Santander is to increase the interest rate on its 123 cashback credit card in December – the first time in six years – to “reflect increased costs”. Depending on the individual interest rate applied to you, you won’t pay more than 23.9%.
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What is cashback? Cashback is a reward for spending on your card. Every time you make an eligible purchase, we’ll give you back a percentage of the money you’ve spent. We explain what eligible purchases are below. We pay you the cashback, so it won’t impact any offers a retailer may give you. 2.
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Interested in getting cashback at supermarkets and on travel costs? Check out our cashback and interest calculator to find out what you could earn with the Santander Edge and Santander Edge Up current accounts.
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We will pay you any cashback you have earned from a supermarket, department store, petrol station, train operating company, online train ticket retailer or TfL falling within the Merchant Category Codes by crediting your I I Credit Card account every month.
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The Santander 123 credit card was a best buy for a long time, as it offered 1% cashback on supermarket spending, 2% cashback in department stores and 3% cashback on fuel or rail spending (this last capped at £9/mth) - all for an original £2/mth fee.
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I recently applied for and got my new Santander 123 credit card, thinking this would be a brilliant idea as it would pay for itself just on the cashback on my monthly Oyster travelcard.
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ï Santander 123 credit card now offers 18 months interest free on purchases. ï Significant APR cut; down to 12.7% (ex-annual fee) to reduce cost of borrowing. ï In addition to the 1%, 2% and 3% cashback, all for an unchanged monthly fee of £2.
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Existing Santander 123 credit card customers will see a cashback cap come into effect from February, so is it still worth using or are there better products available?
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Use our calculator to see how much cashback you could earn with your 1|2|3 credit card. Search retailer, retailer type or location.
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There is a £3 monthly fee - however the cashback can cover that if used as above, with some extra. You need a Santander current account before applying - however their Everyday current account which has absolutely no strings attached meets that requirement. That is fee free if used at a Santander branch ATM for currency in several countries.
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