Moneysupermarket comments on new Amex card

Price comparison website moneysupermarket.com has commented on the release of the new Lloyds TSB Premium American Express card, saying that it may be worthwhile for some customers, but not others.

With its monthly fee of £4.95, the site said that the card appears to be a good option for people who fully utilise its benefits.

However, Robert Kenley, head of credit cards at moneysupermarket, said that the card "does not make the grade as a fully-fledged prestige card", even for customers such as very frequent fliers who could save up to £150 with the product.

The offer is described as a "hybrid card", with fees set towards the cheaper end of the market and features such as a concierge service and reward points to be redeemed on ‘luxury’ spending.

"Combined, these benefits are worth the fee, but only if customers use their card wisely, gaining loyalty points wherever possible and making full use of all the extras," Mr Kenley commented.

"In addition, I would urge customers against using this card for borrowing, as it is subject to an APR on purchases of 13.13 per cent and there are many better purchase cards available."

Mr Kenley advised that many consumers could be better served taking a "pay as you go" route, buying particular elements separately when necessary.