Santander scraps popular 123 credit card for new customers replacing it with three other deals
Santander has scrapped its popular 123 credit card for new customers
Santander has scrapped its popular 123 credit card for new customers and replaced it with three other deals.
The 123 credit card gave customers up to 3 per cent cashback on purchases, earning up to £9 a month.
You earned 3 per cent on travel spending, 2 per cent at department stores and 1 per cent at supermarkets, up to £3 each month.
Existing customers can still use the card as normal.
New borrowers will be offered the All In One Credit Card. It pays just 0.5 per cent cashback each month.
So if you spent £100, you would get 50p back. There is a £3 monthly fee.
Santander’s other new deals, the Everyday Credit Card and the Zero Credit Card, have no cashback rewards.
The Zero Credit Card is designed to be used on holiday and has no fees for spending abroad.
FIND THE BEST DEAL: SPENDING AND REWARDS
Some cards will give customers a proportion of their spending back in rewards or cashback.
You need to keep in mind that tempting rewards deals are offered to lure in customers. Lenders make their money by using these deals to encourage you to spend more.
That said, if you are disciplined about repaying and pick the right card, they can be a useful tool.
The best deal for you will of course depend on what you use the card for and where you shop the most.
For example frequent flyers may wish to opt for an airline credit card. The top paying card earning Avios is the BA American Express Premium Plus credit card which give a free companion ticket if you spend £10,000 a year and 1.5 Avios per £1 spent, but requires a £195 annual fee.
For anyone who prefers cashback, Amex Platinum Cashback card pays 5 per cent back on spending for the first three months and 1.5 per cent after that for an annual fee of £25.
- Need more help picking the best card for spending, cashback and rewards? Read our round-up of the best deals
|Credit Card||Purchase rate||Perks||Small print|
|Amex Platinum Cashback||22.90%||5% for 3 months. After that £0 - £10,000 earns 1 per cent, over £10,001 earns 1.25%||Carries a £25 annual fee, first 3 months earnings capped at £125.|
|Amex Platinum Cashback Everyday||22.90%||5% for 3 months. After that earn 0.5% up to £5,000 and 1% after that||Must spend £3,000 in a year to qualify for cashback|
|Asda Cashback Plus||19.9%, 23.90% or 27.90%||2% back on supermarket spends & petrol, 1% elsewhere. 15 months 0% interest on balance transfers and for six months on George.com purchases of £200+||£3 monthly fee. Plus take out an Asda insurance product and you earn 10 per cent cashback on the amount.|
|Asda Cashback||19.9%, 23.90% or 27.90%||1% back on supermarket spends & petrol, 0.5% elsewhere. 12 months 0% interest on balance transfers and for six months on George.com purchases of £200+||Plus take out an Asda insurance product and you earn 10 per cent cashback on the amount.|
|Nationwide Select||15.90%||0.5% cashback 12 months 0% (purchases and balance transfers). Commission-free purchases abroad||Balance transfers must be made within 3 months for 0% promotion. Must have a Nationwide current account to apply|
|Aqua Rewards||34.91%||0.5% cashback, free overseas purchases.||Desigend for those with a less-than perfect credit rating|
Representative example: If you spend £200 at a purchase interest rate of 18.9% p.a. (variable) your representative rate will be 18.9% APR (variable). Credit limits and terms may vary based on your individual circumstances. Balance transfer offers and introductory fees limited to transfer made with 60/90 days of account opening. See product specific T&Cs.;
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