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Lloyds credit card swap
I've had my generic Lloyds credit card since 2010. I have a perfect payment history and excellent credit score, paying it in full every month, which means I'm not paying interest. I got a notification about the new Lloyds Ultra credit card, which has a decent cashback offer/perks, plus a lower APR. I'm pre-approved, but swapping would mean I'd have a new credit card and my longstanding account would be closed. Is this a smart move?
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What makes you think it wouldn't be a smart move?
Your 'excellent' credit score means nothing as only you see it. A lot of people open/close credit cards all the time to get the best deals so why wouldn't you want to take a card that pays you cashback?0 -
Interestingly, I have an old Halifax card, paid 0.25% cashback, but the Lloyds one was better (the 0.5% above £4000) so I opened that so never used Halifax apart from the odd BT offer. I switched it to Clarity for foreign travel last year and that was fine - but ClearScore still reports it as being held for over 20 years. Can't guarantee the Lloyds one would be the same but might be worth trying for the 1% bonus and really these days, having a card for years doesn't mean much provided it's well managedrotparoge said:Hey,
I've had my generic Lloyds credit card since 2010. I have a perfect payment history and excellent credit score, paying it in full every month, which means I'm not paying interest. I got a notification about the new Lloyds Ultra credit card, which has a decent cashback offer/perks, plus a lower APR. I'm pre-approved, but swapping would mean I'd have a new credit card and my longstanding account would be closed. Is this a smart move?Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Swapped my Llyods CC last week. Yes you get a new credit card with a new number etc, but the history of the card, certainly in the app, was retained. There was a brief transition in the app where I had the old and new cards. Both showing the same balance. But it's all tied up now.1
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I was told by Lloyds CS last Thursday that I could not swap my Cashback card for the new Ultra card.
Instead, I would have to close my cashback card and then apply for the new one separately.0 -
rotparoge said:
..paying it in full every month, which means I'm not paying interest. I got a notification about the new Lloyds Ultra credit card, which ... a lower APR.The lower APR will make no difference to you if you always pay in full (as you should be doing).
If you're eligible for it then why wouldn't you want to earn cashback?rotparoge said:I got a notification about the new Lloyds Ultra credit card, which has a decent cashback offer/perks
Whilst it's true that a long-standing, well-managed line of credit reflects positively on your credit history, the record of your old account would remain visible on your file for 6 years after account closure. You could, of course, leave it open and just put a transaction on it every couple of months or so, to keep it active. But there's probably little benefit to doing so in the grand scheme of things.rotparoge said:but swapping would mean I'd have a new credit card and my longstanding account would be closed. Is this a smart move?
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I just checked in app and was able to apply for the new Ultra card fine from the old cashback card (the 0.25% up to 4k, 0.5% after) - was pre-approved and all went through fine, new card issuedwiseonesomeofthetime said:I was told by Lloyds CS last Thursday that I could not swap my Cashback card for the new Ultra card.
Instead, I would have to close my cashback card and then apply for the new one separately.
ETA my only minor concern is that the email says "you may lose any unclaimed cashback", though as you can't claim it given it's automatically paid in December, it would be a pain if that were the case.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Lloyds will allow you to have 2 credit cards.0
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For me it was the ease of having the same limit and being pre-approved for a swapretiredbanker1 said:Lloyds will allow you to have 2 credit cards.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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I already have two. Second is 0% purchase for 23mretiredbanker1 said:Lloyds will allow you to have 2 credit cards.
Maybe that's the issue.1 -
My card has already updated to the Ultra in the app, the pain is the cashback is £0
In the email, it says it may be reset if unclaimed but the old cashback card did not allow you to claim the cash, it was automatically taken off your bill in December. Their customer chat wasn't helpful so I have to ring up and moan about it, maybe a token £25 go away with a complaint will be offeredSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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