So the 1-2-3 Credit Card is getting hit too

Mr.Boy

After slashing interest rates on the 1-2-3 current account, I got a letter from Santander saying that cashback on the 1-2-3 credit card is going to be limited quite a lot.

It seems that if you don't visit department stores or travel, the best you can do really with cashback is to cover the fees for having the card?

Paying for a CC is not something I was ever that happy with so is it time to ditch Santander or is there nothing better out there?

planteria

there definitely is.. but it's all about what your spending volumes and patterns are. TSB Debit, Amex Cashback and Asda Mastercard are my spending cards nowadays.

adindas

d000hg wrote: »

After slashing interest rates on the 1-2-3 current account, I got a letter from Santander saying that cashback on the 1-2-3 credit card is going to be limited quite a lot.

It seems that if you don't visit department stores or travel, the best you can do really with cashback is to cover the fees for having the card?

Paying for a CC is not something I was ever that happy with so is it time to ditch Santander or is there nothing better out there?

There are reasonable number of people ditching their Santander 123 current A/C as well as Santander 123 Creditcard. If you search for it you will see few threads about this. This is just an example

https://forums.moneysavingexpert.com/discussion/5558305

The conclusion is that unless you are in the EXTREME side and could create a lot of cashback there is no point to keep it.

There are reasonable number of card that will give you cash more than santander 123 could offer. For instance with Santander 123 A/C Natwest and RBS is better than Santander 123.

For credit card cashback, it is a lot better you apply for zero percent creditcards for purchase and then save the money into high interest current accounts.

Mr.Boy

There aren't any high interest current accounts any more And I'm not bothered about stoozing and so on - just the best 'easy' card that gives some rewards and doesn't cost a lot. Until I got the news from Santander the 1-2-3 CC was perfect, 1% on all my weekly groceries

adindas

d000hg wrote: »

There aren't any high interest current accounts any more And I'm not bothered about stoozing and so on - just the best 'easy' card that gives some rewards and doesn't cost a lot. Until I got the news from Santander the 1-2-3 CC was perfect, 1% on all my weekly groceries

The interest is dropping but few are still paying higher than Santander 123 A/C. So it is still considered as high interest current AC in comparison with other current ac.

Regarding cashback for shopping have you considered Applying TSB
http://www.tsb.co.uk/current-accounts/guides/contactless-payments/

IF you have not got this account, you could get cash back of 5% on any contactless trasaction up to £100 a month until 30 September 2017.

Neil_Jones

d000hg wrote: »

There aren't any high interest current accounts any more And I'm not bothered about stoozing and so on - just the best 'easy' card that gives some rewards and doesn't cost a lot. Until I got the news from Santander the 1-2-3 CC was perfect, 1% on all my weekly groceries

Depending on your credit rating the Aqua Reward card may be another option to look at which is what I moved to.

This isn't the best card by any means, its only real advantages over the Santander card is no annual fee, 0.5% cashback on everything you buy on it and you could get up to £100 cashback on it annually, so says the blurb.

Realistically the changes to 123 Credit Card will cap it's at £6 a month after the £3 monthly fee has been applied, so you'll only ever get £72 a year maximum out of it. You need to work out how much cashback you're getting on your purchases and if its less than £3 it's costing you more than you're getting back in benefits.

bigfreddiel

I'm ditching my 123 card and going with Sainsbury's credit card, along with my nectar card, 2 extra points per pound. Along with the 3x and occasional 5x points voucher, my spending pattern will earn me way more than my 123 card.

abicat

I'm probably moving my account to M&S. Branch open 7 days a week in my area plus good perks for moving. Customer Service can only be an improvement too.

liquidity_2

As I understand it any cashback earned isn't credited to the account until the next statement. My statement date is normally around the 10th of the month - thus it makes most sense for me to pay the balance in full on perhaps the 12th of Feb and cancel the card on the 13th. Or have I missed something?

Neil_Jones

liquidity wrote: »

As I understand it any cashback earned isn't credited to the account until the next statement. My statement date is normally around the 10th of the month - thus it makes most sense for me to pay the balance in full on perhaps the 12th of Feb and cancel the card on the 13th. Or have I missed something?

Wouldn''t make any difference. I phoned up and cancelled it on the 15th of November and still got cashback for the month on the 23rd.

If you pay your balance off by direct debit it'll eventually clear itself.

liquidity_2

Do you recall when in the month your billing date was?