Santander 123 Membership Increase

Vini123

I joined Santander back in January as I wanted to make a purchase. The card is now cleared and I rarely use it. I'm only really using it for work expenses. The cashback and other rewards that come with the 123 account are not something I'm making the most of.

I'd read a few months ago about the membership increase, but today have received official documentation outlining the changes.

What can I do?
What should I do?

I assume, there are now 'better' cards to have.

Should I just close the 123 and reapply for another better card?

bigadaj

They are moving from an annual to a monthly charge, so no point cancelling it until the end of your account year.

They are also restricting cashback on the 1% and2% elements but not if you still hold the card.

In terms of other cards then many rewards are being reduced due to the eu interchange rules, so deals are reducing or being made worse, if you give an idea of your sledging patterns you might get someone to provide some suggestions on here.

LiGhTfasT

I just had the letter too, I've still got a year 0% left but the cards almost full unless I ask about a limit increase again. When the 0% deal is over i'm closing the account. I used to only make around £3 cashback each month but since its almost full I dont use it much.

Vini123

Unsure what sledging means, and as outlined, I don't use the card enough to benefit from the rewards.

I *think* I'd be better closing the 123 (first years up in Feb), and just getting another "long term" 0% card... but just want to ensure I'm right to do so.

bagginsatsea

Following Santander's hefty increase in 123 bank account this increase in credit card charge is disgracefull. I've cleared my credit card today and will be handing card back to local branch on Monday. Usual underhand banking ruse hooking thousands of people in with interest free purchases then expecting to take extra advantage of those with balances too large to pay off. Good to relate I had an average of £3k free credit for twelve months though. Bankers - who'ld trust them?

bigadaj

Vini123 wrote: »

Unsure what sledging means, and as outlined, I don't use the card enough to benefit from the rewards.

I *think* I'd be better closing the 123 (first years up in Feb), and just getting another "long term" 0% card... but just want to ensure I'm right to do so.

Spending........

Nick_C

bagginsatsea wrote: »

Following Santander's hefty increase in 123 bank account this increase in credit card charge is disgracefull. I've cleared my credit card today and will be handing card back to local branch on Monday. Usual underhand banking ruse hooking thousands of people in with interest free purchases then expecting to take extra advantage of those with balances too large to pay off. Good to relate I had an average of £3k free credit for twelve months though. Bankers - who'ld trust them?

The credit card will remain a good deal for many people. We spend £300 a month on train tickets and petrol. £9 cashback. £6 profit after the new fee, plus cashback at department stores and supermarkets.

Banks are there to make money; you can't expect them to run loss making deals for ever.

I have current accounts with four different banks, but I will continue using Santander as my main account.

jonesMUFCforever

bagginsatsea wrote: »

Following Santander's hefty increase in 123 bank account this increase in credit card charge is disgracefull. I've cleared my credit card today and will be handing card back to local branch on Monday. Usual underhand banking ruse hooking thousands of people in with interest free purchases then expecting to take extra advantage of those with balances too large to pay off. Good to relate I had an average of £3k free credit for twelve months though. Bankers - who'ld trust them?

Taking the card into branch will be a waste of your time.
You need to formally close down the credit card account.

If you mean that you borrowed more money than you can afford to repay then it is not Santander's fault is it?

''Bankers who'd trust them?'' - nobody but you walk into any retail shop they try to persuade you buy things do they not?

bagginsatsea

My comment was specifically about 123 credit card. No problem with the 5% interest Santander are paying me on my current account. I stand by my comment re shameful behaviour.

p00hsticks

bagginsatsea wrote: »

No problem with the 5% interest Santander are paying me on my current account.

How do you get 5% ? I thought the maximum was 3% on balances over £3k

sillygoose

Same here, disappointed at the hike. I only use it for my business fuel so max it out to £9 cash-back easily each month. £6 is better than nothing, basically around a gallon a month free the way I see it.

I don't think there is anything else that betters it currently still?