santander 123 cashback card

castle96

have I got things wrong ?

I read all the info, and there is a £2/ MTH fee for this debit card.
The first thing they do is put a debit on of £24 up front !!

"In response to your email, I can confirm that the 24.00GBP is the annual fee for the credit card. We do not charge a monthly fee for the credit card.

We currently have a promotion whereby if you were to set up a direct debit to pay off your credit card then we will waive the first year?s fee only. I apologise for any inconvenience caused."

Page 5 of their booklet Current accounts Interest rates and fee information - clearly says "123 account - £2 p/mth fee"

So...... ? anyone else had this ??

brendon

There's a £2 a month fee for the account, £24 per year for the credit card

castle96

blow me, Never spotted that ! Can't find it anywhere in the info either. They get me twice !
I need to spend on the credit card to get the 3% cashback, eg petrol at sainsburys. It's no good just using the 123 debit card. True?, or have I got this completely wrong ?

brendon

For the current account, you get cashback on the following direct debits

• 1% for water, council tax, Santander mortgage;
• 2% for gas and electricity; and
• 3% on phones, broadband and TV.

You also get upto 3% interest on your balance.

For the credit card, you get cashback on the following purchases:

• 1% for supermarkets;
• 2% for department stores; and
• 3% for petrol and trains.

There's separate charges for the two different products (so £48 per year in total).

Although I don't have a credit card, I must say that the current account has been well worth £24 per year. Even though the cashback and interest I make covers this, I think I would pay this fee anyway. They are quick to answer the phone and deal with enquiries, and are very friendly to deal with.

SnowTiger

castle96 wrote: »

have I got things wrong ?

I read all the info, and there is a £2/ MTH fee for this debit card.
The first thing they do is put a debit on of £24 up front !!

"In response to your email, I can confirm that the 24.00GBP is the annual fee for the credit card. We do not charge a monthly fee for the credit card.

We currently have a promotion whereby if you were to set up a direct debit to pay off your credit card then we will waive the first year?s fee only. I apologise for any inconvenience caused."

Page 5 of their booklet Current accounts Interest rates and fee information - clearly says "123 account - £2 p/mth fee"

So...... ? anyone else had this ??

Looks like you've got things mixed up.

There's a £2 monthly fee for the Santander 123 Current Account (Debit Card). This is billed monthly.

There's a £24 annual fee for the Santander 123 Credit Card. What tends to happen with this is that the fee is charged to your account when it's opened, then credited back to it when you meet the conditions for it to be waived (for the first year).

JakeGreen

You need to work out if having the bank account and the credit card are worth the £24 plus £24 annual fee.

You'll get the £24 fee back for the credit card once you set up the direct debit from the 123 bank account.

But that is only a one off. Next year you'll pay £24 for the credit card if you want to keep it.

I have both the bank account and the credit card as it is profitable for me to do so. It depends on your spending whether it's worth it for you or not.

Buzby

Agreed - two different products with different costs and features. They're correctly charging you, and it appears you have mis-bought, rather than being mis-sold!