Content begins

Lloyds TSB to charge consumers for not using cards

23 February 2007

Lloyds TSB has written to its credit customer to inform them that if they do not use their card regularly, they will be subject to an annual fee.

According to the lender, the move is aimed at the one per cent of TSB credit card customers who do not use their cards.

Customers who wish to avoid such a charge can cancel their card by writing to the bank or using their card to make purchases.

As an added incentive, Lloyds TSB are offering consumers zero per cent interest for three months from March.

A spokeswoman defended the decision, saying: "It costs the bank money to issue cards to customers who are not using them. This is intended to get them to start to do so".

In related news, Lloyds TSB announced an 11 per cent increase in pre tax profits this morning.

The bank said it recorded profits of £4.25 billion for 2006, with the insurance and investments centres seeing 15 per cent growth.

© Adfero Ltd

Send us your comments.

Name:

© MoneyExpert.com 2014

MoneyExpert Limited Registered in England. Registered Number 04765843. Registered Office: MoneyExpert Limited, Craven House, Station Approach, Godalming, Surrey, GU7 1EX. Consumer Credit Licence Number 662105. Data Protection Licence Number Z8204138. MoneyExpert Limited is an appointed representative of MoneyExpert Insurance Services Limited which is authorised and regulated by The Financial Conduct Authority FRN 557120.

Terms & Conditions Privacy Policy Cookies Site Map Complaint Handling