An expert at price comparison website, moneysupermarket.com, has released comments on the new Lloyds TSB Rewards American Express credit card.
Launched this week, Peter Gerrard, the website's senior researcher, said the new card failed to live up to expectations. Moneysupermarket.com has a dedicated cashback card and balance transfer card comparison facility on its credit card channel.
"Despite American Express offering one of the best reward cards in the market - up to two per cent cashback from Amex Blue - this new partnership fails to live up to expectations, with just a £10 voucher rewarded for every £2,000 spent on the card. This is equivalent to just a 0.5 per cent reward," he said.
Mr Gerrard suggested that the rewards, vouchers that can only be spent in a select number of stores, were more limited than " the likes of Amex Blue who credit your account in cash for the sum earned".
He added: "With just a six month 0 per cent introductory offer for balance transfers, this card also fails to live up to its peers where up to nine months is now the norm. Plus it operates a negative payment hierarchy system where all interest-free debt is paid off first whilst the spending, albeit earning some 'reward', is charged at the standard rate of 16.9 per cent."
"If you're after a card that rewards you for your spending and also offers a good introductory deal for balance transfers, then I would suggest looking at Halifax One or Amex Blue instead," the credit expert concluded.To read more about credit cards, click here.
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