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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. lgflyer says:

    Are Revolut topups allowed and treated as a purchase with the Lloyds card?

  2. Spooky coincidence (possibly). In the past week my online Lloyds account has moved over to the new MC (though I now can’t see any of my statements, but again, this is Lloyds) and I’ve received a new PIN (though not a new card). Today a letter has arrived notifying me I’ve earned the upgrade voucher, even though I haven’t spent on the card since August and by reckoning am still £50 short of the £7k spend. Anyone else had this?

  3. Since the change, I have been contemplating changing my credit cards as the rewards scheme is now very poor, however this seems to be the only Mastercard that rewards you with Avios…
    Would you suggest any other card worth getting – I see the Amex Gold card now states you must not have held one for 2 years ( i think I had one about 1.5 years ago)

    • The RBS or NatWest rewards mastercard allows you to payout your rewards at a rate of something like £50=5870 avios IIRC. Which is free of you have their rewards account which is also pretty generous for Direct Debits and such like

    • Genghis says:

      HSBC prem?

  4. How long from hitting the £7k spend does the email/letter arrive. We’ve just till the £7k spend a few days ago. Does the voucher allow you to upgrade the domestic part and the long haul part of a trip, I’m sure the last time I used one I didn’t get the domestic leg upgraded.

    • yorkieflyer says:

      yes all legs can be upgraded

    • Hi. I recently got my new Lloyds avios mastercard. How do you know how long it is to go till the 7k target is reached ? I can’t see it anywhere on my statement or app. Thanks

  5. I have 4 bank accounts with ABC Bank. Can I assign to ‘switch’ just one of these accounts to Lloyds (to get the £125 bonus) and safely retain the 3 ABC Bank accounts?

  6. I had the Premier Avios Duo so now been downgraded to the one card. Got an email telling me I’d hit the £15000 spend last month but the T&C states the companion voucher is for economy only. I’m pretty sure this wasn’t the case in the past. Does anyone know?

  7. Slightly OT, but grateful for some advice. I booked flights using my now cancelled Amex Platinum card. I still have an SPG amex card. Can I still make use of the Amex travel insurance, or was in cancelled, at the same time my card was?

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