Lloyds Credit Card: Benefits, Pros, and Cons, and How to Apply

It's no secret that getting a credit card with rewards is hard. We've all been stung by a low-interest balance transfer or another card that promises big rewards but fails to deliver. We know how frustrating it can be when the card you want doesn't live up to your expectations. After all, you want to ensure you're getting the most out of every purchase you make.

That's when Lloyd Bank's Cashback Credit Card comes in handy. It offers you a wide range of rewards and benefits, making it one of the best flexible spending credit cards out there. This card comes with a diverse range of rewards linked to every purchase you make.


Similar to other cashback cards, it pays you a set percentage of everything you buy. Plus, if you're new to credit cards or like to keep things simple, this is an excellent option. Here we've put together an overview of the top features to see what sets this fantastic card apart. Let's dive in!

  • About the Lloyds Bank Cashback Credit Card
  • Features of the Lloyd's Cashback Credit Card
  • How Can You Apply for a Lloyds Bank CashBack Credit Card?
  • Lloyd's Bank Cashback Credit Card Fees and Interest Rates
  • What Benefits Can You Expect From the Lloyds Bank Cashback Credit Card?

About the Lloyds Bank Cashback Credit Card

The Lloyds Cashback Credit Card is a credit card that pays you a certain percentage of every eligible purchase you make. These purchase rewards are credited to your account every January and can be used to offset balances. The more you spend at the end of each billing period, the more cash back you earn, and there's no cap on how much you can make.

Lloyds Credit Card: Benefits, Pros, and Cons, and How to Apply
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Every year you use this card, you'll earn 0.25% on your first £4,000 of purchases annually. After that, the rewards will increase to 0.5% on all eligible purchases after you spend the initial £4,000. In addition, you'll receive a bonus of £20 if you make a total purchase of £1,000 within the first 90 days your account has been open.


Another good thing to note about this card is that there is no cap or maximum amount you're allowed to earn on this card. So you're free to spend and earn as much as you can.

It has a host of unique features like purchase protection, identity fraud cover, and concierge service – all in the name of helping you save time, money, and hassle!

Address and Contact for Lloyds Bank

Many customers love Lloyds bank for the ease of contacting customer service and getting help in their time of need. If you need help at any time, here's a set of phone numbers for reaching the bank.

  • To report a lost or stolen card: 0800 096 9779 (within the UK), +44 1702 278 270 (from abroad)
  • Textphone: 0800 056 3874 (within the UK), +44 1702 332 953 (from abroad)
  • Customer Services 0345 606 2172 (within the UK), +44 1702 278 272 (from abroad)
  • Textphone 0345 603 7276 ((within the UK), +44 1733 347 5 (from abroad)

If you're in London and want to speak to customer service one-on-one, feel free to visit the bank. Their London and US office is at 25 Gresham Street and New York, respectively. A simple Google map search will guide you from your current location.

Features of the Lloyd's Cashback Credit Card

Lloyds Cashback credit cards come with handy features such as online card management. With this feature, cardholders can register on the bank website and make changes to their card, check balances and transaction details, request transfers, and make card payments from their tablet, computer, or smartphone.

Lloyds Credit Card: Benefits, Pros, and Cons, and How to Apply
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Secondly, Lloyds provides three ways to make card repayments. One is through the bank, another is by using your debit card on the website, and the third is by automatically setting up direct debits to make those payments at a set time and date.

Thirdly, Lloyds indicates their care for your financial safety by providing a 24/7 hotline through which customers can contact. This comes in handy when dealing with card theft or loss or when you're in another time zone and having issues with the card.

Lastly, the days when the bank sends you paper statements are long gone. Your cashback credit card allows you to have statements sent to your email instead of receiving paper statements.

Eligible and Ineligible Purchases: What Qualifies for Cashback Rewards and What Doesn't?

Purchases you can earn cashback rewards include coffee, groceries, gas purchases at petrol stations, restaurants, and fast food purchases. If you've made larger online and contactless purchases, you'll earn cashback on those too. However, not every purchase is eligible for cashback rewards.

You won't earn rewards on money and balance transfers, currency exchange, and cash withdrawals. Also included in this category are gambling transactions from bookmakers, betting outlets, casinos, and spread betting. 

Account fee transactions and payments to current, savings, gambling, and share-trading accounts are also ineligible.

How Can You Apply for a Lloyds Bank CashBack Credit Card?

