Santander 123 Membership Increase

bengal-stripe

bagginsatsea wrote: »

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

You got your figures muddled up!

Santander 123 current account pays up to 3% interest, but increases the account fee from £2.00 per months to £5.00 (which is a much higher increase than the £2.00 to £3.00 for the 123 Credit Card).

Westie983

I too will be closing my 123 CC down before the next annual fee is applied in early November.

The account was opened because they offered me not only the waiver on the fee but 18 months interest free on purchases, so now that has ended there is no reason for me to keep the card as I only make about £1.50 in cashback each month, as i dont spend that much on petrol where the highest % is, I am now using my TSB card for petrol and at least getting 5% back on my £100 spend.

Its shame that they have had to increase the fee so high but It worked out for me for the last year and half. I will keep the 123 current account till the fee goes up in January then see if I can increase my credit balance to at least outweigh the fee if not ill switch it out to either Natwest for cashback, or Tesco for the 3% credit interest...

bagginsatsea

quite right 3% gives me £600 on my average balance so that's worth paying the revised fee.

ceredigion

bagginsatsea wrote: »

quite right 3% gives me £600 on my average balance so that's worth paying the revised fee.

Err but. Oh it doesn't matter, life is to short.

bagginsatsea

Took my 123 credit card into local branch today and - as I had already zeroed the account - cancelled it on the spot. I'm pleased to say I took full advantage of free year's membership and 0% on purchases to get free average credit of £2000 for 12 months while Santander paid me 3% on my current account credit balance. Excellent.

For the record I have been ranting against the 0% offers since Barclaycard/Visa first thought them up to catch the unwary into transferring balances and then spending on the card so trapping themselves into ever increasing monthly interest payments. It took the 'Personal Finance' pages of
newspapers at least two years to catch on to the wheeze and publicise it.

Nick_C

bagginsatsea wrote: »

For the record I have been ranting against the 0% offers since Barclaycard/Visa first thought them up to catch the unwary into transferring balances and then spending on the card so trapping themselves into ever increasing monthly interest payments. It took the 'Personal Finance' pages of
newspapers at least two years to catch on to the wheeze and publicise it.

Well personally I love 0% offers. i built up a balance of nearly £3K on my interest free Santander 123 card. I transferred this balance to Tesco a couple of months ago. No fee, and interest free for a further 18 months.

Of course, if I was stupid enough to use my Tesco Credit Card for spending I would pay through the nose. But I don't. The T&Cs are perfectly clear. Its a great deal. Nothing to rant about. I've now got about £5000 of other people's money earning interest for me.

molerat

Anyone managed to get a reasonable limit increase ? The amount I am stoozing will more than cover the increase in fees when my current fee free period ends but any extra limit would make that a bit sweeter for the extra year.

20aday

I've had my letter through about the change from an Annual Fee to a Monthly Fee. I'm going to keep the card because my 1% at Supermarkets and 2% at Department Stores won't be capped at £3.00 (maximum).

Jayp7541

I'm confused as to what my cashback limits are as a 1-2-3 Cardholder since 2012.

Is there any other members out there who have been using the card since then and know what the 3% cashback limit is ?

I believe it to be £3 for new customers and £9 for existing customers.

Is this correct ?

sivs

It will be £9 on 3%