Lloyds Bank World Elite Mastercard: An In-depth Look at Its Travels

Travel rewards enthusiasts have a new option to consider with the Lloyds Bank World Elite Mastercard. This card stands out in the market by shifting the focus from traditional miles and points to direct travel benefits, such as airport lounge access and cashback. In this comprehensive review, we’ll explore the features, benefits, and potential drawbacks of this new offering from Lloyds Bank.

Key Features of Lloyds Bank World Elite Mastercard

» Access to Priority Pass

The primary allure of this card is its affordable pathway to a ‘full’ Priority Pass airport lounge card, including airport restaurant deals often restricted on Amex-issued Priority Pass cards. The Priority Pass membership grants access to over 1,300 airport lounges worldwide, providing a comfortable space to relax and enjoy amenities before a flight. Additionally, the card includes restaurant credits at select airport venues, enhancing the overall travel experience.

» Fee Structure

The Lloyds Bank World Elite Mastercard has a £15 monthly fee, translating to £180 annually. This fee structure is notable for not requiring a Lloyds bank account to apply, making it accessible to a broader audience. While the fee is relatively modest compared to other premium travel cards, it is important to evaluate whether the benefits justify the cost.

» APR and Charges

The card’s representative APR stands at 55.0% variable, based on a £1,200 credit limit, inclusive of the monthly fee, with a 22.94% variable APR on purchases. This APR is relatively high, so it’s crucial for potential cardholders to manage their spending and payments carefully to avoid incurring substantial interest charges.

» Cashback Returns

It offers 0.5% cashback on the first £15,000 of annual spend and 1% beyond that threshold. While the cashback feature is appealing, it may not be as competitive as other travel rewards cards available in the market. However, for those who prioritize travel benefits over cashback, the Priority Pass inclusion may offset this limitation.

» Analyzing the Priority Pass Benefit

The card’s standout feature is its included Priority Pass, allowing access to over 1,300 airport lounges globally and £15 restaurant credits at select airport venues. The complimentary supplementary card also includes a Priority Pass, doubling the benefit. This feature is particularly advantageous for frequent travelers who value the comfort and convenience of airport lounges.

Comparison with Other Cards

» American Express Platinum and Gold

The Platinum Card offers broader lounge access but at a higher fee and lacks restaurant credits. The Gold Card provides limited free lounge visits. When comparing the Lloyds Bank World Elite Mastercard with these options, it becomes clear that the Priority Pass benefit offers significant value, especially for travelers who prefer dining options at airports.

» HSBC Premier World Elite Mastercard

This card is comparable in offering but demands an HSBC Premier account and has a higher fee for a couple (£255 vs £180). The Lloyds card’s lower fee and lack of account requirements make it more accessible for many users, though the HSBC card may offer additional benefits for Premier account holders.

» Direct Priority Pass Purchase

Surprisingly, obtaining Priority Pass through this card is cheaper than direct purchase, which ranges between £229 and £419. This cost-saving aspect makes the Lloyds Bank World Elite Mastercard an attractive option for those primarily seeking lounge access.

Additional Benefits and Limitations

» Airport Fast Track Access

The Lloyds Bank World Elite Mastercard offers airport Fast Track access at selected airports, enhancing the travel experience by allowing cardholders to bypass long security lines. This benefit can save valuable time, especially during peak travel periods.

» Cashback Efficiency

While the cashback offer is modest, dedicated travel rewards cards like the free Barclaycard Avios Rewards offer better value. Cardholders who prioritize cashback over travel perks may find other options more rewarding.

» Foreign Exchange Fee

The standard 2.99% FX fee on foreign transactions is a notable limitation for a travel-focused card. Frequent international travelers may find this fee detracts from the overall value, and may prefer cards with no foreign transaction fees.

Lloyds Bank World Elite Mastercard

The Lloyds Bank World Elite Mastercard is not particularly noteworthy for its cashback or fee structure, especially for those prioritizing airline miles or hotel points. However, its Priority Pass access at £15 per month for two people presents an attractive proposition for frequent lounge users. Despite its benefits, it’s advisable to keep this card reserved for airport use and rely on more rewarding cards for regular expenditures.

Conclusion

The Lloyds Bank World Elite Mastercard emerges as a compelling option for travelers who prioritize lounge access and convenience at airports. Its included Priority Pass membership and associated benefits make it a valuable asset for frequent flyers.

However, for those who seek higher cashback returns or lower foreign transaction fees, exploring other card options may be beneficial. Balancing the costs and benefits, this card is best suited for those who can maximize its travel perks, particularly the Priority Pass access.