Assuming that their advertising campaign has worked, UK readers will be in no doubt that Lloyds Bank has split off 600 of its branches to form a new bank, TSB (albeit using a brand that Lloyds acquired some years ago).
Since November 2011, Lloyds TSB (as it was) has been the issuer of the official avios.com credit card. They were also the issuer of the Air Miles credit card for a period, since winning the contract from NatWest.
I had assumed that the ‘new’ Lloyds Bank would become the issuer of the Avios credit cards. But it seems I was wrong, as you can see from this picture:
Now, the small print says:
“The TSB Avios American Express Card is issued and administered by TSB pursuant to a licence from American Express”
And TSB, legally, is not part of Lloyds Bank anymore. It actually uses the banking licence of the old Bank of Scotland (now Lloyds TSB Scotland). Lloyds Bank uses a different banking licence.
This is important because the Avios credit cards have a strict ‘one sign-up bonus EVER’ rule. However, is the TSB card actually a ‘new’ card? It is issued by TSB, not Lloyds. Can you therefore get another sign-up bonus by applying for this card, if you have already had and cancelled the Lloyds version?
The answer, of course, is “we don’t know”. However, I am tempted to apply for one as an experiment and see what happens. The alternative is to wait until TSB is sold off next year, although by then I get a feeling that they will not be offering the Avios cards any longer.