Lloyds Bank Ultra Credit Card review
- Representative example:
- Representative 12.9% APR variable. Based on assumed borrowing of £1,200. Rate of interest 12.94% p.a. (variable).
- Foreign transaction charge
- 0%
- Account fee
- £0
- Earn rate
- 1p per £4 spent
Our verdict
The Lloyds Ultra Credit Card combines uncapped cashback with no monthly account fee or foreign transaction charges, making it a strong and versatile addition to your wallet.The Lloyds Ultra credit card is a fantastic option for everyday shoppers and frequent travellers who want to earn unlimited cashback without worrying about annual fees or sneaky overseas charges.
As cashback credit cards go, this one is up there with the very best. It offers an appealing introductory cashback rate of 1% for the first 12 months from account opening, with no limit on how much you can earn, unlike many of its competitors. Cashback is only paid once a year, each January, which makes it easy to track, but it means you won’t actually receive the benefit until the start of each calendar year.
The rate does also drop to 0.25% after the first year, however the card also flaunts no foreign transaction fees and no cash withdrawal fees (though interest will accrue if you don’t clear that balance), making it one of the best credit cards for overseas spending even with the lower ongoing cashback rate.
In addition, there is no monthly account fee, and there’s a low representative APR of 12.9%, which further supports its case for being one of the best no-fee and low-interest cashback cards available.
Unlike other credit cards, there are no added travel perks such as airport lounge membership or insurance, so the card makes the most sense for those who value simple cashback over luxury extras.
Ultimately, while the long-term cashback rate does decrease, the sheer lack of account fees and the overseas flexibility make it a practical choice for those who want simple, straightforward value year after year. For premium perks like lounge access, more exclusive cards may be better, but for pure, accessible rewards backed by a major UK bank, the Lloyds Ultra Credit Card deserves strong consideration.
Pros
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1% uncapped cashback on all purchases in first year
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No foreign transaction fees
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No monthly account fee
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No cash withdrawal fees
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Low APR of 12.9% on purchases
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Add up to 3 additional cardholders
Cons
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Cashback drops to 0.25% after first year
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Cashback only paid once a year, rather than monthly or instantly
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Cash withdrawals immediately accrue interest until repaid
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No extra perks like some other credit cards
Details
Product Overview
| Issuer | Lloyds Bank plc |
| Network | Visa |
| Representative APR | 12.9% |
| Annual/monthly fees | £0 |
| Balance transfers | 12.94% |
| Purchases | 12.94% |
| Purchases interest-free period | Up to 56 days |
| Money transfers | 12.94 |
| Cash advances | 12.94% |
| Maximum credit limit | Subject to status |
| Potential costs | 9Excellent |
| Extras | 8Great |
| Overall Finder Score | 8.8Great |
Fees and charges
| Minimum monthly payment | Greater of: 2.5% of the underlying balance plus the month's interest and any applicable fees and charges; £5; or the outstanding balance. |
| Annual/monthly fees | £0 |
| Money transfer fee | 5 |
| Foreign usage charge (EU) | 0% |
| Foreign usage charge (rest of world) | 0% |
| Late payment fee | 12 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £0 |
| Dormancy fee | £0 |
Application Requirements
| Minimum Age | 18 |
| Minimum income | £0 |
| Availability | Available to new and existing customers |
| Additional Criteria | You must have a regular income, no history of bad credit, such as bankruptcy, Individual Voluntary Arrangement (IVA) or County Court Judgments (CCJs), and you mustn't have been declined for a Lloyds credit card in the last 30 days. |
The Lloyds Bank Ultra Credit Card is issued on the Visa network (used by a whopping 4.2 billion cards), so you'll be able to use it at more than 100 million merchant locations across more than 200 countries and territories.
How does it compare with other cards for overseas spending?
Finder Score for credit cards
To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyApproval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Defaqto.
Repayment options
You can make manual repayments through Lloyds Bank's app by logging in to your online banking or over the phone. Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee (12) or losing any promotional rates as a result.
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
| Minimum amount | |
|---|---|
| Fixed amount | |
| Fixed percentage | |
| Full amount |
How to apply
If you've compared cards and settled on the Lloyds Bank Ultra Credit Card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible.
Frequently asked questions
Can I withdraw cash using the Lloyds Bank Ultra Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
There's no cash advance fee on the Lloyds Bank Ultra Credit Card. However withdrawing cash on a credit card is generally best avoided as it's recorded on your credit record where it may put off prospective lenders in the future.
The interest rate on this part of your balance will be 12.94% (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
How much does it cost to use the Lloyds Bank Ultra Credit Card abroad?
Non-sterling transactions don't incur a currency conversion fee (they're converted at "interbank" rates).
