Lloyds cash back credit card program to be scrapped

Customers that have been enjoying the benefits of a cash back credit card with Lloyds TSB were disappointed when the banking giant recently announced that it was scrapping the program. The program that is being scrapped refers to the Create Card cash back scheme, which was popular amongst thousands of the banks customers. However, the bank recently wrote to customers that were using Create Cards with cash back facilities to inform them of the decision and to advise them that their credit card accounts would be moved to another Lloyds TSB credit card that did not offer the same benefits and facilities.

The Create Card cash back scheme had proven very popular over the years, and this was partly because of its flexibility – consumers were able to choose a cash back rate and interest rate that suited their needs and their spending habits, so someone that repaid their balance in full each month and therefore did not have to worry about being charged interest could opt for a higher interest rate and a higher cash back percentage, enabling them to make the most of the cash back facility.

Many Lloyds TSB customers are angry about the scrapping of this cash back card, but a Lloyds TSB spokesperson stated: 'It's a branding issue. It's one of a number of cards we have offered over the years but we want our cards to have more of a Lloyds TSB brand and fit.'

According to Lloyds TSB officials those that already have cash back accrued on their CreateCards will either get the amount deducted from their balance if they plan to close the account, or will have the amount credited to the new credit cards when the accounts are switched.

Tom Smith
17th March 2007