Lloyds Bank introduces new perk for current account holders

Lloyds Bank has extended the banking exclusives available to Club Lloyds current account holders.

Both new and existing account holders can get the Lloyds Bank Choice Rewards Credit Card for half price.

Users will get a £12 refund on the £24 annual fee the card attracts each year for as long as they hold their Club Lloyds account.

The Choice Rewards Credit Card

The Choice Rewards Credit Card Account comes with an American Express and a MasterCard with which to collect Choice points.

You can pick up 50 Choice points for every £5 spent on the Amex and 10 Choice points for every £5 spent on the MasterCard. The points can be redeemed for cashback, shopping vouchers, travel rewards and magazine subscriptions.

The account also offers 12 months of 0% interest on purchases made within 90 days of opening the account as well as 0% interest on balance transfers, with a 3% transfer fee.

Account holders who have already got the Choice Reward Credit Card will get a £12 refund the next time the annual fee is charged as long as they continue to hold a Club Lloyds current account.

Beefing up perks

Club Lloyds is already a pretty rewarding account.

It pays 1% on balances from £1, 2% on balance from £2,000 and 4% on balances from £4,000 to £5,000.

The account also comes with one free 'lifestyle benefit' a year. Users can choose from six Vue cinema tickets, an annual magazine subscription or an annual Gourmet Society membership.

In addition you also get access to exclusive offers on a range of Lloyds Bank products. The new credit card perk joins deals on mortgages, savings and home insurance.

In addition the account offers a £100 interest and fee-free overdraft.

However, you will need to be able to deposit at least £1,500 a month to avoid a £5 monthly charge for the account.

Other credit card offers linked to a current account

Lloyds Bank isn't the only provider linking current account benefits with credit cards.

Santander offers its 123 Current Account customers the 123 Credit Card fee-free, but only for the first year.

The 123 Current Account offers tiered interest of up to 3% on balances up to £20,000 as well as tiered levels of cashback on certain household bills. You can also get up to 15% cashback when you spend at selected retailers through its Retailer Offers scheme. The account comes with a £2 monthly fee.

The 123 Credit Card offers 1% cashback on supermarket spends, 2% at department stores and 3% on travel cost like petrol, rail tickets and Santander Cycles. It also offers a market-leading 23 months of 0%interest on purchases as well as 23 months 0% interest on balance transfers with no fee. The card normally attract an annual fee of £24, but you can get this waived for the first year if you have the 123 Current Account.

Nationwide offers FlexAccount, FlexDirect and FlexPlus customers exclusive access to its Select Credit Card.

The FlexAccount is a fee-free account which comes with UK and Europe multi-trip travel insurance when you pay in at least £750 a month and a three-month interest free overdraft. FlexDirect is also fee-free and offers 5% credit interest on balances up to £2,500 when you deposit £1,000 a month and an interest-free overdraft for 12 months.

While the FlexPlus comes with a range of benefits for £10 a month including UK & European breakdown recovery assistance, worldwide family travel insurance, worldwide family mobile insurance, extended warranty on appliances, 3% interest on balances of up to £2,500, three-month fee-free overdraft and commission free cash withdrawals abroad.

All three accounts also give access to Nationwide 'Flexclusive' offers on banking products including exclusive access to the Select Credit Card.

The Select Credit Card offers 0% on balance transfers for 26 months with a 0.55% fee, 0% on purchases for 15 months, 0.5% unlimited cashback on purchases in sterling and commission-free purchases abroad.

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