Santander Zero Credit Card

Jo_King

Hi folks,

I've just received an application form for the Santander Zero card. I'm interested because I travel quite a bit, so not being charged to withdraw cash internationally is a big pull.

I currently have an Egg card and a Barclaycard (both cashback) which I pay off in full each month (I only really use the Egg, but the barclaycard has a higher credit limit if I'm buying something big). I'd intend to pay of this card in full too, if I get it. When I'm abroad, I usually withdraw money using my Alliance and Leicester debit card.

However, I'm confused by the 27.9% APR cash transaction charge. What does that mean, if, for example, I withdraw 200 euro on the 15th of the month, and I'm paying the balance off in full at the end of month? I'm just wondering if, if I use it abroad about 10 times a year, it's worth getting the card.

Thanks! Sorry for my painful ignorance about these things - I've avoided credit cards like the plague most of my life!

speedbird1973

You pay interest on the cash transaction even though you don't pay withdrawal fees.

If you withdraw £100 (I'm making it easy for myself) in the middle of the month and paid it off at the end of the month you'd be paying about 2% a month interest. So you'd pay no more than £102 - assuming you had no debt on the card.

INT1

Your only way around that is putting the account in credit.

Yes I know it breaks the T+C's but I'm sure if it's not by a huge amount it won't be flagged up anywhere

marsman802

I've received this in the post too and it sounds amazing. Love the no charge for using abroad to pay for shopping etc.

But also, the balance transfer is fee-free??? I notice that hasn't been mentioned on Martins BT part of the credit card section but seriously...have I read the letter I've received true?

anna42hmr

Jo_King wrote: »

Hi folks,

However, I'm confused by the 27.9% APR cash transaction charge. What does that mean, if, for example, I withdraw 200 euro on the 15th of the month, and I'm paying the balance off in full at the end of month? I'm just wondering if, if I use it abroad about 10 times a year, it's worth getting the card.

QUOTE]


cash does not have the interest free period like purchases, so in your example you will be charged interest on the cash withdraw from 15th of the month until the payment to your card is cleared

flyingscotno1

marsman802 wrote: »

I've received this in the post too and it sounds amazing. Love the no charge for using abroad to pay for shopping etc.

But also, the balance transfer is fee-free??? I notice that hasn't been mentioned on Martins BT part of the credit card section but seriously...have I read the letter I've received true?

For some it is. I like using it to shop online abroad with no charges- means I can send gifts to family kids abroad cheaper.

Kavanne

[QUOTE=marsman802;26997567
But also, the balance transfer is fee-free??? I notice that hasn't been mentioned on Martins BT part of the credit card section but seriously...have I read the letter I've received true?[/QUOTE]Yes but it's only for those who are invited so that's why Martin hasn't included it I should imagine

marsman802

Ok thanks guys!

I was getting concerned I might have been sent something that wasn't all it seemed at first.

I have to say Alliance and Leicester have really been a good account. I signed up a couple of years ago when they offered the £100 to you and a friend plus extras for referrals and made good money there.
I then realised I got annual travel insurance for European destinations for free from them (and it's good...) and now they've been taken over by Santander I get offered this!

I'm going to BT from another card and pay that off at no interest whatsoever and then add the card to my travel pack for security abroad.

Seems like a long time I opened a card with fee-free BT...I'll be re-assessing my debt free date then!