Approval for any credit card will depend 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.
Lloyds Bank Cashback Credit Card review 2022
Earn up to 0.5% back on your day-to-day spending.
You say: ★★★★★We say: ★★★★★
Representative example: When you spend £1,200 at a purchase rate of 19.94% (variable) p.a., your representative rate is 19.9% APR (variable).
Earn 1p
per £2 spent
Up to £20
Intro cashback
19.9%
Representative APR
£0
Account fee
Details
| Issuer | Lloyds Bank |
|---|---|
| Network | Mastercard |
| Representative APR | 19.9% APR (variable) |
| Annual/monthly fees | £0 |
| Loyalty scheme | Cashback |
| Cashback details | 0.25% on £1 to £4000 of yearly spend. 0.5% after £4001 of yearly spend. Cashback paid January into Card Account. Maximum spend for cashback purposes is limited to credit limit. |
| Incentive on opening | £20 cashback if £1,000 of purchases made within 90 days of opening. |
| Purchases | 19.94% |
| Purchases interest-free period (days) | 56 |
| Balance transfers | 19.94% |
Review by
Chris Lilly
chris.lilly@finder.comChris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
Expert review
Cashback cards are always best-suited to big-spenders who clear their balance in full each month, and this effort from Lloyds is a case in point. Provided you always pay off your full balance, you’ll enjoy up to 56 days interest-free on your purchases, meaning this card will actually earn you money rather than costing you anything (if you expect to carry a balance from month to month, you’re better off considering a 0% purchase or low rate deal instead).
With this card you could earn 0.25% cashback on your first £4,000 of purchases per calendar year, and 0.5% thereafter. Plus there’s a £20 intro bonus up for grabs provided you spend £1,000 in the first 3 months.
Intro bonus aside, those earn-rates mean that if you’re just looking for a card for the odd bit of cashflow flexibility here and there and don’t expect to spend £4,000 annually, then you’ll earn no more than £10 in cashback over a year. Hard to get excited about. On the other hand, if you put all your day-to-day spending on the card and then pay it off at the end of the month, spending £1,000 a month could earn you £50 cashback over a year.
The other features of the Lloyds Cashback Card are fairly standard, in terms of the interest rates and fee structure. What’s more, there are cards on the market that stand to earn you more in cashback – notably in the current Amex range. So it’s likely Lloyds-devotees who will be most drawn to this card.
Pros and cons
Pros
- Customers report excellent customer service when dealing with Lloyds Bank
- Earn cashback on day-to-day spending
- Up to £20 introductory bonus cashback
- No annual fee
Cons
- Relatively high balance transfer fee
How does it compare with other cashback deals?
Table: sorted by representative APR, promoted deals first
Repayment options
You can make manual repayments through Lloyds Bank's app, by logging in to your online banking or over the phone (0345 602 1997). 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 Cashback 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 Cashback 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.
The cash advance fee on the Lloyds Bank Cashback Credit Card is 5%.
The interest rate on this part of your balance will be 19.94% (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 Cashback Credit Card abroad?
Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£167.77), it'll cost you around £4.95 in fees.
What is the minimum payment on the Lloyds Bank Cashback Credit Card?
Each month you must pay at least 2.5% of your balance at that point or £5.00 – whichever of the two figures is greater. So if you had, say, £180.00 outstanding, you'd pay £5.00, and if you had £800.00 outstanding, you'd pay £20.00.
Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money which can lead to persistent debt.
Finder credit card ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts score cashback credit cards to determine their value against similar products on the market. We look at a number of important factors, like welcome bonuses, introductory and ongoing earn-rates, any limits or restrictions to earning cashback, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.