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Got a Lloyds Amex? It’s a good time to get a Club Lloyds current account

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If you had the old Lloyds Avios Rewards American Express or Lloyds Duo credit cards, you have probably been switched to the new Lloyds Avios Rewards Mastercard by now.  If not, it will happen very soon.

(For clarity, before you read on – the Lloyds Avios Rewards Mastercard is NOT available to new applicants.  There are no Avios-earning Lloyds Bank credit cards available to new applicants. )

What are you earning on your Lloyds Avios Rewards Mastercard?

There were a lot of changes from the old American Express / Mastercard double pack:

  • the upgrade voucher is dead – the new Mastercard has no ‘long term spend’ bonus
  • there is no longer be an annual fee, saving £24
  • there IS now a foreign exchange fees of 3%

Lloyds Avios Rewards Mastercard

This is the earnings rate on your Lloyds Avios Rewards Mastercard:

0.4 Avios per £1 you spend in the UK

0.8 Avios per £1 you spend outside the UK

0.4 Avios per £1 transferred on a balance transfer

Because the Mastercard element of the old Avios Rewards cards was so poor, this actually represents an improvement.  You used to get 0.2 Avios per £1 on the Mastercard in the UK and 0.4 Avios per £1 elsewhere.

Avios Club Lloyds current account

A lot of people missed the small print about Club Lloyds …..

There is an interesting bit of small print attached to the earnings rates above.

Holders of a Club Lloyds current account earn an extra 0.1 Avios per £1 (0.2 Avios per £1 for foreign transactions).

This means that a Club Lloyds accound holder gets:

0.5 Avios per £1 you spend in the UK

1.0 Avios per £1 you spend outside the UK

0.4 Avios per £1 transferred on a balance transfer

For this to kick in, you must have had a Club Lloyds current account for at least six months.

Why are we mentioning this today?

At present, there is a generous incentive available for opening a Club Lloyds current account.

Take a look at the Club Lloyds website here.

Club Lloyds £125 switching bonus

Until 5th November, Club Lloyds will give you £125 if you move your current account to them.

This applies to both the standard account and the Platinum version.  Note the terms and conditions which are lengthy.

Technically, the standard account has a  £3 monthly fee whilst the Platinum account has a £22 monthly fee.  However, the fee for the standard account is waived if you pay in £1,500 per month. 

The benefits are not bad, assuming you pay in enough to get the fee waived:

annual benefit of either 6 cinema tickets, an annual magazine subscription, or annual Gourmet Society membership

1% credit interest on balances up to £4,000 and 2% on balances between £4,000 and £5,000 as long as you have two direct debits set up on your account (you would receive £60 per year if you kept at least £5,000 in your account at all times)

The fee for the Platinum account is reduced to £19 per month if you pay in £1,500 monthly.  The benefits here look OK but you may already have most of them:

worldwide travel insurance, valid up to 80 years of age (appears comprehensive)

AA breakdown cover

mobile phone insurance

…. plus the benefits of the standard account listed above.

Plus the extra Avios …..

What isn’t mentioned in the benefits above is the additional Avios earned on your Lloyds Avios Rewards Mastercard for having a Club Lloyds account.

If you are spending £2,000 per month on your Mastercard, you’d be earning an extra 200 Avios per month as a Club Lloyds account holder.  This clearly isn’t lifechanging but is better than nothing.

If you use your Lloyds credit card abroad – not recommended due to the 3% fee, but perhaps your employer is paying – you will do even better due to the extra 0.2 Avios.

You can find out more about the £125 switching bonus on the Club Lloyds website here.

(Want to earn more miles and points from credit cards?  Click here to visit our dedicated airline and hotel travel credit cards page or use the ‘Credit Cards Update’ link in the menu bar at the top of the page.)

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Comments

  1. Just to confirm does the BT rate remain the same for Club Lloyds customers at 0.4/£? Do we have anyone out there who’s tested it to confirm?

    • I’d like to know too. I thought it also increased to 0.5 avios/£. I would be grateful if somebody could also confirm if the £1500 needs to be deposited every anniversary month or every calendar month? The £125 credit was very quick, even before my switch completed.

