Latest news with #Platinum
The Sun
11 hours ago
- Business
- The Sun
Lloyds Bank to axe bank account key perk for thousands of customers – check if you'll have to pay more
LLOYDS is scrapping a popular bank account benefit, leaving thousands of customers facing higher costs. The high street bank will axe a £5 a month discount offered to thousands of Club Lloyds Platinum customers. 1 The Club Lloyds Platinum account is a premium bank account offering benefits like travel insurance, mobile phone insurance, breakdown cover, and access to lifestyle perks and savings accounts. It costs £22.50 a month, plus a £5 Club Lloyds fee, which is refunded if you pay more than £2,000 into the account each month. However, thousands of account holders also get a £5 monthly discount on the £22.50 fee. To qualify, you must either deposit £4,300 or more into the account each month (£5,500 for joint accounts) or keep savings of £75,000 or more in eligible accounts during the month. This discount helps reduce the cost for those who meet the conditions, saving over £60 a year if eligible for the discount throughout the year. However, Lloyds has confirmed that this discount will be phased out, with customers receiving their final £5 refund on August 4 – provided they meet the eligibility criteria in July 2025. After that, all account holders will need to pay the full £22.50 monthly fee, which costs £270 a year. A spokesperson for Lloyds Bank said: "Our packaged bank accounts continue to offer great value for money, as they come with a host of perks including fee free spending worldwide, insurance, lifestyle benefits, cashback and much more. "We've also recently launched our Lloyds Premier account, which brings together the best in financial perks and premium lifestyle services we have to offer. "Customers will have the £15 a month fee refunded when they pay in £5,000 each month, or have £100,000 of savings or qualifying investments with Lloyds." Switch bank accounts for free perks When considering the value of packaged bank accounts, it's important to review the level of cover provided. Think about whether you will actually use all the benefits included. If you won't, your current provider might not be the best choice for you. Fortunately, there are other packaged bank accounts available that cost less than the Club Lloyds Platinum account. This includes two cheaper options offered by Lloyds Bank itself. Club Lloyds Accounts Club Lloyds (£5 a month) Free lifestyle benefits including either 12 months of Disney+ or six cinema tickets Exclusive savings and mortgage rates Earn interest on current account balance Get up to 15% cashback on debit card purchases in selected retailers Club Lloyds Silver (£11.50 a month + £5) Free lifestyle benefits including either 12 months of Disney+ or six cinema tickets Exclusive savings and mortgage rates Earn interest on current account balance Get up to 15% cashback on debit card purchases in selected retailers European and UK family travel insurance AA breakdown cover Mobile phone insurance Fee-free spending and cash withdrawals abroad Club Lloyds Platinum (£22.50 a month + £5) Free lifestyle benefits including either 12 months of Disney+ or six cinema tickets Exclusive savings and mortgage rates Earn interest on current account balance Get up to 15% cashback on debit card purchases in selected retailers Worldwide family travel insurance AA breakdown cover Mobile phone insurance Alternatively, Nationwide 's FlexPlus packaged bank account costs £18 a month and offers a host of additional services and perks. These benefits include worldwide travel insurance, mobile phone insurance, breakdown cover, and preferential rates on loans and overdrafts. The account does not require a minimum pay-in, and customers get worldwide travel insurance for family trips of up to 31 days. Mobile phone insurance is also provided for all members in the same household, and it covers for loss, theft, damage and faults. Additionally, account holders can use their debit card abroad without incurring non-sterling transaction fees. FlexPlus customers also get vehicle breakdown cover in the UK and the rest of Europe even if somebody else is driving. NatWest's Reward Silver account costs £10 a month and offers European travel insurance for trips of up to 22 days. Customers also get free mobile phone insurance and can use their debit card abroad without incurring extra charges. Those looking for worldwide travel insurance can apply for a Reward Platinum account which costs £22 a month. This account also includes UK breakdown cover. Virgin Money's Club M packaged bank account is one of the cheapest on the market, costing £12.50 a month or £150 a year. It comes with free gadget insurance, worldwide family travel insurance and UK and European breakdown cover. The gadget cover protects both mobile phones and other tech, such as tablets and laptops. Customers do not need to make a minimum monthly payment to qualify for the account. According to the bank, equivalent policies would cost upwards of £500 a year, so customers save £350 with this account's perks. Meanwhile, Halifax's Ultimate Reward package bank account costs £19 a month or £228 a year. Customers do not need to make a minimum monthly payment to qualify