Lloyds Bank cancels Duo Avios credit cards

Just received a letter in the mail this morning advising that Lloyds is ending their current Duo Avios credit card program in two months (March 2019). According to some undisclosed "regulation changes", American Express is ending its licensing arrangements with banks in the EEA - which means that Lloyds can no longer issue AMEX cards.

Existing Duo Avios cards are set to be replaced with a single MasterCard which will significantly reduce potential for earning Avios. Under the current system, £5 spent on the Duo AMEX earns 5 Avios or 1 Avios per £5 spent on the Duo MasterCard. The new system will earns 2 Avios for every £5 spent on the MasterCard. Avios earning potential effectively drops by 60% under the new regime.

For those who earn Avios through balance transfers, the new system is even worse. Instead of earning 1500 Avios per £1000, the new Duo MasterCard pays just 400 Avios.

Sadly the Duo Avios card is my main way of earning points - and it looks like that is about to come to an abrupt end in March.

 

This is a shame, thanks for posting this update

 

Oh wow, I didn't realise. Thanks!

 

Darn, that is too bad. Thanks for the update.

 

Hi Ben,

Also got that letter a few months back - makes the cards worthless!

You should have a look at the AMEX Gold card...you will still get 1 point per £1 spend and a generous signing up points amount of 22,000 + 2,000 if you use my referral link below.

I've found the AMEX to be the best way to enjoy travel on business/first.

AMEX Gold Credit Card..
You will get;
- 22,000 amex points instead of 20,000 points which can be transferred to loads of different point schemes
- a brand new shiny gold AMEX card
- 1 point earned per £1 spent, 1.5 points for every £1 spent abroad
- an extra bonus 10,000 points if spent £15,000 within one year
- my eternal gratitude
- regular discounts via amex app

http://amex.co.uk/refer/darreenhde?XLINK=MYCP

 

I heard something about this card still be offered to select customers?

 

Arrr what a shame. Thanks for the update.

 

My new card year started in December. I am yet to receive a letter or any correspondence about the closure so not sure if they are gradually closing down/switching accounts or it will be a hard stop. Will be a shame as have all my holidays booked for later in the year and the 0% exchange fees have been invaluable.

If it is a hard stop in March, are we still able to earn an upgrade voucher if spending £ 7,000 before March? Is it a benefit of the new card? if so do reckon the spending will be carried over?

I also guess we will get a pro-rata refund of annual fees?

Thanks