Is it worth leaving Santander 123 CC?

molerat

a&akay wrote: »

............... 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. .........................

Not sure what you mean there, I kept mine £50-£100 below the limit and paid off as I used it to maximise cash back and keep it at that level.

shortcrust

I'll be calling to leave tomorrow morning. For the first time my cashback is less than the fee this month so it's got to go.

Nick_C

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?

I got an email from Santander yesterday which said;

Your options
1) Continue to use your card at the new interest rate.
If you choose this option, then you don’t need to do anything.
2) Opt out of the change and repay the outstanding balance at your existing rate of 12.7%.
The interest rate change is only for your standard interest rate for purchases and balance transfers, so any existing balances on introductory or promotional rates will stay the same until the end of the introductory or promotional period. By choosing this option you won’t be able to use your card for new transactions and your account will be closed once you’ve cleared the outstanding balance.

To opt out, please call 0800 085 2214 before 31 January 2017.

You’ll need to cancel any regular payments and subscriptions that you make on this credit card. It's also important that you still pay your monthly credit card repayments on the due date and keep to the other terms and conditions of your account.

I would have thought this would mean you can opt out of the changes, stop using your card, and pay the minimum payment plus the £3 a month fee until you reach the end of your interest free period.

Give them a call.

Although maybe I am only getting this option because my interest is changing as well as the amount of cashback?

a&akay

molerat wrote: »

Not sure what you mean there, I kept mine £50-£100 below the limit and paid off as I used it to maximise cash back and keep it at that level.

123 Payment amount options:
1. Minimum repayment amount £
2. Pay another amount of £
3. Full balance from previous month's statement

Above are the payment options. If the amount currently we owed was say £1500 half way through the month, (not including pending), then I would attempt to pay £1200 on option 2 so we wouldn't go over the £2k limit over the full statement period. (An attempted bill payment gets declined if you do, it's happened to us. If you haven't got another card to pay for your purchase then you're stuffed). A red box appeared around the attempted payment and it wouldn't go through. The alternative of entering 30 digits on a bank payment didn't appeal, though I know it works on FP, due to possible typos.

YorkshireBoy

a&akay wrote: »

123 Payment amount options:
1. Minimum repayment amount £
2. Pay another amount of £
3. Full balance from previous month's statement

Above are the payment options. If the amount currently we owed was say £1500 half way through the month, (not including pending), then I would attempt to pay £1200 on option 2 so we wouldn't go over the £2k limit over the full statement period. (An attempted bill payment gets declined if you do, it's happened to us. If you haven't got another card to pay for your purchase then you're stuffed). A red box appeared around the attempted payment and it would'go through. The alternative of entering 30 digits on a bank payment didn't appeal, though I know it works on FP, due to possible typos.

First thing I always do when opening a new credit card is send £1 by FP and save the payee details.

Nick_C

The only problem I've ever had in making one off payments is if they exceed the balance on the last statement. Then, you use that figure or a lower one and do it two or three times.

I'm looking forward to being able to close one of my CC accounts. I currently have 8:-

BA Amex - usual card of choice for 1.5 avios per £1 and good special offers

Nationwide Visa - 0.5% cashback in the UK on places that don't take Amex

Lloyds Avios (Amex & MC) - just opened this, and will be using the Amex as much as possible and the MC overseas for a great earnings rate on Avios (2.5 Avios per £1 for six months). And interest free for two years.

Virgin Money MC. I don't use the card, but have a BT sitting here at 24 months interest free (and no BT fee).

Tesco MC. Don't use the card. Got it for the BT offer which has now passed. But I keep the account open because if you use it as a Clubcard you get 1 clubcard point for every £1 at Tesco filling stations.

M&S MC. Used to use this for cashback. I keep it because if I don't use it for a while, then M&S send me vouchers for 10 times points on food and wine, equivalent to a 10% discount. Dine in for £9 :-)

Halifax MC. Had this for the £5 a month reward. Keeping it for withdrawing cash abroad.

Santander MC - Was getting £9 a month cashback on train tickets and petrol. Cancelling it at the end of the month.

gt94sss2

molerat wrote: »

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

My understanding is that when you 'close' a card, you can keep the current balance on it and pay it off according to the T&C - but can't spend any more on it.

The bit which I am unsure about is what happens if you close it while it is within a 0% offer period..

gt94sss2

Nick_C wrote: »

I got an email from Santander yesterday which said;

I would have thought this would mean you can opt out of the changes, stop using your card, and pay the minimum payment plus the £3 a month fee until you reach the end of your interest free period.

Give them a call.

Although maybe I am only getting this option because my interest is changing as well as the amount of cashback?

Yes, I will - I think you are right and Santander are increasing the standard interest rate for all their older 123 cc customers not just you..

EDIT:

I have just received the same email as you - and it also says

Opt out of the change and repay the outstanding balance at your existing rate of 12.7%.
The interest rate change is only for your standard interest rate for purchases and balance transfers, so any existing balances on introductory or promotional rates will stay the same until the end of the introductory or promotional period. By choosing this option you won’t be able to use your card for new transactions and your account will be closed once you’ve cleared the outstanding balance.

To opt out, please call 0800 085 2214 before 31 January 2017.

(my bolding)

Alpha_5

Heng_Leng wrote: »

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

No, the free version is 1% at Asda and 0.5% on spend elsewhere (the other version doubles both rates for £3pm). I know it pays vouchers - they are Asda, not Walmart. My point is that the Amazon Platinum card, which also pays in vouchers/gift cards is only 0.75% on amazon spend and 0.5% elsewhere, yet is in the best buys:
http://www.moneysavingexpert.com/credit-cards/cashback-credit-cards#closecashback
http://money.asda.com/credit-cards/