The Lloyds Bank Cashback Credit Card is a card that enables customers to make their purchases easily while at the same time they get cashback. This card is especially interesting for those who aim to spend a lot and get a certain percentage of the spent amount back.
The Lloyds Bank Cashback Credit Card seeks to accomplish all these, to help users get the benefits without the sting of high fees. This article aims to describe the main characteristics, advantages, and the procedure of obtaining this card for those who are interested in applying for it.
Key information about the credit card
How does the annual fee work?
What is very attractive about the Lloyds Bank Cashback Credit Card is that there is no monthly account fee to pay. This in turn makes it a perfect option for the users who wish to gain as much cashback as possible without having to incur other expenses. This is because there is no annual fee charged on the card, hence all the reward points earned by the card user are directly passed on to the card user making the card even more valuable.
How is the credit limit determined?
The cash limit for the Lloyds Bank Cashback Credit Card varies depending on the applicant’s status in a given time. This entails assessment of aspects such as the credit standing of the client, income, and financial standing. Prepaid cards have a limit that is determined by the amount of money that the user loads into the card whereas this credit card’s limit is determined by the bank and may differ for every user.
Advantages of the credit card
- 0. 25% cashback on card purchases: Get money back in your account as a percentage of your spend, as cashback.
- No monthly account fee: Find all the advantages of the card and pay no extra fees for it.
- Representative 22. 9% APR variable: Interests rates that are comparative to the market and also take into consideration your personal information.
- Linked to the Bank of England Base Rate: The standard variable rates that vary in tandem with alterations in the Base Rate.
- Online card management: It is easy to control your card and monitor the expenses with the help of an online access to the account.
Standout advantage
The major strength of the Lloyds Bank Cashback Credit Card is the fact that it offers cashback on both day to day spending as well as on large spending. This feature enables the cardholders to earn points as frequently as they make purchases, may it be regular small charges or one time large charges.
Disadvantages
- Variable APR: The interest rates can also vary which is something that can influence the cost.
- Cashback restrictions: However, cashback is not earned on all types of transactions and thus, the rewards are quite limited.
- Minimum payment requirement: If the minimum payment is not made on time then the cashback advantages can be forfeited.
A standout disadvantage
A major weakness of the Lloyds Bank Cashback Credit Card is that it applies variable APR based on the Bank of England Base Rate. Despite this feature being useful when rates are low, it also implies that the interest rates can rise, thus increasing the cost of the borrowed funds.
Who can apply for this card?
Before one can apply for the Lloyds Bank Cashback Credit Card, there are certain requirements that one has to fulfill. First of all, the candidate must be a UK citizen and must be at least 18 years old, moreover, the person must have a steady income for a year.
Also, the applicant should not have any county court judgments, individual voluntary arrangement, or bankruptcy on their credit history. Age is also a factor since the applicant must be of working age and be employed, students or unemployed persons are not admissible.
How to apply for the Lloyds Bank Cashback Credit Card
For the website
To apply for the Lloyds Bank Cashback Credit Card via the website, go to the Lloyds Bank official website and click on the credit cards tab. In this article, you will learn everything you need to know about the cashback credit card, the features, and the rules. To apply for a job, you need to click the “Apply Now” button which is averagely located at the beginning of the job description.
At this stage, you will be asked to provide with your details such as your name, address, employment status together with your income among others. This paper aims at presenting accurate and recent information concerning the application process. Once you have filled and submitted the application, it will be forwarded to the bank for consideration and you will be ruled on in the next few days.
Through the app
To apply for the Lloyds Bank Cashback Credit Card, the customer can go for the mobile app option if he or she wishes to apply through his or her mobile phone. First, open App store or Google Play Store and search for Lloyds Bank app and install it on your device. Once it is downloaded, launch it and enter your username and password to access your account if you have an account; if not, you will have to create an account.
Go to the credit cards category and then specifically choose the cashback credit card option. You will be guided by the on-screen prompts to fill the application form where you are required to input your personal and financial information.
The application has a feature where you can save the progress and come back to it another time if one wishes to. Once the application is made, it will be forwarded to the bank and the applicant will be informed on the results of the application.
At the branch
To get in touch with the bank representative and get answers to all the questions, applying for Lloyds Bank Cashback Credit Card in person at the bank branch is the best option. Go to the nearest Lloyds Bank branch with the bank’s working hours and approach a customer care officer.
They will give you the application form and guide you on how to fill out the form. It is recommended that you provide all the relevant documents including the proof of income and identification when applying. The representative will assist you step by step and may also answer any questions that you may have. After filling the application, it will be forwarded for approval.
