer Card?

See our Best Balance Transfer Credit Cards page to learn about offers across providers.

ClearScore is a credit broker, not a lender