Rachel Robson checks out a brilliant credit card for keen travellers
This is a script of a lovemoney.com video. Instead of reading it, why not watch the video instead? You can find the video here.
I'm Rachel Robson for lovemoney.com and in today's Get the Best Deal, I'm going to look at two great rewards cards for keen travellers - the Lloyds TSB Airmiles Duo Credit Cards.
What do they offer?
If you're a frequent flyer and fancy earning yourself a free flight somewhere, these credit cards are a must.
If you decide to apply, you'll be sent two credit cards - the American Express card and the Mastercard.
With the American Express card, you'll earn one airmile with every ten pounds you spend. And wherever Amex isn't accepted, you can use the Mastercard, and you'll earn one airmile for every fifty pounds you spend. You'll also receive double airmiles if you spend on your cards abroad.
You can then redeem these airmiles for flights. So, for example, if you earn seven hundred and fifty miles, this will give you a return flight to Paris. And if you earn one thousand, five hundred miles, this will get you a return flight to Barcelona or Rome.
Can I use my miles on anything else?
The other great aspect to these cards is that you're not limited to spending your airmiles on flights only. In fact, you can use them on days out and fun activities.
For example, you could spend them on a London Eye River Cruise trip or perhaps a hair and beauty makeover and photoshoot.
A word of warning
These cards only suit those of you who can pay off your bill in full each month. Otherwise you'll be whacked with an interest rate of fifteen point nine percent. This will end up costing you far more than the benefits you gain from the airmiles.
Are there any other benefits?
If you have an existing debt on a credit card, you can transfer it onto the Lloyds TSB Duo Cards and enjoy six months interest-free. And for every one thousand pounds you transfer, you'll earn one hundred and fifty airmiles.
However, in my opinion this incentive isn't worth it. That's because if you spend on the card as well, you'll be hit by negative order of payment. This means your least expensive debt will be paid off first and the most expensive last.
So if you're looking for a 0% balance transfer credit card, you're much better off choosing the market-leading Virgin Credit Card. This offers a sixteen month interest-free period on all balance transfers.
Overall, however, I'm giving the Lloyds TSB Airmiles Duo Credit Cards a big thumbs up because I think they offer a great rewards deal for frequent flyers, who pay off their bills in full each month.
That's it from me today. Thanks for watching and see you next time.
This is a script of a lovemoney.com video. Instead of reading it, why not watch the video instead? You can find the video here.