Lloyds Bank is one of the leading financial companies in the United Kingdom. The company specializes in providing an extensive array of banking and financial services, catering to both personal and commercial customers.
Among the financial institution’s offerings are credit cards. These cards provide users access to money on demand, as well as savings with its competitive fees and offerings.
Getting a credit card from Lloyds Bank comes with a lot of privileges, from getting cashback incentives to other rewards. There are, however, advantages and disadvantages that are likewise linked to credit cards. Learn more about these pros and cons and how to get a Lloyds credit card with this article.
- Get to Know the Lloyds Bank Cashback Credit Card
- Features and Benefits of a Lloyds Bank Credit Card
- Pros of Owning the Credit Card
- Applying for a Lloyds Credit Card
- Fees and Rates of the Lloyds Bank Cashback Credit Card
Get to Know the Lloyds Bank Cashback Credit Card
Lloyds Bank has an array of credit card offerings designed for different types of use and users. There are everyday spending credit cards, balance transfer credit cards, large purchase credit cards, and cashback credit cards. This article will talk about cashback credit cards from Lloyds Bank.
The Lloyds Bank Cashback credit card is powered by Mastercard. This means that this credit card is accepted in all Mastercard outlets, ATMs, and terminals around the world.
The main benefit of this particular offering is that cardholders have the opportunity to earn cashback on everyday purchases. Customers can receive an annual cash lump sum, with other rewards and incentives given as part of the introductory offer.
How the Cashback Credit Card Works
A cashback credit card works just like any other credit card – it lets cardholders borrow money and pay it back within a specific timeframe. However, those who do not pay their statement on time may be charged interest fees and other credit card fees.
The main difference between a cashback credit card from other Lloyds Bank offerings is that cardholders earn cashback on eligible credit card purchases. These cashback rewards are typically paid on a monthly or yearly basis.
Users, in return, can use the cashback they get to pay for the balance they currently have on their respective credit cards.
Features and Benefits of a Lloyds Bank Credit Card
One of the main features that come with the Lloyds Bank Cashback credit card is that it allows cardholders to earn 0.25% cashback on their first spending amounting to £4,000 for the year. Spends exceeding this amount for the year, meanwhile, are entitled to earn 0.5% cashback moving forward.
Besides this, as part of the introductory offering by Lloyds Bank on this credit card, cardholders can get another £20 cashback bonus on their balance, provided that they have made £1,000 worth of eligible purchases within the first 90 days of opening their account.
The cashback that cardholders will earn will automatically be paid to their respective credit card account in January every year. Users can earn cash back on daily purchases such as dining, grocery, coffee, and beverages, as well as petrol stations, and many other items.
Other Benefits That Come with the Card
Apart from the aforementioned features, cardholders will be glad to know that they will be afforded the usual offerings of Lloyds Bank. These include protection against fraudulent transactions as well as access to call centers in the UK at any time of the day.
Moreover, online card management with Lloyds Bank is also made available for users. This way, they can check their transactions, statements, and balances, as well as make payments using their phone or computer.
Pros of Owning the Credit Card
There are various advantages that the Lloyds Bank Cashback credit card can bring to cardholders. The first is that there is no limit to the amount of cashback users can earn every year. This means that they can get more savings over time with this unlimited cashback earning potential.
Moreover, the cashback earned is quite unmatched as well, with the opportunity to get up to 0.5% cash back on purchases.
The cashback credit card and its earning capacity are helpful for a lot of things. Besides groceries and weekly shopping and household bills, this card can also be used for big-ticket items such as holiday getaways, kitchen appliances, gadgets, and many others.
Cons of the Lloyds Bank Cashback Credit Card
There are certain drawbacks to the Lloyds Bank Cashback credit card that applicants and prospective cardholders need to consider as well. One of these is the relatively high APR of 19.9%. Although this is competitive, this can still change depending on the credit rating of the applicant.
Another aspect that applicants and cardholders alike should take note of is that not all transactions are eligible for cashback. Balance transfers, money transfers, as well as cash withdrawals, gambling transactions, and account interest fees, among others, are not qualified for cashback.
Applying for a Lloyds Credit Card
Applicants who want to get a Lloyds Bank credit card may apply online on the company website. Prior to this, however, they will be asked to determine their eligibility using the credit card eligibility checker called One Check. Doing so will not affect their credit rating.
One Check lets prospective applicants see the rates and offers they can choose from and what they qualify for. The estimated credit card limit and their approval likewise depend on the information they provide on the website.
Answering the One Check eligibility tool takes around five minutes in total. Individuals only need to provide their bank sort code and account number, address from the last three years, annual income, employment details, and spending commitments. Once individuals know that they are eligible, they can proceed to apply online.
The online application form will require individuals to provide their personal details, including their name, date of birth, address, and contact information. They are to give their financial and employment information as well to help Lloyds Bank determine if they are qualified for a credit card.
Eligibility Requirements and Qualifications
Individuals who are interested in applying for a Lloyds Bank credit card must be 18 years of age or older. They must also be a resident of the United Kingdom and have a regular annual income.
In addition, Lloyds Bank requires applicants to have relatively good credit and financial standing. This means that applicants should be free from bankruptcies, as well as County Court Judgements and Individual Voluntary Agreements.
Furthermore, credit card applicants must not have been declined for a Lloyds Bank credit card in the last 30 days.
Fees and Rates of the Lloyds Bank Cashback Credit Card
Learning about the fees and rates that come with the Lloyds Bank Cashback credit card is important. This lets prospective applicants know what they’re getting into and what charges and rates they may face when it comes to using their credit cards.
Getting to know the fees and charges also lets cardholders become more responsible with their spending and urge them to stay within their financial means. Otherwise, they’ll be charged with interest rates, among others charges. Below are some of the fees associated with the Cashback credit card.
- APR – 19.9% variable APR, rates vary from 19.9% APR to 27.9% APR depending on individual circumstances
- Annual Fee – None
- Cash Transaction Fee – 5% of any sterling value
- Non-sterling Transaction Fee – 2.95%
- Balance Transfer Fee – 5% of the amount transferred
- Late Payment Charge – £12
Lloyds Bank Address and Contact Details
Individuals who want to reach out to Lloyds Bank for any clarifications or help regarding their credit card offerings may do so by calling them directly using the Lloyds Bank mobile app which can be downloaded on both the Google Play Store and iOS store for Android and iOS users.
Another way that cardholders and customers can get in touch with Lloyds Bank customer service representatives is by chatting with them online through the app or via logging in to their respective internet banking accounts.
Meanwhile, individuals who would want to meet with a representative from Lloyds Bank may set up an appointment with their head office. This is located at 25 Gresham Street, London, EC2V 7HN. Alternatively, they can also visit a local branch near them in order to bank with the company.
The Bottom Line
Lloyds Bank is one of the most trusted banking institutions in the UK. By learning about their credit cards, particularly the Lloyds Bank Cashback credit card, individuals can make an informed decision on the card’s pros and cons and whether the addition of a credit card is a prudent financial decision for their circumstances.
Disclaimer: There are risks involved when applying for and using a credit card. Please see the bank’s Terms and Conditions page for more information.Â
References
Lloyds Bank Cashback – Lloyds Bank – Internet Banking – Error
Terms and Conditions – Lloyds Bank – Internet Banking – Error
One Check – Lloyds Bank – Internet Banking – Error
iOS –
‎Lloyds Bank Mobile Banking on the App Store
