Santander 123 Credit Card - Close after 1 year & re-apply to avoid £24 fee??

Carnival789

Good evening

Just got myself a Santander 123 Credit Card which looks like it will be a nice little earner for me. The first year's fee has been refunded to me already, so it's all good so far.

I'm wondering what to do in 11 months time though. I'm pretty sure I will want to keep the card for a 2nd year, but I'd like to avoid paying a fee for it.

Has anyone cancelled their card after 12 months and then re-applied successfully, and got their "first" year free on the new card?

jonesMUFCforever

It won't work IMO as you will need to have had a closed account for 12 months before they would consider re issuing you with a card.

bengal-stripe

paulfinlay29 wrote: »

Has anyone cancelled their card after 12 months and then re-applied successfully, and got their "first" year free on the new card?

You cannot re-apply instantly.

Most CC expect a minimum of six months before a previous customer will be allowed to apply as a "new" customer, and even then, there is no guaranty the "new" customer will be accepted, particular if s/he expects the promotional goodies reserved for genuine new customers.

anotheruser

However, if you have a joint account, cancel your card, then get the other person to sign up as the main card holder, adding you as a second.

Carnival789

thanks everyone, good points raised. i think ill do the sums at the end of the 12 months and see if it makes sense to keep the card.

cheers again

pjread

personally I'll be keeping even with the fee; 3% * 300/m = £9/m = £108/yr if you commute and/or use petrol. the rest is hardly relevant!

vns

Might work - I've done it for CapitalOne, cancelled on Monday opened a new 5% card on Tuesday.

IMO, it depends on the provider.

pjread

vns wrote: »

Might work - I've done it for CapitalOne, cancelled on Monday opened a new 5% card on Tuesday.

IMO, it depends on the provider.

off topic, but what 5% card, am I missing a trick??

planteria

i came to the conclusion that the S123 current account is worthwhile (though i avoid making any Santander account my main bank account, for personal or business, on account of their errors and poor service) but that the S123 current account is not that good...overall. i use Amex Cashback and Barclaycard Cashback instead.

reclusive46

pjread wrote: »

off topic, but what 5% card, am I missing a trick??

There isn't one at the moment (Apart from business).

Philmill

Possibly also off topic, but watch out for the £24 fee refund for 123 Current Account. It only applies if you set up a direct debit from the 123 account. Small detail, but I have a 123 current account with my partner for household bills. My credit card is my personal account - so I wont be paying it from the joint account. As such, I wont qualify for the fee refund - even though I am an existing 123 current account customer!