Santander Zero, Confusion!

prezzacc

Hi all, wondered if someone can clarify...

I have a santander Zero credit card, i believe i can use this aborad Worldwide and also europe(although im sure it was only worldwide) and pay low low rates.

Now from what i can read on the site, its free to spend on as a mastercard in both europe and worldwide...correct?
But cash withdrawing will incur a 27% charge or some similar high charge, EVEN IF PAID OFF IN FULL... so what does that actually mean? If i withdraw £100 from an ATM im spain and i going to get a conversion rate with nothing added on.... but when i get home have 27% charge?!

Please help!

misa.blue

Just to make note, you can get this card only if you have mortgage or loan with Santander..

Violetta_2

prezzacc wrote: »

Hi all, wondered if someone can clarify...

I have a santander Zero credit card, i believe i can use this aborad Worldwide and also europe(although im sure it was only worldwide) and pay low low rates.

Now from what i can read on the site, its free to spend on as a mastercard in both europe and worldwide...correct?
But cash withdrawing will incur a 27% charge or some similar high charge, EVEN IF PAID OFF IN FULL... so what does that actually mean? If i withdraw £100 from an ATM im spain and i going to get a conversion rate with nothing added on.... but when i get home have 27% charge?!

Please help!

Info here
13. Are interest and fees charged on Cash Transactions?

If you use your credit card for cash transactions, 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.
Looking at the summary box the charge is 27.9% per annum.

misa.blue wrote: »

Just to make note, you can get this card only if you have mortgage or loan with Santander..

Or if you have your main current account with them & it is credited with £1000 a month info here
Only know as we were checking out credit card's for my husband for our holiday.

ferf1223

prezzacc wrote: »

But cash withdrawing will incur a 27% charge or some similar high charge, EVEN IF PAID OFF IN FULL... so what does that actually mean? If i withdraw £100 from an ATM im spain and i going to get a conversion rate with nothing added on.... but when i get home have 27% charge?!

Please help!

27.9% is per annum.

You are charged from the day you withdraw to the day you pay it off...with purchases you only pay interest if you do not pay by the due date - cash advance is different.

This calculator might help (I know it's in $ but it doesn't matter)-

http://creditcard.bizcalcs.com/Calculator.asp?Calc=Daily-Periodic-Rate

If you put in how much you withdraw and the APR, it will tell you how much interest you will pay per day.

dzug1

prezzacc wrote: »

Hi all, wondered if someone can clarify...

I have a santander Zero credit card, i believe i can use this aborad Worldwide and also europe(although im sure it was only worldwide) and pay low low rates.

Now from what i can read on the site, its free to spend on as a mastercard in both europe and worldwide...correct?
But cash withdrawing will incur a 27% charge or some similar high charge, EVEN IF PAID OFF IN FULL... so what does that actually mean? If i withdraw £100 from an ATM im spain and i going to get a conversion rate with nothing added on.... but when i get home have 27% charge?!

Please help!

Basically yes.

But the 27% charge is an annual rate, you'd only pay a small fraction of it for a few days/weeks.

ince_mon

misa.blue wrote: »

Just to make note, you can get this card only if you have mortgage or loan with Santander..

I've no mortgage,and i don't have a loan with Santander,but i have a card.

misa.blue

ince_mon wrote: »

I've no mortgage,and i don't have a loan with Santander,but i have a card.

Really? We wanted it but would not get it..

prezzacc

Hi all, sorry for late reply.

Thanks for the advice i think i get it...i withdraw cash and i get charged from the day i withdraw to the day i pay off.
Using ferf1223 calculator proveded say i drew out 250 in spain i get charged about 18p a day.
So i wonder if my nationwide visa would be better, have to research that now! So confusing these cards wish it was just free like nationwide USED to be!!!

And just to agree with ince mon we also have no mortgage or account with santander but this was a while ago we applied.

Thanks!

ferf1223

misa.blue wrote: »

Just to make note, you can get this card only if you have mortgage or loan with Santander..

Also if your main account is with Santander, paying in at least £1000/month...or switch your main account to them.

It does seem like it was open to all at one point though...could be wrong, but didn't seem like it was restricted like the Zero current account.

NFH

ferf1223 wrote: »

It does seem like it was open to all at one point though...could be wrong, but didn't seem like it was restricted like the Zero current account.

No, you're not wrong. I have one of these and I have no other accounts with Santander.