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Lloyds Trustcard customers only have weeks to spend their points ahead of reward shake-up - MSE News

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Lloyds Trustcard customers only have weeks to spend their points ahead of reward shake-up - MSE News

edited 30 November -1 at 12:00AM in Credit Cards
50 replies 4.6K views
MSE_NaomiMSE_Naomi MSE Staff
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Second Anniversary First Post I've been Money Tipped! Newshound!
MSE Staff
edited 30 November -1 at 12:00AM in Credit Cards
Lloyds is revamping its legacy Trustcard credit card reward scheme, meaning customers will earn cashback rather than points - but some will have just weeks to redeem hundreds of pounds of points to avoid losing them...
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'Lloyds Trustcard customers only have weeks to spend their points ahead of reward shake-up'
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  • I have over 38,000 points . I may be able to use some for vouchers before Xmas, but when I tried to phone and order them I waited for over 30 minutes and gave up. This suggests that 1000's of customers have stashed points. I went into my local Lloyds branch to get information on what points could be used for as the booklets with offers have not been issued since 2008. Yes ! reduce paper leaflets, but make information available on-line. I suggested a system of donating points to Charities but of course the bank say's they 'have no monetary value'!! What a surprise!!
  • Ben8282Ben8282
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    I doubt that 1000's of customers still have this long time not available to new customers product,,
  • JuicyJesusJuicyJesus Forumite
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    Sounds like a pretty crap and over-complex reward scheme.
    urs sinserly,
    ~~joosy jeezus~~
  • PufferPuffer Forumite
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    Hardly 'over-complex' and a useful discount facility if used competently!

    I've had a Lloyds Trustcard for years and use it regularly (in tandem with two other credit cards, used in rotation). Every couple of months, I spend most of the accumulated points on discounted vouchers that I can use readily, e.g. W. H. Smith, Argos. I've never had a problem ordering them online and they arrive within a few days.

    I shall be sorry when the present scheme ends as the cashback now to be given, although straightforward, is worth only half of the voucher discount. But most other cards have reduced their cashback or rewards in the last year or two.
  • I raised a complaint with Lloyds about this and was told the bank is reviewing and I am in a holdings pot (whatever that is)
    I was told that between 200,000 and 300,000 of us received the closure letter but not many had responded. Wouldn’t say how many.
    I was told I should hear soon. Meanwhile the first deadline of 1st December is rapidly approaching.
  • I have over 3000 points I've accumulated. I've tried to find a web page for the rewards to see what I could spend them on. I did find one page that said -


    Visit the Choice Rewards website
    Once logged on, you’ll see your Choice Rewards credit card account listed in your account summary. Simply select your credit card account name, and then ‘Your Choice’. You’ll be taken to our dedicated redemption site.


    No links to direct me to that website :angry: so I phoned up. Eventually spoke to somebody that told me the page that says"once logged on..." was out of date! (and I think applies to the new 0.5% cashback scheme, not the rewards points scheme)



    The letter I got mentioned "including Argos, Boots, Debenhams". What others? There is no web page that lists the others. They had to be read out to me :doh:. Apparently no Boots and Debenhams vouchers at the moment but Argos, WHSmith, Halfords, Waterstones, Currys/PCWorld and some others.


