Santander 123 Credit Card Annual Fee

SuzieSue

I took out a Santander 123 credit card in January this year. As I already had a 123 current account, I was not charged an annual fee for the first year.

I assume that I will be charged the £36 annual fee on the anniversary of taking out the card. Is this correct or will I be charged £3 per month?

Thanks

CLAPTON

SuzieSue wrote: »

I took out a Santander 123 credit card in January this year. As I already had a 123 current account, I was not charged an annual fee for the first year.

I assume that I will be charged the £36 annual fee on the anniversary of taking out the card. Is this correct or will I be charged £3 per month?

Thanks

http://www.santander.co.uk/uk/credit-cards?cid=ppc-creditcards-goo-brand-123cc-123%20credit%20card&gclid=CjwKEAiApYGyBRC-g_jIstuduV8SJABCEzhZtECCUcWpVO41aIOiOVL_6Jq0REikT2fYlWTlFXALRRoCRlbw_wcB

SuzieSue

CLAPTON wrote: »

http://www.santander.co.uk/uk/credit-cards?cid=ppc-creditcards-goo-brand-123cc-123%20credit%20card&gclid=CjwKEAiApYGyBRC-g_jIstuduV8SJABCEzhZtECCUcWpVO41aIOiOVL_6Jq0REikT2fYlWTlFXALRRoCRlbw_wcB

Thanks, yes I saw that it said:

It comes with an annual fee of £24, which will change to £3 per month after the first year (equivalent to £36 a year).

But I wasn't sure if I closed in mid way through the year if I would be charged for the whole year as I seem to remember people saying that there was no point in closing it mid-term.

Also, do you have to give notice to close it? It says on the link you sent me that I have to go in to a branch to discuss!

20aday

From what I can gather you wouldn't be charged £24 if you closed your 123 credit card "mid-term" if you've had a rebate for holding the 123 current account.

You're right in assuming that, on the account anniversary, you'd be charged £3 a month.

I would've thought the invitation to discuss account closure in your local branch would be to persuade you to maintain the account? If you wanted to go ahead and terminate the card surely it'd be a case of making sure all outstanding payments have been made, cutting the card up, and writing to Santander?

SuzieSue

20aday wrote: »

I would've thought the invitation to discuss account closure in your local branch would be to persuade you to maintain the account? If you wanted to go ahead and terminate the card surely it'd be a case of making sure all outstanding payments have been made, cutting the card up, and writing to Santander?

Thanks, I would have hoped so, but I have seen a couple of threads on here which say that you have to give 2 or 4 weeks notice to close the account so I will ring them in the next few days and update this thread.

20aday

SuzieSue wrote: »

Thanks, I would have hoped so, but I have seen a couple of threads on here which say that you have to give 2 or 4 weeks notice to close the account so I will ring them in the next few days and update this thread.

Under their Terms & Conditions (as published on 16th September 2015):

You may end this agreement at any time by writing to our
Customer Service Department at the address in Condition 20.5
or calling us on 0800 9 123 123* and paying the full amount
you owe us. Unless there are exceptional circumstances we will
give you two months’ written notice if we decide to end this
agreement. You must continue to pay interest on all amounts
you owe us even after the Account is terminated or closed.

So Santander will give you two months' written notice if they wish to close the account (for whatever reason) but there's nothing there to suggest you'd need to give them notice to exercise your right to cancel.

If that's the case then I wonder why OPs have had to give two/four weeks' notice.