closeing 123 credit card

robotrobo

i am seriously thinking of ditching our 123 credit cards , because for some unknown reason i have great monthly difficulty trying to work it out,
so i have now paid the last purchases from the card & realise i am paying £24 a year to own one !, can you please tell me how i go about canceling the card.
while i paid it off every month i found it difficult to follow , i accept it would be correct but was very confused with it all.
i do have other cards that i can use if i need to for further purchases.

enthusiasticsaver

I have the Santander 123 credit card and use it for petrol, supermarket and department store spends to get the cashback which is a lot more than the yearly £24 charge. What do you find confusing about it?

MDMD

When did you last pay the £24? You might as well keep it until the year is almost up as I don't believe you can get a partial refund if you cancel part way through the year. You can get quite a good cashback rate, although It does depend on how much you spend (and its not really worth it unless you spend a large amount on petrol or train fares).

daveyjp

MDMD wrote: »

(and its not really worth it unless you spend a large amount on petrol or train fares).

For most I suspect the £24 is worth paying purely for the cashback at supermarkets - 3%.

molerat

daveyjp wrote: »

For most I suspect the £24 is worth paying purely for the cashback at supermarkets - 3%.

1% at supermarkets

BobQ

Do you use petrol?
Do you shop in supermarkets?
Do you use National Rail?
Do you use Department Stores?

If not you are probably wasting your money on the card.

If you do then the cashbacks are credited to your account each month. Have you noticed these? The £24 comes at one point in the year.

It is a matter of judgement whether you earn enough to cover the fee.

But if you just use it at supermarkets you would need to spend £200 each month to cover it. Or £70 each month on fuel. Or some combination of them.

Where do you use the card? Do you use it all the time you could?

YorkshireBoy

I'm not paying the fee yet (still in 1st year), and I've just had my lowest cashback to date...£2.47. Still, that's not bad to say I was out of the country for 2 weeks and didn't refuel the car in the statement period either.

Vortigern

robotrobo wrote: »

i am seriously thinking of ditching our 123 credit cards .....can you please tell me how i go about canceling the card.

Santander's website says:"We're sorry to hear that you are thinking about closing your credit card. Please call 0800 9 123 123. Lines open 7am to 11pm Monday to Saturday and 8am-10pm on Sundays."

robotrobo

enthusiasticsaver wrote: »

I have the Santander 123 credit card and use it for petrol, supermarket and department store spends to get the cashback which is a lot more than the yearly £24 charge. What do you find confusing about it?

no doubt its me , but because of the free time you get before the next bill arrives , i continually seem to have a biggish bill every month & we cannot remember all the purchases we have made .
i have talked to the wife about just getting the petrol , shopping , on the card only & anything that does not give cash back we will pay on our debit card , we have no problems paying the credit in full every month , it just seems never ending,
we have had £136 back since we opened the account some 4 years ago , obviously we are not useing it properly , my wife will draw her weekly money , say £170 & spend it on various things for the week shop & will say pay asda cash on the thursday weekly shop.
i think i have answered my own questions ,but how does our cash back compare to you good people out there?, & i am opened to suggestions on how to get the best use of our credit cards?.
we have no problems really with the 123 accounts we have , i just top them up to the max occasionally & make full use of the interest .
thanks for your reply

enjoyyourshoes

I recall the £24 is charged and credited at the start when ypu open the card


If you keep a reconciled bank balance daily, just add every Santander CC (and all other CC clearly identifiable) onto this running balance as a debit (I colour code mine and type in Sant CC. Then when statement arrives, check off against each entry. Berate the culprit who does not keep/input/account for ALL purchases (especially internet and [EMAIL="P@P"]P@P[/EMAIL]) and ensure its allocated properly next month, (normally takes 3 months of nagging until full compliance)


Hey presto.

robotrobo

BobQ wrote: »

Do you use petrol?
Do you shop in supermarkets?
Do you use National Rail?
Do you use Department Stores?

If not you are probably wasting your money on the card.

If you do then the cashbacks are credited to your account each month. Have you noticed these? The £24 comes at one point in the year.

It is a matter of judgement whether you earn enough to cover the fee.

But if you just use it at supermarkets you would need to spend £200 each month to cover it. Or £70 each month on fuel. Or some combination of them.

Where do you use the card? Do you use it all the time you could?

we do all of the above , excluding the national rail , i think my wife needs to put all the above on the card instead of paying out cash , or we will never make it work to our benefit , will we?.
my wife draws £170 per week & spends it in dribs & drabs through the week , so we are not utilising the card properly to our favour.
i have had a word with the wife & tried to explain what we need to do , without her thinking i am moaning about the money spent.:cool: