Lloyds Bank has introduced a new 15-month interest free credit card, Platinum Card, which makes it easy for customers to cheaply transfer existing debts and avoid high interest payments.
The new credit card, which can be availed only through online, will carry a balance transfer fee of 0.7% on any debts moved in the first 90 days and will offer six months zero interest on new purchases, reported Mail Online.
New customers availing the credit cards will be charged 3% for transferring their balance across, but will be refunded 2.3% within the next 60 days.
After the 15-month interest-free period, the card will be charged with an interest rate of 17.9%.
In addition to Lloyds, Bank of Scotland is the only lender to offer a similar kind of deal on credit cards.