for the account. The product comes with free gadget insurance, worldwide family travel insurance, UK breakdown cover and home emergency cover. How do I switch bank accounts? SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS). Dozens of high street banks and building societies are signed up - there's a full list on CASS' website. Under the switching service, swapping banks should take seven working days. You don't have to remember to move direct debits across when moving, as this is done for you. All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving. There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account. You should get in touch with your existing bank for any old statements. When switching current accounts, consider what other perks might come with joining a specific bank or building society. Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts. And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee. What else is happening at Lloyds Bank? Customers of Lloyds Bank, Halifax and Bank of Scotland will soon lose the ability to deposit their cheques at any of the 11,500 Post Office branches nationwide. From December 31 this year, Lloyds Banking Group will withdraw this service for all customers. In June, millions of Lloyds, Halifax and Bank of Scotland customers saw their overdraft costs fall. Existing customers currently paying 39.9% or 49.9% on their overdrafts have had their rates reduced to 29.9%. If your interest rate dropped from 49.9% to 29.9%, the cost of borrowing £1,000 over 12 months would fall by £299. Meanwhile, if your interest rate falls from 39.9% to 29.9%, the cost of borrowing the same amount over 12 months would fall by £100. Meanwhile, the high street bank stopped paying interest on money held in their student bank accounts on June 2. Lloyds Bank also hiked the the monthly Club Lloyds charge in June. On June 2, the £3 monthly fee rose to £5 per month, adding up to £24 more per year for those who do not meet the £2,000 monthly deposit requirement. How do I switch bank accounts? SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS). Dozens of high street banks and building societies are signed up - there's a full list on CASS' website. Under the switching service, swapping banks should take seven working days. You don't have to remember to move direct debits across when moving, as this is done for you. All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving. There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account. You should get in touch with your existing bank for any old statements. When switching current accounts, consider what other perks might come with joining a specific bank or building society. Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts. And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee.
Business Insider
5 days ago
- Business
- Business Insider
AmEx execs were asked about the upcoming Platinum card changes and crowding concerns at lounges — here's what they said
The company's CEO and chief financial officer were asked about card fee growth on a second-quarter earnings call on July 18. "Given the previous conversations that we had about the timing of the platinum fee increase, it's only sometime in the new year, in 2026, that you should see that inflection point and a bit more acceleration," CFO Christophe Le Caillec said on the call. He added that card fee growth rates will likely "moderate" within the balance of this year. A representative for American Express declined to comment. Currently, the Amex Platinum Card has an annual fee of $695, which is less than the $795 yearly fee for the Chase Sapphire Reserve credit card. Amex promised an update on the Platinum card later this year and said more details would come in the fall. Some have speculated that the fee on the revamped Platinum card could reach $1,000. "Anybody who thinks that we're refreshing the product in response to what our competitors are doing is crazy," CEO Stephen Squeri said on the call. "We have our own schedule." Current cardholders get a range of perks, including access to certain airport lounges and other travel credits. As those lounges continue to boom in popularity, Amex executives were also asked about overcrowding concerns and competition from airlines and other credit cards. "We're trying to make the lounges bigger," Squeri said on the call."I think this whole lounge game has been a boom for airport authorities in terms of how many lounges they can put in." Hementioned a new, smaller "sidecar" lounge in Las Vegas, where cardholders can pop in for a quick drink, and said Amex works closely with its partner Delta to try and deal with the crowds. "I think you'll continue to see more innovation here," Squeri added. "You'll look at more expansion of existing lounges where we can get space. And you'll look at a strategy that looks at satellite locations so that, you know, we can handle the demand that we get." The company's second-quarter revenue minus interest expense was $17.9 billion, rising 9% year-over-year, according to a press release. The growth was driven in part by increased spending and "continued strong card fee growth," Amex said in the release. Amex's stock was down more than 2.3% by the time the market closed.
