MSE News: Santander credit or debit card user? You can now earn even more cashback

Archi_Bald

Organist wrote: »

No one is offering above 3% interest on a current account above £5,000. Therefore, as Santander offer 3% on up to £20,000 I think it is market leading.

Plenty of accounts offer true 3% AER (i.e. not 3% minus £24) and more. Not in a single account but it is easy to get more than 3% AER on £20,000.

A consumer-oriented site like MSE should not need to resort to Marketing speak when helping their readers to find the best deal for themselves.

Consumerist

muddlemand wrote: »

. . . But I am annoyed at being reminded to turn off paper statements, when I opted for online statements from the start and have re-opted for them (by changing the preference and changing it back) a couple of times since. I get both kinds!

Just a thought - it's possible something in your browser is preventing your selection from going through to the site. Firefox add-on NoScript is a case in point. If you have Firefox browser with the NoScript add-on, try allowing all scripts when changing the option.

Nick_C

muddlemand wrote: »

lol. I don't mind them telling me when I can get cashback!
But I am annoyed at being reminded to turn off paper statements, when I opted for online statements from the start and have re-opted for them (by changing the preference and changing it back) a couple of times since. I get both kinds!

I phoned Santander a couple of days ago to try to switch off paper statements on the 123 credit card. The functionality is currently not available. They had planned to introduce it last week, but its been delayed.

muddlemand

Nick_C wrote: »

I phoned Santander a couple of days ago to try to switch off paper statements on the 123 credit card. The functionality is currently not available. They had planned to introduce it last week, but its been delayed.

How odd! They're spending a lot on printing n postage, then! Thanks for sharing - I would never have bothered phoning for that question.

Nick_C

Archi_Bald wrote: »

Plenty of accounts offer true 3% AER (i.e. not 3% minus £24) and more. Not in a single account but it is easy to get more than 3% AER on £20,000.

A consumer-oriented site like MSE should not need to resort to Marketing speak when helping their readers to find the best deal for themselves.

If you use the 123 current account for paying household bills by DD, then your cashback is likely to significantly exceed the £2 a month cost. I average more than £7 a month cashback. Take off the £2 charge and as a basic rate taxpayer thats equivalent to £75 a year gross on top of the interest, so effectively 3.375% AER

One problem with opening multiple current accounts might be its affect on your credit rating. I currently have a large sum sitting in a savings account at 1.24% because I have a mortgage offer pending, and I don't want to risk damaging my credit rating by opening multiple new current accounts. (My mortgage offer dropped because I took out the 123 credit card!)

I do agree though that MSE should have highlighted the higher interest rate options for small savers. But then of course MSE is a business. The forum contains some great advice thanks to its users, but I wouldn't place my trust in the main site or the newsletters.

muddlemand

Nick_C wrote: »

because I have a mortgage offer pending, and I don't want to risk damaging my credit rating by opening multiple new current accounts. (My mortgage offer dropped because I took out the 123 credit card!)

Now's not the time, just before getting that mortgage - but it's worth mentioning that having a credit card and paying it off in full every time does improve credit rating. It's actually better than not having one at all. Which is nice, as I never wanted one (feels like debt) before seeing the 123 setup.

Pincher

Current accounts is bad for your credit score?
You mean the application triggers a credit check, presumably?


Spent some money at Waitrose on Sunday. 5% deal used, hardly worth it.


Had a great deal last year. American Express Preferred Reward card, 5% cash backup up to £100, which I could use in Costco, where I get 2% cash back for being Executive Member. If I had known, I could have applied for the Amex card through Quidco, and got even more cash back.

muddlemand

Pincher wrote: »

Current accounts is bad for your credit score?
You mean the application triggers a credit check, presumably?

Credit cards, not current accounts.

Santander have the 123 current a/c AND the 123 c/card which may confuse.

However, I believe a credit check is done when a current a/c is applied for, too. Someone else will know better.

colsten

muddlemand wrote: »

However, I believe a credit check is done when a current a/c is applied for, too.

That is correct. Current accounts providers will also report the status of current accounts to the CRAs on a monthly basis.

Archi_Bald

new offer for me today: 10% off next purchase at House of Fraser, no limit specified. Shame I really don't need to buy anything at all.