Are these the possible changes to the Lloyds Avios Rewards credit card?

On Monday I ran a piece about why I thought the Lloyds Avios Rewards credit card could not continue in its current form.

I was then handily emailed some draft marketing documentation currently being used as part of some market research.  This shows a Lloyds Avios Rewards Card that would be different to the one we have today:

the American Express card has gone, either because the Amex licence has ended (which is going to happen in the medium term) or Amex has agreed a deal with Avios to be the sole American Express issuer of Avios points in the UK

the earning rate on the Mastercard is improved, from 0.25 Avios to 0.3 Avios per £1

the annual fee remains at £24

The future of the upgrade voucher and the 0% foreign exchange fees was not clear.  I don’t believe that the latter is sustainable.

If this turned out to be the finished relaunched product, my recommendation would be entirely driven by whether the upgrade voucher and FX benefits remained.

After all, the Tesco Clubcard Mastercard offers the same 0.3 Avios per £1 – albeit impacted by rounding down – and has no annual fee and has the benefit of diversification.  If Avios devalues again, you can use your Clubcard vouchers elsewhere.

You would need to spend £800 abroad on your Lloyds card before the foreign exchange fee saving would overtake the £24 annual fee.  However, you could link the Tesco card to Supercard or Curve to remove or reduce that 3% fee anyway so the FX fee should not be the driving factor.

If this new card does turn out to be the one that is launched, it may be the upgrade voucher (or lack of it) which swings your decision.

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Want to earn more points from credit cards? – April 2025 update

If you are looking to apply for a new credit card, here are our top recommendations based on the current sign-up bonuses.

In 2022, Barclaycard launched two exciting new Barclaycard Avios Mastercard cards with a bonus of up to 25,000 Avios. You can apply here.

You qualify for the bonus on these cards even if you have a British Airways American Express card:

Barclaycard Avios Plus Mastercard

Get 25,000 Avios for signing up and an upgrade voucher at £10,000 Read our full review

Barclaycard Avios Mastercard

Get 5,000 Avios for signing up and an upgrade voucher at £20,000 Read our full review

You can see our full directory of all UK cards which earn airline or hotel points here. Here are the best of the other deals currently available.

SPECIAL OFFER: Until 27th May 2025, the sign-up bonus on the ‘free for a year’ American Express Preferred Rewards Gold card is increased from 20,000 Membership Rewards points to 30,000 points. Points convert 1:1 into Avios (30,000 Avios!) and many other programmes. Some people may see even higher personalised offers. Click here to apply.

SPECIAL OFFER: Until 27th May 2025, the sign-up bonus on American Express Platinum is increased from 50,000 Membership Rewards points to a huge 80,000 points. Points convert 1:1 into Avios (80,000 Avios!) and many other programmes. Some people may see even higher personalised offers. Click here to apply.

American Express Preferred Rewards Gold

Your best beginner’s card – 30,000 points, FREE for a year & four airport lounge passes Read our full review

British Airways American Express Premium Plus

30,000 Avios and the famous annual 2-4-1 voucher Read our full review

The Platinum Card from American Express

80,000 bonus points and great travel benefits – for a large fee Read our full review

Virgin Atlantic Reward+ Mastercard

18,000 bonus points and 1.5 points for every £1 you spend Read our full review

Earning miles and points from small business cards

If you are a sole trader or run a small company, you may also want to check out these offers:

American Express Business Platinum

50,000 points when you sign-up and an annual £200 Amex Travel credit Read our full review

American Express Business Gold

20,000 points sign-up bonus and FREE for a year Read our full review

Capital on Tap Pro Visa

10,500 points (=10,500 Avios) plus good benefits Read our full review

Capital on Tap Visa

NO annual fee, NO FX fees and points worth 1 Avios per £1 Read our full review

British Airways American Express Accelerating Business

30,000 Avios sign-up bonus – plus annual bonuses of up to 30,000 Avios Read our full review