Interestingly Lloyds TSB are one of the few banks to offer a 0% balance transfer period to students. Most card issuers will charge the same rate of interest for balance transfers as they will for purchases so this makes the card stand out from the crowd. So if you've got an existing balance that's costing you too much each month then maybe this is an option to consider.
It does however command one of the highest student credit card interest rates which means that if you've not paid you're balance off by the time the interest free period comes to an end, you're going to get stung and it will probably work out more expensive than your original card. The package isn't bad but it's not going to blow you away:
- Manage your account online, by phone or at a local branch
- Guarantee against fraud loss on the high street and on the Internet
- Worldwide acceptance at more than 24 million places if you decide to go travelling
- Extra security with Chip & PIN
- Choose your own PIN at any Lloyds TSB Cashpoint
The package is a little lack lustre and it seems that Lloyds TSB are trying to hook those already in debt in the hope that they don't pay the balance off. That said, the ability to transfer your existing balance for 0% (don't forget to include the balance transfer fee in your calculations) could be a life saver, particularly if you are sensible and pay it off before the interest free period expires. You can apply online or compare all student credit cards options at airaid.co.uk
