Lloyds launches new Ultra credit card with cashback and no monthly account fees
Banking group Lloyds has announced Lloyds Ultra – a new credit card with cashback and no monthly account fees.
Customers can expect a cashback rate of 1% on card purchases for the first 12 months from account opening and at 0.25% after that, for the duration of the card, with no limit to cashback earnings.
Credited once a year, rewards are paid and deposited into customers’ credit card accounts as a single annual amount.
Lloyds said that the card will also not have any monthly account fees. This includes no foreign exchange fees or cash withdrawal fees at home or abroad.
“Lloyds Ultra is the best of everything we have to offer in credit cards, all in one handy, flexible card,” said Rich Napier (Credit Card Director at Lloyds).
“Whether it’s a new washing machine, or next year’s summer holiday, whatever you buy, you’ll get cashback when you use Lloyds Ultra – turning your spending into meaningful rewards that grow throughout the year.
“That’s not all – we also won’t charge when you use Lloyds Ultra when you’re abroad and there are no monthly account fees. Wherever life takes you, Lloyds Ultra helps you make the most of your money, simply, with rewards that really add up.”
Tips for managing a credit card
Napier shared his tips for managing a credit card as follows:
- Make payments on time to keep your credit score in good shape.
- Your statement will show you the minimum payment that’s due – take care to always meet this mimimum amount, as it will reduce any interest due and, if you pay the balance in full every month, you won’t be charged any interest.
- Direct Debits are handy – if you set one up to pay your credit card, the amount will automatically be collected from your selected bank account, when it’s due.
- Don’t spend more than the credit limit your lender has agreed – if you do go over this, transactions are likely to be declined and it may affect your credit score.
