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Lloyds TSB Airmiles Duo 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 15.9% APR variable

Interest Rates 

Purchases

  • Introductory rate - not applicable
  • Monthly rate - 1.240%
  • Simple annual rate - 14.880%
  • Effective annual rate - 15.9%

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 - 1.240%
  • Simple annual rate - 14.880%
  • Effective annual rate - 15.9%
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 date debited to your account until statement date prior to paying in full
  • Cash Withdrawals - From date debited to your account 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 reduce your balance in this order:

  • Interest.
  • Charges.
  • Payment Protection Cover premiums (if applicable).
  • Balance Transfers and Cheques at 0%.
  • Other promotional Balance Transfers and Cheques, in the order they were added to your Account.
  • Balance Transfers and Cheques charged at the standard rate.
  • Purchases.
  • Cash Withdrawal,
  • All other amounts.

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 - £500. Your cash limit is 50% of your actual limit.
  • Maximum credit limit - subject to status
Fees

No annual fee.

Charges
  • Cash Withdrawals - 3% or minimum £2.50.
  • Balance Transfers - 3% for each individual Balance Transfer. The standard interest rate 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 1 November 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 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?
£144
£120
How much interest will you be charged in the second year?
£131
£45
How long would it take to clear the balance?
21 years 10 months
2 years 1 month


The above example assumes the following:

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