Santander 23 month 0% card - Approved, but not sure I need/want it now?

Vini123

Hi there,

I've applied and received approval on the 23month 0% card with Santander. I've just received the first piece of paper work today (pin).

I am not sure I need/want it now, what am I best to do?

Cheers,
James

ricz_1

What made you change your mind? If it's the 123 credit card you can get some good cashback from if you use it for petrol/transport.

Are you getting the first year free?

You have a right to withdraw period on all credit cards. I think the term is 14 days, maybe different for different cards.

bengal-stripe

Vini123 wrote: »

I am not sure I need/want it now, what am I best to do?

Make sure you are sure, then cancel the card!

Vini123

Yeah its the 123 card... I'm not a Santander customer, so unsure if the first year is free. Either way £24 was not a deal breaker.

I had planned on buying the new Macbook as soon as it was released. Given that was announced this week, I applied for a CC... I had planned on financing the purchase anyway, initially via Apple's 0% finance, but they didn't release the upgrade during the 0% offer... It turns out a card was a better option anyway as Apple 0% was only 10/12 months.

Anyway, I've sold my old Macbook for a lot more than I expected, and am going to put the difference to and purchase a slightly older Mac outright.

Given the credit check has happened, and been approved, I don't know if it's best to keep it and use it, or cancel it and actually get a card if/when I need one further down the line.

If I did use it, the purchases would be tiny and any cashback bonus would be negligible.

I had toyed with the idea of using it for my work "expenses", but I don't like the idea of having a CC solely for work purposes.

Savedotmoney

I would use it for day to day purchases and help build your credit rating with it. Unless of course you have another card and are already doing that. Just don't get sucked into making a big purchase on it.

Vini123

I *think* my credit rating etc is fine, I've never struggled... but I only have a Mortgage on the go...

My problem is I probably would get sucked in! I had intended on making the purchase and cutting it up

ricz_1

In that case I'd cancel and get back the £24. No sense paying every year for a card you're not going to use and unless you plan on applying for credit in the next few months one search isn't going to hurt your credit rating.

knightstyle

Even if you cancel straight away you will not get the £24 back. So keep it for 10 months just in case you need it then if you still don't need it cancel it and cut it up.
Make sure you use the correct procedure for cancelling and keep proof of doing this.

GingerBob_3

Vini123 wrote: »

Yeah its the 123 card... I'm not a Santander customer, so unsure if the first year is free. Either way £24 was not a deal breaker.

I had planned on buying the new Macbook as soon as it was released. Given that was announced this week, I applied for a CC... I had planned on financing the purchase anyway, initially via Apple's 0% finance, but they didn't release the upgrade during the 0% offer... It turns out a card was a better option anyway as Apple 0% was only 10/12 months.

Anyway, I've sold my old Macbook for a lot more than I expected, and am going to put the difference to and purchase a slightly older Mac outright.

Given the credit check has happened, and been approved, I don't know if it's best to keep it and use it, or cancel it and actually get a card if/when I need one further down the line.

If I did use it, the purchases would be tiny and any cashback bonus would be negligible.

I had toyed with the idea of using it for my work "expenses", but I don't like the idea of having a CC solely for work purposes.

Just keep the card. No need to waste time and postage/phone call cancelling it. You never know when you might need it. And using it, or another card, solely for work purposes is actually a very good idea. I keep a card solely for work-related expenditure