Is it worth leaving Santander 123 CC?

Mr.Boy

I'm not a high-effort stoozer so I would only change CC if it's really worth it, not just for a short-term benefit. Or having lots of CCs for different purchases. Most gain for minimum effort!

I'm with 1-2-3 for my bank and CC and really like the card. Except now they've capped the cashback you can earn to a maximum of £9, £3 each of the 3 categories.

I reckon we probably max out the supermarket and petrol elements but we don't use department stores much. So that's £6 back per month. I forget what the card fee is but reckon this means we're still making a small amount off the card?

Is there anything better out there or does Santander capping their cashback indicate the state of the market right now?

I've added a poll for existing customers

Candyapple

You're a bit late to the party, there was a thread about it in November:
https://forums.moneysavingexpert.com/discussion/5558305

Alternatives here, pick whatever suits your lifestyle best:
http://www.moneysavingexpert.com/credit-cards/cashback-credit-cards?&_ga=1.86596828.597571137.1484912832#amexeveryday

Oh, and the fee is £3 per month.

Mr.Boy

Cheers.

MSE's array of handy tools doesn't include one for CCs does it? e.g. tell it what you spend on what and it'll tell you the best card?

realaledrinker

I got rid today

hollie.weimeraner

I use my CC for all purchases every month. As I rarely use department stores this would have cut my cashback to £6 per month with the £3 charge it would have effectively cut my cash back to £3 so I have ditched it for the Nationwide CC that pays .5% on all purchases which leaves me better off.

Neil_Jones

Think I wrote in the other thread the changes to the 123 card was the straw that broke the camel's back so to speak.

The 123 credit card was fairly good while it lasted, prior to when they changed it to £3 a month and realistically if you're not earning enough cashback to cover the fee it's pointless having it as it'll cost you more than you're getting back in benefits. If you're going to spend a fortune in department stores it may have balanced itself out but as I don't shop in them the card had to go.

Alpha_5

I phoned to close my account today. I wasn't asked why I wanted to, so I guess Santander are happy to see the back of these cards.

I've gone for the Asda cashback+ card. It gives 2% in Asda and 1% elsewhere for £3pm.

They also do a free version that's 1% at asda and 0.5% elsewhere - I don't understand why MSE doesn't list them in the best-buys when the rate is better that the new amazon card, which does feature.

System

Alpha_5 wrote: »

I phoned to close my account today. I wasn't asked why I wanted to, so I guess Santander are happy to see the back of these cards.

I've gone for the Asda cashback+ card. It gives 2% in Asda and 1% elsewhere for £3pm.

They also do a free version that's 1% at asda and 0.5% elsewhere - I don't understand why MSE doesn't list them in the best-buys when the rate is better that the new amazon card, which does feature.

It's not a best buy - it's only 1% at ASDA/Walmart and appeared to give payment in Walmart vouchers

a&akay

Another 123 cancelled and accepted for Nationwide. I was also annoyed that my 123 wouldn't allow me to pay some of my balance off each month to stay under the £2k monthly limit- I kept getting a red box around the payment. I complained but got nowhere. I also asked for an increase on the limit of £2k, which we as a couple regularly exceed, but got denied. Nationwide came up with £4k for us both to use so much better as we are always under that and pay off in full.

gt94sss2

I am thinking of cancelling my 123 card as well - though it has a 0% offer on it which isn't due to expire for a few months.

If I cancel it now, will Santander honour the 0% period on the current balance?

molerat

gt94sss2 wrote: »

I am thinking of cancelling my 123 card as well - though it has a 0% offer on it which isn't due to expire for a few months.

If I cancel it now, will Santander honour the 0% period on the current balance?

You cannot "cancel" and keep the balance. I have just closed mine and BTd to Halifax for another 26 mths.