A quick guide to your credit card
1. What is a cashback credit card?
Cashback credit cards work by refunding a small percentage of each transaction you make to your account whenever you shop in a supermarket, department store, petrol station or purchase tickets for National Rail and Transport for London travel.† The 123 Credit Card offers you cashback rewards.
2. What are the benefits of using a cashback credit card?
Perfect for every day spend: Whenever you shop at the supermarket, spend in department stores, simply fill up at a petrol station, or purchase tickets for National Rail and Transport for London travel you'll earn a generous cashback reward.
Cashback rewards:† You can earn cashback every month which will appear on your monthly statement.
Annual Fee: These great benefits are yours for an annual fee, find out more.
3. Balance transfers
What is a balance transfer?
A balance transfer is when you transfer an outstanding balance from your other credit or store cards to your Santander Credit Card.
What are the benefits of transferring your current credit or store card balance?
Cost savings: You could save on interest payments†by consolidating your credit and store card balances into one.
Easier management: Consolidating all your cards into one may make managing your interest payments and cash flow easier.
We'll do everything for you: When you transfer your current balance to us we'll take care of the entire process.
Do I have to close my other store or credit cards after the balance transfer is made?
It's your choice. If you decide to close your other cards, you'll need to arrange this directly with the issuer.
4. Card security
Enjoy complete confidence when you make purchases, knowing that your new Santander Credit Card comes with:
5. How will my payments be allocated?
Payments will now be allocated to the highest interest rate balance first. Therefore, the order which your payment is applied will vary based on the different rates of interest being charged to your account. For example, if you have a Retail Purchase balance at 18.9% this will be paid off first before a 0% promotional Balance Transfer.
6. Is a credit card suitable for my borrowing needs?
We recommend that a credit card should only be used for short-term borrowing and should not be considered if you need to borrow large amounts over a long period.
7. How much will I have to pay under the credit agreement?
The total amount you have to repay will depend on how much you spend using your credit card and how much of the outstanding balance you repay each month. You can pay as much of the balance off each month as you would like but you must pay at least the minimum payment set out in your statement each month before the due date shown in your statement. Details of how this is calculated are set out in your pre-contractual information. If you do not pay the whole balance owed every month you will be charged interest which could mean it may take you longer, and may cost you more, to repay the full balance.
8. What are the consequences to me if I do not keep up with repayments?
It is important that you make at least the minimum payment when due. Failure to make the minimum monthly payment on time will result in a late payment fee of £12 as well as interest. As a consequence of this, the total cost of your debt may grow. If you don't make your payments on time we are entitled to record any defaults that you make at Credit Reference Agencies. This may make obtaining credit more difficult and more expensive in the future. We are also entitled to move funds from any current or savings account you hold with any other member of the Santander Group to settle any outstanding payments.† It could also result in legal action being taken against you, by us or a third party to whom we may have sold the debt, which could result in a court order being obtained and you incurring legal costs. A court order may result in any outstanding debt being secured against your home.
9. Can funds from my other account be used to pay off by Credit Card?
Yes, if you do not keep up to date with payments, we can use funds from your Santander current or savings accounts to pay off the outstanding debt.
10. What rights do I have to withdraw from the agreement once I have entered it?
If you decide that you no longer want your new credit card you have 14 days from the day after you receive your card to tell us you want to withdraw from the agreement. If you want to withdraw you must tell us before the end of this time by writing to us at Santander Cards Limited, PO Box 983, Bradford, BD1 9FE or calling us on 0845 602 1582 (Calls may be recorded and monitored for training and security purposes).† We will let you know how much to pay and how to make a payment. You then have up to 30 days from the day after you notify us to repay any amount you borrowed, along with any interest charged to your account.
11. What types of interest rates are there?
There are different interest rates for purchases, cash transactions and balance transfers.† These are all set out in the Summary Box.
12. How can my interest rate be changed?
We may increase interest rates by giving you at least 30 days notice. Any increase could increase the amount you have to pay each month and may mean that it takes you longer to repay any outstanding balance.† We may increase your interest rate as a result of a rate change that is applicable to all borrowers, or we may change the rate you are charged individually based on a number of factors, such as credit risk and the way you use your account.
13. How do introductory interest rates work?
Introductory interest rates may be offered with this credit card.† Details of these are contained in the pre-contractual information.† These introductory rates still require you to make at least the minimum payment on time each month.† If you do not, or if by the end of the promotional period you have not paid off the whole balance, your standard purchase/balance transfer rate will be payable on the remaining balance until it is repaid in full.† The standard interest rates will be significantly higher than the introductory rates and will increase the amount you have to pay each month.† This could also mean that it may take you longer to repay any outstanding balance.
14. Is a Balance Transfer fee charged?
A handling fee may be charged for each balance transfer. This will not be refundable once we have processed the balance transfer.† Details of the handling fee are contained within the pre-contractual information.
15. Are interest and fees charged on Cash Transactions?
If you use your credit card for cash transactions in the UK or overseas, you may be charged a fee. For cash withdrawals using the Santander Zero Credit Card, Santander will not charge a cash fee, but some independent ATM suppliers may still charge a withdrawal fee. If this is the case, you should be advised of the charge prior to completing the transaction, thus giving you an opportunity to cancel the transaction. Interest for cash transactions (including cash withdrawals, purchase of travellers' cheques and gambling) will be charged (on all credit card products, including Santander Zero Credit Card) from the date the amount is debited to your account.† Interest rates for cash transactions may be significantly higher than those charged for purchases.
16.† Is there a fee for using your card abroad?
If you use your credit card for transactions abroad, you may be charged a non - sterling transaction fee. For transactions made abroad using the Santander Zero Credit Card, Santander will not charge a non - sterling transaction fee.