Santander 123 Credit Card

emcap

Hello All,

Quick question I'm I right in learning that Santander 123 Credit Card comes with 23 months 0% Balance Transfer and Purchases together on same card (£24 fee one)

http://www.santander.co.uk/uk/credit-cards/compare-our-range

i.e.

Similar to Tesco which has 12 months 0% on Balance Transfer and Purchases together on same card.

Thanks

NoahM

Emcap,

Yes, that's correct. Used purely as balance transfer card it is not great. For example, it would be cheaper to transfer a balance of less than £1k to something like a BarclayCard with 2.49% fee. Higher values of balance would work out cheaper.

If using it for purchases - of course this is providing you can afford to pay it off in full each month / have an affordable payment plan in place then it could work in your favour. For example, spending the values over the year with would result in you breaking even, any more and you would be in pocket!

£2,400 at supermarkets

OR

£1,200 in department stores

OR

£800 at petrol stations / train tickets (up to £300 per month)

Or obviously any combination of these i.e. £400 a year on fuel and £1,200 at supermarkets and you would cover the years fees. Anything above this is extra cash for you. Obviously this only works if you were going to spend the money anyway!!!

Hope this helps.

Brightspark87

or open the 123 current account and you save the first years £24

bsms1147

Brightspark87 wrote: »

or open the 123 current account and you save the first years £24

...and spend £24 on the account instead.

Brightspark87

I get £20 cash back a month so £18 after the fee for using both.

Its really worth it if you do the maths before opening it.

Sometimes paying the fee works out cheaper! I also did a £1,750 BT and had no fee and 0% for 13 months... thats not a bad deal at all!