Business Insider
5 days ago
- Business
- Business Insider
AmEx execs were asked about the upcoming Platinum card changes and crowding concerns at lounges — here's what they said
American Express execs were asked about Platinum card fees and crowded lounges on an earnings call. The current annual fee is $695, which is still less than that of the Chase Sapphire Reserve card. Executives also said they expect "more innovation" in airport lounges and acknowledged crowding issues. Few details have come out about the coming updated American Express Platinum Card — including how much it will cost, as the world of premium credit cards gets ever glitzier. The company's CEO and chief financial officer were asked about card fee growth on a second-quarter earnings call on July 18. "Given the previous conversations that we had about the timing of the platinum fee increase, it's only sometime in the new year, in 2026, that you should see that inflection point and a bit more acceleration," CFO Christophe Le Caillec said on the call. He added that card fee growth rates will likely "moderate" within the balance of this year. A representative for American Express declined to comment. Currently, the Amex Platinum Card has an annual fee of $695, which is less than the $795 yearly fee for the Chase Sapphire Reserve credit card. Amex promised an update on the Platinum card later this year and said more details would come in the fall. Some have speculated that the fee on the revamped Platinum card could reach $1,000. "Anybody who thinks that we're refreshing the product in response to what our competitors are doing is crazy," CEO Stephen Squeri said on the call. "We have our own schedule." Current cardholders get a range of perks, including access to certain airport lounges and other travel credits. As those lounges continue to boom in popularity, Amex executives were also asked about overcrowding concerns and competition from airlines and other credit cards. "We're trying to make the lounges bigger," Squeri said on the call. "I think this whole lounge game has been a boom for airport authorities in terms of how many lounges they can put in." He mentioned a new, smaller "sidecar" lounge in Las Vegas, where cardholders can pop in for a quick drink, and said Amex works closely with its partner Delta to try and deal with the crowds. "I think you'll continue to see more innovation here," Squeri added. "You'll look at more expansion of existing lounges where we can get space. And you'll look at a strategy that looks at satellite locations so that, you know, we can handle the demand that we get." The company's second-quarter revenue minus interest expense was $17.9 billion, rising 9% year-over-year, according to a press release. The growth was driven in part by increased spending and "continued strong card fee growth," Amex said in the release. Amex's stock was down more than 2.3% by the time the market closed. Squeri emphasized the company's focus on premium users in the press release, saying demand is strong and teasing the coming Platinum "refresh." The question of exactly how much that "refresh" will cost, though, remains to be answered.
CNBC
5 days ago
- Business
- CNBC
Rich American Express customers continue to spend freely, with one exception
American Express has long benefited from a focus on wealthier customers who appreciate the credit card company's travel and dining perks. That has helped insulate the company from concerns over a spending slowdown. In the second quarter, total spending on Amex cards jumped 7%, matching the first quarter and higher than the 6% increase a year ago. But travel spending in the quarter was weaker than transactions for goods and services, and that's specifically because airline spending has stalled out, coming in flat from a year ago, American Express said Friday. Economy class domestic airfare is the source of the weakness, Amex CFO Christophe Le Caillec told CNBC. That could be of concern given the company's airline partnerships and network of airport lounges, Truist analyst Brian Foran noted. Airfare prices have also declined, which means consumers are spending less when they buy tickets. Airfare fell 3.5% in June from a year earlier while inflation overall rose, according to the Bureau of Labor Statistics. Despite beating expectations for second-quarter profit and revenue, and reaffirming its 2025 guidance for those metrics, shares of Amex fell 2.7% in midday trading. Year to date, the company's shares have climbed less than 4%, trailing most other financials like JPMorgan Chase and Citigroup. That's mostly over investor concerns about the spending on rewards programs that Amex has to do as it launches a refreshed Platinum card, Foran said. The company faces increased competition in the premium card space from JPMorgan, Capital One and Citigroup, he said. "The bear narrative is they have to push harder and harder to get growth, spending more to get more," Foran said.
RTÉ News
5 days ago
- Business
- RTÉ News
American Express exceeds profit expectations on robust spending
American Express surpassed estimates for second-quarter profit today, fueled by resilient spending from its affluent cardholders. The beat underscores how the credit card giant's focus on wealthy customers has helped insulate it from the effects of waning consumer confidence, which is more pronounced among lower-income households. While not representative of the broader economy, AmEx's numbers offer valuable insight into evolving trends around travel and discretionary spending, especially among the most creditworthy borrowers. Big banks said earlier this week that consumers remain in good financial shape despite high borrowing costs, trade policy uncertainty and a job market where companies are increasingly cautious about hiring. Excluding one-time items, AmEx earned $4.08 per share for the three months ended June 30, compared with the $3.89 per share analysts were expecting, according to estimates compiled by LSEG. Total revenue rose 9% to $17.9 billion, also above the $17.7 billion analysts were expecting. Still, the New York-based company boosted its provisions for credit losses to $1.4 billion from $1.3 billion a year earlier. Competition in the high-end credit card space is heating up. Citigroup said this week it will launch a new premium credit card, Citi Strata Elite, later this quarter to boost its appeal among affluent customers. AmEx has also said it will roll out updates to its Platinum cards later this year for both consumers and businesses in the US, making its "largest investment ever in a card refresh".