    Why can't they put these on a web page? Surely not that difficult to do?
  • edited 20 November 2019 at 8:09PM
    delboyodelboyo Forumite
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    edited 20 November 2019 at 8:09PM
    Regarding the Lloyds Trustcard points rip off, scam - whatever you wish to call it. I call it tantamount to theft.
    Your contributor with 38,000 points probably doesn't realise he/she would have to give Lloyds £34,200 in order to claim the vouchers or lose them all !! Also, if not claimed by December 1st 2019 we lose all points earned up to September 2015.
    My situation is I have in excess of 6,000 points accumulated over the past twenty years or more. This equates to £6,000 of vouchers and to get them all I would have to give Lloyds £5,400 of my money !
    If as they say, the points have no monetary value why are they asking me for money equivalent to 1p per point accrued in order to get vouchers ? And why under the revised scheme are they paying CASHBACK equivalent to 1p for every £20 spent in future ?
    Are the retailers not aware of the massive potential loss of business ? It would be millions of pounds of sales.
    This is one of the biggest rip offs I have ever seen. Having spent £60,000 on my card over twenty years I expect better treatment now that they are cancelling the scheme.
  • PufferPuffer Forumite
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    delboyo wrote: »
    Regarding the Lloyds Trustcard points rip off, scam - whatever you wish to call it. I call it tantamount to theft.
    Your contributor with 38,000 points probably doesn't realise he/she would have to give Lloyds £34,200 in order to claim the vouchers or lose them all !! Also, if not claimed by December 1st 2019 we lose all points earned up to September 2015.
    My situation is I have in excess of 6,000 points accumulated over the past twenty years or more. This equates to £6,000 of vouchers and to get them all I would have to give Lloyds £5,400 of my money !
    If as they say, the points have no monetary value why are they asking me for money equivalent to 1p per point accrued in order to get vouchers ? And why under the revised scheme are they paying CASHBACK equivalent to 1p for every £20 spent in future ?
    This is one of the biggest rip offs I have ever seen. Having spent £60,000 on my card over twenty years I expect better treatment now that they are cancelling the scheme.

    I find it hard to understand why you (or any other card user) has accumulated such a significant number of unused points - presumably over a long period. What on earth have you been saving up for? Realistically, were you ever going to use them? I have used mine regularly over many years, buying typically £30 - 50 of vouchers every couple of months and spending them routinely.

    I share your annoyance over the loss of the voucher facility, and at short notice - and its replacement by cashback worth, in effect, half as much. But your concern about a theoretical loss rather reminds me of the Aberdonian who complained that, when local bus fares were reduced, he no longer saved as much by walking!
  • edited 20 November 2019 at 8:32PM
    Ben8282Ben8282
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    edited 20 November 2019 at 8:32PM
    delboyo wrote: »
    Regarding the Lloyds Trustcard points rip off, scam - whatever you wish to call it. I call it tantamount to theft.
    Your contributor with 38,000 points probably doesn't realise he/she would have to give Lloyds £34,200 in order to claim the vouchers or lose them all !! Also, if not claimed by December 1st 2019 we lose all points earned up to September 2015.
    My situation is I have in excess of 6,000 points accumulated over the past twenty years or more. This equates to £6,000 of vouchers and to get them all I would have to give Lloyds £5,400 of my money !
    If as they say, the points have no monetary value why are they asking me for money equivalent to 1p per point accrued in order to get vouchers ? And why under the revised scheme are they paying CASHBACK equivalent to 1p for every £20 spent in future ?
    Are the retailers not aware of the massive potential loss of business ? It would be millions of pounds of sales.
    This is one of the biggest rip offs I have ever seen. Having spent £60,000 on my card over twenty years I expect better treatment now that they are cancelling the scheme.

    Why have you been saving these points for over 20 years? If you have not used them in that length of time you won't miss them. Whatever were you saving up for?
    Also nobody has had to give Lloyds anything. They would have spent the money anyway.
    Also can't understand why people have been continuing to use this outdated long time not available to new customers former pre-Lloyds/TSB TSB product.
  • delboyodelboyo Forumite
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    Seventh Anniversary 10 Posts Combo Breaker
    Hi Puffer and Ben8282.

    How I chose to deal with my points is irrelevant. The point is that we have to GIVE Lloyds 90% of the value of any vouchers we may wish to redeem. Would either of you wish to redeem 6,000 points at a cost to you of £5,400 ? Or even 1,000 points at a cost of £900 ? And as for not redeeming any points earned before September 2015 and hence losing them unless they are taken up before Dec 1st ……………!!!!
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