Santander 123 Cashback Card - Exceeded Limit

Drebin911

Hi All,

Just a quick question - I can't seem to find an answer on the Santander website.

I have a 123 Credit card, which I am currently stoozing @ 0% on.

Due to a repeat payment I overlooked, I am currently over my credit limit by 82p (£2500 limit), balance being £2500.82.

How much will I be charged for this? I had a look on the FAQ but could not find an answer.

Not sure if i would be in a buffer period due to the small amount over credit limit.

Thanks

YorkshireBoy

Never mind posting on here...spend your time more productively by sending an FP straight away!


I'm not sure why you can't find out how much the fee is...it's quite clearly stated in the summary box, both in your possession and also on their website.


However, that may be the least of your worries. Lenders often remove the 0% promotional rate from the last statement (so back-dated!) for such breaches.

Drebin911

YorkshireBoy wrote: »

Never mind posting on here...spend your time more productively by sending an FP straight away!


I'm not sure why you can't find out how much the fee is...it's quite clearly stated in the summary box, both in your possession and also on their website.


However, that may be the least of your worries. Lenders often remove the 0% promotional rate from the last statement (so back-dated!) for such breaches.

Thanks for the reply.

Faster Payment already sent, that would be annoying to lose the 0% status!!

plunt

Call them up first thing tomorrow and explain to them. They may be lenient and let you off with a warning

Drebin911

plunt wrote: »

Call them up first thing tomorrow and explain to them. They may be lenient and let you off with a warning

Hey Plunt,

just got off the phone to Santander, they said 'normally' there would be a charge, and the advisor did not really go any further than that.

I've already made a FP to bring Credit limit down to an acceptable limit.

I notice on one of my statements it says "Over Limit Fee - £12.00 if you are over your credit limit when statement is produced"

Does this mean, when the transaction is recorded on my online statement, or my monthly statement (ie billing period etc)?

Thanks

plunt

okay, my worry if i were you would be if they removed that 0% rate... hence why on the call it would be good to get them to let you off this one time as a warning. but guess if you dont want to call them back you can wait and see and then call up and ask if you do get hit. I always think its better to be active than reactive in these cases though...

YorkshireBoy

plunt wrote: »

okay, my worry if i were you would be if they removed that 0% rate...

Surely Joe confirmed that in the call, following my post yesterday?

if you dont want to call them back you can wait and see and then call up and ask if you do get hit.

If they have removed the 0% rate, the standard APR is already applying, and will be backdated to the last statement date. Could be some significant interest charged on the next statement. Prevention is always better than the cure!


I wonder if cashback earned this statement period is also forfeited for such a breach? Of course the T&Cs will provide the answer to that question.

Drebin911

YorkshireBoy wrote: »

Surely Joe confirmed that in the call, following my post yesterday?If they have removed the 0% rate, the standard APR is already applying, and will be backdated to the last statement date. Could be some significant interest charged on the next statement. Prevention is always better than the cure!


I wonder if cashback earned this statement period is also forfeited for such a breach? Of course the T&Cs will provide the answer to that question.

Indeed, as that interest would destroy a large amount of what I've earnt stoozing!

The advisor I spoke to said, that a #12.00 fee would normally be payable, however the 0% on purchases still remains in place.

So, I think I've got off lucky here.

plunt

YorkshireBoy wrote: »

Surely Joe confirmed that in the call, following my post yesterday?.

He has confirmed it now just wanted to be sure!

block10

I recently applied for a credit limit increase with Santander to avoid this very thing from happening.

YorkshireBoy

block10 wrote: »

I recently applied for a credit limit increase with Santander to avoid this very thing from happening.

The trouble is it doesn't...in some cases!


I had a very healthy £9K limit on my 18/19 month 0% on purchases 1-2-3 card, with an assembled 2 month spend of £2K. When they launched the 23 month variant (with the same duration on 0% BTs...fee-free!) I asked to be put on that deal and they agreed.


I then muled the remaining circa £7K to the stooz pot via another card which meant I was maxed out.


I now have to make an additional payment (over and above the £89 min DD) each month just to create some headroom so I don't miss out on the fuel/supermarket cashback (as well as 0% interest on those purchases)!


Like the OP I'm sailing close to the wind, but I'm happy I've got my finger on the pulse.