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pauline3
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29-07-2018, 08:39 AM
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Lloyds credit card.

I have never had one,does anyone here have one?..i would like to hear personally,from someone,on how they work,..how do I pay it back,if I make a purchase?..do they charge me interest?
thank you,
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Longdogs
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29-07-2018, 03:19 PM
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Re: Lloyds credit card.

I have never had a Lloyds credit card but have had others. The best advice I can give is don't get one. They will charge you interest and interest on the interest.
Purwell
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29-07-2018, 03:25 PM
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Re: Lloyds credit card.

I have one with the Co Op bank, don't use it a great deal to be honest but always pay full amount, never borrow on it, in fact I pay it by direct debit now.
pauline3
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29-07-2018, 03:44 PM
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Re: Lloyds credit card.

Originally Posted by Longdogs ->
I have never had a Lloyds credit card but have had others. The best advice I can give is don't get one. They will charge you interest and interest on the interest.

I thought as much,thank you LD,I will stick to my debit card,
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29-07-2018, 04:39 PM
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Re: Lloyds credit card.

Hi pauline I don't know what Lloyds offer users as an incentive if anything , you would have to check .

I have a 'JLPartnership' Credit card ( Mastercard ) which I use to pay just about everything . I get a point for every £ I spend and they are turned into vouchers 3 times a year and I can spend them in Waitrose or John Lewis.

I have never paid a penny in interest because I pay off the balance in full every month (weekly actually I like to keep track of every penny I spend) . It does mean I don't have to carry cash around and I feel safer that way.

I also have the cover of free credit card protection on purchases over £100 in case if the item is faulty or a company goes bust before delivering the goods. (I have used this twice and got a full refund on goods).

If you know how to use credit cards to your advantage and that is not to obtain credit, they are great.
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29-07-2018, 04:55 PM
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Re: Lloyds credit card.

As long as you are sensible and pay off your monthly balance no probs.
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29-07-2018, 05:51 PM
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Re: Lloyds credit card.

Oh!!..that's interesting,Meg and Panda,..that throws a different light onto it,I would definitely pay it off in full,every month,I just thought it would be nice for back up,I will have a good word with Lloyds tomorrow,thank you...I do qualify,as I phoned them today,credit card team,only work,Monday to Friday.
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Losos
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29-07-2018, 08:40 PM
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Re: Lloyds credit card.

Originally Posted by Longdogs ->
I have never had a Lloyds credit card but have had others. The best advice I can give is don't get one. They will charge you interest and interest on the interest.
No, not entirely true, so long as you pay the full balance on the statement date you won't be charged interest.

I have a Lloyds Bank credit card and an automatic direct debit pays the card every month, I've had it for 18 years and never paid any interest.

My current account requires two DD's to avoid the monthly charge (the other one is BT.) I won't set up a DD for anything else as I don't trust the banks, or suppliers to get it right
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29-07-2018, 08:51 PM
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Re: Lloyds credit card.

Originally Posted by pauline3 ->
I will have a good word with Lloyds tomorrow,thank you...I do qualify,as I phoned them today,credit card team,only work,Monday to Friday.
When you talk to them tell them what credit limit you want, don't let them set the limit for you (It will likely be much higher than you need)

If you keep the limit low it is :-
a) An incentive to keep C/Card purchases to a minimum
b) Minimises any fraudulent use if you should have it stolen and the thief somehow gets your PIN
c) Prevents sales people from adding unnecessary options on goods you buy.

Ref (b) above, YES the bank will reimburse you if you are the victim of fraud BUT what they don't do is pay you for all the time and worry you have had while the matter is sorted.

A credit card is a useful thing to have but only if you use it to your advantage and don't get sucked into buying things you don't need, on long HP contracts, with interest added every month.
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30-07-2018, 10:05 AM
10

Re: Lloyds credit card.

Originally Posted by Losos ->
No, not entirely true, so long as you pay the full balance on the statement date you won't be charged interest.

I have a Lloyds Bank credit card and an automatic direct debit pays the card every month, I've had it for 18 years and never paid any interest.

My current account requires two DD's to avoid the monthly charge (the other one is BT.) I won't set up a DD for anything else as I don't trust the banks, or suppliers to get it right
That was the problem. It got to the point where I was not able to pay the full balance, which is why I needed it in the first place.
 
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