Lloyds Ultra Credit Card

mta999

In a way it doesn't really matter what the credit limit is as you can always pay some off mid cycle and continue to earn cash back

grumpy_codger

mta999 said:

In a way it doesn't really matter what the credit limit is as you can always pay some off mid cycle and continue to earn cash back

This doesn't work for very big purchases.

Nasqueron

Pedalbin55 said:

Lloyds  check your eligibility first, then they offered me a very poor credit limit way below my needs/expectations. Apparently the computer decides the limit and cannot be changed by a human, despite my efforts.Wonder if Lloyds are keeping the credit limit low to avoid paying too much cashback?
Has anyone else experienced this?

No not at all, credit limit is done solely based on income and credit history. As above, even with a £500 limit, you could spend £500, earn cashback and pay the £500 off and spend again. The only time it'd be an issue would be trying to buy something really expensive and not being able to split payments. You could always get the card, pay off every month for 3-6 months and try for a credit limit increase

SiliconChip

The MSE Eligibility checker tells me I have both a 0% chance of approval at an interest rate of 12.9% and that I'm 100% pre-approved at a rate of 14.9%, any thoughts on which of these I should place most trust in? I don't care what the interest rate is as I always pay full balance, but it seems a bit perverse for there to be such a large difference in approval chance with a small difference in the interest rate.

Edit: when I refreshed the checker it only showed the 14.9% option, still with 100% approval, so I applied and I was successful with a £1000 limit, less than I requested in the checker but fine for everyday purchasing.