      • The £1500 needs to be deposited every calendar month – I have a recurring reminder set up to check at the end of the month if fund flows are £1500+ and if not I just bounce some money around to meet the threshold. The £3 fee gets charged and refunded at the start of each calendar month.

      • In practice it needs to be deposited after interest is paid and before the end of the last working day of the calendar month, else there is a possibility of needing to make a complaint.

    • The Streets says:

      Yes I regularly do this and it works at 0.5 avios per £1

    • Catman99 says:

      I get 0.5 on Balance Transfers (BTs)

  2. You would earn maximum £60 credit interest per year if you kept £5k in the account because the interest is 1% on balances from £1 up to and including £3999.99 and 2% on any part of the balance from £4,000 up to and including £5,000. In other words the first 4k earn 1% and only the final 1k earns 2%

  3. I spotted my small print from day one and im pretty certain it says 1 extra avios per £10 spent if you hold a Club Lloyds current account not 0.1 point per £1 spent. That makes a difference when spending in multiples of £9.99.

    • TGLoyalty says:

      Think that’s just to make it look better as you can’t actually earn 0.1 of an Avios.

      Lloyd‘s calculate Avios payable on the final balance of the account not individual transactions and round up rather than down in my experience.

  4. filipino_chino says:

    Had the club lloyds account to act as a savings account for year, never knew about the 0.1 bonus…

    You can just bounce £1,500k in and out to make sure you don’t pay any fees…

    I get the cinema tickets… 6 VIP tickets with Vue for free – not great, but not bad for free

    • John Matrix says:

      Yes cmon but that’s six free cinema *every* year, which is especially great if you’re facing London cinema prices.

      • I watch all my movies on Qatar Airways so don’t need to pay London (or anywhere) prices. Anyway some outer London cinemas do flat £5 for everything

  5. I had the old Lloyds Amex/ Mastercard cards but felt compelled to get rid of them because the customer service was, IME, truly atrocious.

    • Agreed it is. But so in my experience is pretty much every where else. I have friends that have milked compo from Lloyds because of poor service, and actually like them because of the likelihood of their errors. I have to say on a recent call to Tesco bank the service was excellent, no idea if that was exception or the norm.

  6. Have just received the replacement Lloyds cards. The letter clearly states that spend on the cards til March 2020 will count towards the Avios upgrade voucher. So perhaps the voucher is not ‘dead’ for all.

    • The travel insurance accepts a wide range of pre existing medical conditions and lasts until 80.

      • and you can add other conditions at far less than the ‘specialist’ travel insurance policies.

    • Correct. I got a voucher with spend on the new Mastercard for this year. Runs out July 2020.

    • That will be your last voucher. After that the upgrade voucher is indeed dead.

      • Yes – everyone who has had official notice from Lloyds (can’t be many left now who haven’t) have been given until the end of their card year to earn another upgrade voucher. But this is Lloyds so it’s entirely possible that a) the voucher won’t appear and you’ll have to chase it or b) you’ll actually get more than one voucher. I’ve had 5 in 3 years of membership!

    • Yorkieflyer says:

      Same here, one more voucher sitting on spend of £6900 till next March

    • I received a new voucher this week. I have another to book with by the end of this month. I’m sending this from my place in the sun having used another upgrade voucher to get here so they are going to be very sadly missed in my household.

  7. Thanks for this Rob. Pleased to see nothing about Halifax customers being excluded in the T&C’s which I think they’ve done before – may be wrong. Been meaning to ditch my reward account there for a while so this is ideal.

    • It’s probably a mistake.

      Why not keep a BoS (Halifax) account too? Then you can double-dip the discount offers across the brands.

      • To be honest I’ve already got multiple current accounts and I can’t be bothered to keep the Halifax one anymore or meet the requirements to earn the rewards

    • Why ditch the reward account, free £24 per year

  8. Two questions – a) how do you find out if you’re close to a voucher or you’ve had your last? I last got one back in March and b) do I use this card or an MBNA one that offers 1% cash back?