Applying for a Lloyds bank cashback credit card is straightforward. But first, you'll need to check your eligibility with Lloyd's eligibility checker called One Check. It shows you a list of credit cards you're eligible for based on the information you provide on the One Check form.

Lloyds Credit Card: Benefits, Pros, and Cons, and How to Apply
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When your result comes up, select the credit card provided, in this case, Cashback credit card. You'll find on-screen instructions for the card that'll guide you through the process within minutes.

If you don't find the cashback credit card on the list of cards you're eligible for, consider the ones you are eligible for. There's also the option to contact customer service to discuss how you can meet those requirements.

Lloyds Bank Comparison: Cashback vs. Everyday Spending

Deciding what credit card to choose is a financial decision you'll have to make when checking your eligibility. To help you make a better choice, let's compare the Cashback credit card with another Lloyds bank credit card called the Everyday Spending card.

The Cashback card pays you a percentage of your purchase as a reward credited to your statement in January. The Everyday Spending card does not give you rewards. Instead, it gives you lower interest rates for making eligible purchases.

Hence, the significant difference between both cards is that the cashback card is reward based while the everyday spending card is low-interest-based. Therefore, when choosing between these two cards, consider whether you want a card with rewards or low-interest rates.

Lloyd's Bank Cashback Credit Card Fees and Interest Rates

Unlike other credit card providers, Lloyd's Bank does not list interest rates and fees publicly. The only set rate is the variable APR of 19.9%. Aside from that, you'll have to apply and get approved before receiving personalized rates and fees based on your circumstances. Despite that, fees and interest rate payments are connected to your card.

Lloyds Credit Card: Benefits, Pros, and Cons, and How to Apply
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Introductory promotional offers - 

  • Purchases
  • Balance transfers in the first 90 days
  • Money transfers in the first 90 days

Standard interest rates outside the promotional period -

  • Cash transactions (any currency)
  • Purchases
  • Balance transfers
  • Money transfers
  • Default charges - $12

Charges applied to your account -

  • Annual fee
  • Cash transaction fee (any currency)
  • Non-sterling transaction fee (any non-sterling transaction, including cash withdrawals)
  • Non-introductory balance transfer fee
  • Non-introductory money transfer fee

Other payments -

  • Annual Percentage Rate (APR)
  • Total Amount Payable

Are You Eligible for a Lloyds Bank Cashback Credit Card?

The standard requirements include age, employment, residency, and financial standing. In addition, you'll need to be eighteen years and above and be a resident of the United Kingdom at the time of your application.

You must also have employment that pays you income regularly. Students and the unemployed are ineligible for a card. Your credit profile must be free of County Court Judgements (CCJs), bankruptcies, and Individual Voluntary Agreements (IVAs).

Lastly, you are eligible if, within the last 30 days, you haven't applied and been rejected for any Lloyd's credit card. If you have been rejected recently, you can only re-apply thirty days after the initial rejection.

What Benefits Can You Expect From the Lloyds Bank Cashback Credit Card?

One of the many common reasons why people apply for credit cards is to help them meet financial obligations, from everyday purchases like groceries to large purchases such as home electronics. However, making large purchases isn't a fun activity for most people. After all, they'll still have to repay Lloyd's for the products.

The good thing is that getting a Lloyds Cashback Credit card helps to reduce the ill feelings you have towards spending on large purchases and interests. With a Cashback card, you'll earn some rewards on those purchases.

Even though the rewards only appear in January, it's still something to look forward to in the future. But, of course, you're free to use those rewards to cover even the smallest balances.

Cons of the Lloyd's Bank Cashback Credit Card

A Cashback credit card comes with its ups and downs. The most prominent of the downs is that cashback rewards can only be redeemed at the end of the billing year. 

This means that even if you make purchases now, you'll need to wait until January before the rewards are credited to your account as a balance reduction. As a result, you would have to make credit card payments throughout the year out of pocket.

Fortunately, paying out of pocket is not so scary as you would've done that anyway with other credit cards. And although it would help cover some expenses, your rewards may not be enough to make a considerable dent.


Spending money on large purchases and other significant expenses can be daunting, considering how you'll still need to pay interest. The Lloyds bank Cashback credit card is one way to offset those charges by rewarding you for your purchases.

Disclaimer: There are risks involved when applying for and using credit products. Ensure you consult the bank's terms and conditions page before agreeing to anything. 

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