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Lloyds TSB Airmiles Duo Premier Credit Card summary box

SUMMARY BOX
The information contained in this table summarises key product features and is not intended to replace any terms and conditions
APR
Typical 20.3% APR variable

Interest Rates 

Purchases

  • Introductory rate - not applicable
  • Monthly rate - 1.094%
  • Simple annual rate - 13.128%
  • Effective annual rate - 13.9%

 Cash Withdrawals

  • Introductory rate - not applicable
  • Monthly rate - 2.075%
  • Simple annual rate - 24.900%
  • Effective annual rate - 27.9%
 Balance Transfers
  • Introductory rate - 0% p.a. for 6 months on Balance Transfers you make in the first 6 weeks after we open your account. If you make at least £100 of Purchases in the first 3 months after we open your account this rate is fixed for 6 months from the date the transferred balance is put on your account.  Otherwise, this rate is fixed until 3 months after we open your account.
  • Monthly rate - 1.094%
  • Simple annual rate - 13.128%
  • Effective annual rate - 13.9%
Interest Free Period
Maximum 56 days for purchases if you pay your balance in full and on time.      
Interest Charging Information
You will not pay interest on new purchases if you pay your balance in full and on time. Otherwise, the period over which interest is charged is as follows:
  • Purchases - From transaction date until statement date prior to paying in full
  • Cash Withdrawals - From transaction date until paid in full
  • Balance Transfers - From date debited to your account until paid in full
Even if you pay the balance in full, the interest charge on Cash Withdrawals and Balance Transfers for the period from the previous statement to the date of full repayment will be added to your account the following month.
Allocation of payments

If you don’t pay off your balance in full your monthly payment will pay off your interest, charges and if relevant, Payment Protection Cover premiums first. After this payments will be applied in the following order:

  • Promotional transactions at 0% followed by Promotional Transactions at other rates in the order that they were added to the account.  Payments will always reduce Balance Transfers before any other Promotional Transactions on your account.
  • Purchases
  • Cash Withdrawals
  • Transactions not yet billed

This means that 0% balance transfers are paid off before balances charged at a higher rate, such as Cash Withdrawals.

Minimum repayment

The greater of:

  • 2% (minimum £5) of the balance shown on your statement; or if it is more
  • the amounts for interest and Payment Protection Cover premium (if applicable) on your statement.
Credit Limit
  • Minimum credit limit - £3500. Your cash limit is 50% of your actual limit.
  • Maximum credit limit - subject to status
Fees

An annual fee of £50 if you do not hold a Lloyds TSB Premier current account.

Charges
  • Cash Withdrawals - 3% or minimum £2.50.
  • Balance Transfers - 3% for each individual Balance Transfer.  The standard interest rates is charged on Balance Transfer fees.
  • Credit card cheques - 3% or minimum £3.00 for each individual cheque.
  • Foreign currency transactions - 2.95% of the amount of the sterling transaction value.
  • Copy statements - £6 for copies of non-current statements.
  • Copies of transactions - £5 for each copy of a record of a transaction.
Default charges

Late Payment charge, Returned Payment charge and Overlimit charge - £12


These details are correct on 30/06/2009

Credit cards are designed to be a flexible form of borrowing.  Paying the minimum amount every so often can help you manage your money more effectively, although we would not recommend that you make minimum payments for a long period of time once your promotional offers have ended.  Once your account is open, you can set up a Direct Debit for any fixed amount over the minimum payment by calling 0845 606 2172. Lines are open Mon-Fri 8am-10pm, Sat-Sun 8am-6pm. 

The following example highlights the difference between only paying the minimum and paying a fixed amount: 

For a purchase of £1000 on your Airmiles Duo Premier credit card…

Monthly Payment
If you pay the Minimum Payment each month   
If you pay £50 each month
Without taking into account any introductory rates, how much interest will you be charged in the first year?
£126
£105
How much interest will you be charged in the second year?
£113
£38
How long would it take to clear the balance?
19 years
2 years


The above example assumes the following:

  • The transaction takes place on the 1st January and you make no further transactions.
  • You always make the payment each month on the 15th.
  • Your statement is produced on the 1st of each month.
  • This is a simple example and does not account for any annual fees or introductory rates