    • An MBNA card that offers 1%? News to me, I’ve got 0.5% from the VA MBNA

    • You should have had a letter advising you of the changes. The bit about earning the last voucher was in the info on the back of one of the pages of my letter, not obvious.

      • Mikeact says:

        Anna, I think what Adrian is asking ,is from a financial aspect! ie Basically, “how much more do I have to spend before the next voucher arrives “? And that, is difficult in my experience.

  9. Derek Broughton says:

    I got my upgrade voucher two weeks ago. Not dead yet!

  10. Have the Lloyds MasterCard having been given notice from the old Amex. Trying to open the new club account but when logging in using credentials for MasterCard it keeps saying sorry there is a problem! Have tried using different browsers but same issue. Suppose one could apply for the current account without logging in first. Any thoughts?

  11. iamfugly says:

    Has anyone had experience of using the upgrade voucher? Did you have do checks prior to using the voucher as to whether there are reward seats in the class you wanted to upgrade to?
    It is only redeemable via calling a dedicated call line so it seems a bit pot luck whether it is applicable to your booked ticket!
    Thanks in advance

    • I don’t know if you can apply it to a flight you’ve already booked but there has to be availability in the cabin you want to upgrade to. You can redeem it by calling BAEC. If they don’t know what you’re talking about ask to speak to the staff who deal with Lloyds upgrade bookings.

      • Do people do this at midnight to avoid missing out on seats wehn they are released?
        Ive never done the midnight trick and have never struggled to book but I am currently looking to book one for October next year and was going to do this trick.
        Out Economy and back Business using Upgrade ticket.

        • I could be wrong but I believe it is still the same old avios team that books it after being put through to them by BA. Therefore, they are only open avios hours. However, this could be easily checked by calling at midnight (or 1am currently). In theory you cannot apply the voucher to an existing booking, but there is no harm in asking as people have reported all sorts of helpful results from the avios team over the years.

          • Mikeact says:

            I have now upgraded two existing bookings with no questions asked, and I have moved existing bookings within the same zone, (important), again, no problem.
            I have a confirmed Lloyds Avios booking for two of us for next September which we have no intention of using, but will change nearer the time when we know where we would really like to go, (within the same zone)….as they are long haul, we are thinking of a couple of options.
            This sort of flexibility has been so useful…if only I had realised on day 1.

    • Hi iamfugly,
      I use http://www.rewardflightfinder.com to see if the availability I require is open. You can only upgrade one ‘class’, though not to 1st. I then double check on BA.com.
      Then phone the number specifically for Avios rewards ( 0844 and 0344 numbers I’ve used in the past.)
      I have only used to my place in the sun in Europe but presently using one voucher for 4 flights in CE (Edi-Lhr-Europe) which is a bargain AFAIC. So I also have to find UK connecting flights too. (Be careful the agent doesn’t try to place you in economy for connecting flights btw, this has happened to me twice but is incorrect.)

      • Lady London says:

        There is an offer currently on BA where incoming in PE (Y+) your travel agent can book you in Club on a connecting domestic sector without any extra charge.

    • Voucher still works. It’s just a bit more annoying to upgrade.

      1) Check the flights you want have Business availability on Reward Flight Finder.

      2) Call BAEC. Wait half an hour for phone to be answered.

      3) Immediately ask to be transferred to the department which handles Lloyds Voucher Upgrades, as the BAEC service rep won’t be able to help you.

      4) Make a cup of tea as you await the answer.

      5) Tell the Avios Dept rep your exact flight details and that you want to apply your upgrade voucher. They will see your upgrade voucher, your Avois balance and should quote the Economy Avios prices but assure you a Business seat. They will do the booking, Avios debit and you’ll get the email with the booking details.

      • For clarity – Avios for Economy or Premium Economy, Redemption fee tor the next class up.

      • iamfugly says:

        Nic, thank you very much for the step guide. That is a much better method than the one I was going to make of first making a PE rewards booking myself, then calling BAEC after to request the upgrade to business.
        Thank you all your input, much appreciated.

      • Geoffrey Sheppard says:

        Or you can just call Avios direct, give them the flt numbers you want, and book them right there. They will take the avios required from your BAEC account.

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