British retail bank Lloyds Bank and Halifax, a division of Lloyds-owned Bank of Scotland have launched a balance transfer scheme for credit cards offering 0% interest for 34 months to help customers clear their debts built up during Christmas, reported the Guardian.
The new cards will benefit customers by directing all monthly repayment towards the outstanding balance without any interest deduction therefore, allowing a quicker clearance of the debt.
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The Halifax and Lloyds cards will each charge a 3% fee to avail the privilege out of which Halifax will refund 0.2% within 90 days and the duration of the interest free balance transfer period will vary according to the credit score of the cardholders.
Lloyds said in a statement that at least 51% of customers will receive its offer of 0% on balance transfers for 34 months and a representative rate of 18.9% APR (annual percentage rate), while others will either receive 0% for 34 months and a rate of 21.9% APR, or 0% for 26 months and a rate of 25.9% APR.
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