Santander Edge Credit Card Query

Libertas1984

Hi Everyone,

I'm aware that the Santander edge credit card is offering 2% for the first year and 1% after this on purchases. Due to Chase ending it's 1% offer I've been considering the santander offer.

I have never had a purchase credit card before, so please could someone check my understanding. If I use my credit card for purchases and then pay back the full amount each month, will I gain my 2% without paying any interest on my purchases?

Troytempest

Yes you will....

Slinky

Where's anything about Chase ending 1% offer? They changed it in February so you need to cycle £1500 through the account each month instead of £500, but I can't find anything to suggest they're dropping it.

35har1old

Libertas1984 said:

Hi Everyone,

I'm aware that the Santander edge credit card is offering 2% for the first year and 1% after this on purchases. Due to Chase ending it's 1% offer I've been considering the santander offer.

I have never had a purchase credit card before, so please could someone check my understanding. If I use my credit card for purchases and then pay back the full amount each month, will I gain my 2% without paying any interest on my purchases?

You have to be quick to obtain the extra £18 cashback closing 2nd July
If you don't manage to do that after paying the fee the percentage gain is 1.6% in the first year.
Second year if you spend £1500 each month your percentage gain after fee ia only 0.8% so if the Chase account is still around it would be better to ditch after the first year

Libertas1984

Slinky said:

Where's anything about Chase ending 1% offer? They changed it in February so you need to cycle £1500 through the account each month instead of £500, but I can't find anything to suggest they're dropping it.

I received an email stating it would end in August and I have seen others mention it on reddit.

Jamzar

35har1old said:

Libertas1984 said:

Hi Everyone,

I'm aware that the Santander edge credit card is offering 2% for the first year and 1% after this on purchases. Due to Chase ending it's 1% offer I've been considering the santander offer.

I have never had a purchase credit card before, so please could someone check my understanding. If I use my credit card for purchases and then pay back the full amount each month, will I gain my 2% without paying any interest on my purchases?

You have to be quick to obtain the extra £18 cashback closing 2nd July
If you don't manage to do that after paying the fee the percentage gain is 1.6% in the first year.
Second year if you spend £1500 each month your percentage gain after fee ia only 0.8% so if the Chase account is still around it would be better to ditch after the first year

But if you spend at least £500 you could pay the credit card off using a Halifax reward card and make that payback 1.8% 😎 and 2.4% during the first year 🥳.

wiseonesomeofthetime

Libertas1984 said:

Slinky said:

Where's anything about Chase ending 1% offer? They changed it in February so you need to cycle £1500 through the account each month instead of £500, but I can't find anything to suggest they're dropping it.

I received an email stating it would end in August and I have seen others mention it on reddit.

No, sorry you are mistaken.

Chase are ending the 1% interest on the current account.

The 1% cashback on everyday purchases, excluding certain transactions, continues, as long as you meet the criteria.

In my case, as a user since launch in the UK, that requires pumping £1,500 into the account (can be one deposit or multiple) to be eligible for the cashback the following month.

On 1 July, for example, I transferred in £1,500, then withdrew £1,000 (for use elsewhere) and moved £500 into my Boosted account for the 5.1% until I am ready to spend it via Chase.

Instantly, I got a notification confirming that I will be eligible for cashback in August 2024.

Yesterday, I sorted out my car insurance and paid the premium using my Santander Edge CC. As the premium was >£750, that card is now "done" for me this month as I will earn zero cashback on any further transactions.

I used the Santander CC because Chase cashback does not cover insurance transactions.

The whole point of me getting the Santander CC was for big Chase-ineligible spends during June, July and August.

Libertas1984

wiseonesomeofthetime said:

Libertas1984 said:

Slinky said:

Where's anything about Chase ending 1% offer? They changed it in February so you need to cycle £1500 through the account each month instead of £500, but I can't find anything to suggest they're dropping it.

I received an email stating it would end in August and I have seen others mention it on reddit.

No, sorry you are mistaken.

Chase are ending the 1% interest on the current account.

The 1% cashback on everyday purchases, excluding certain transactions, continues, as long as you meet the criteria.

In my case, as a user since launch in the UK, that requires pumping £1,500 into the account (can be one deposit or multiple) to be eligible for the cashback the following month.

On 1 July, for example, I transferred in £1,500, then withdrew £1,000 (for use elsewhere) and moved £500 into my Boosted account for the 5.1% until I am ready to spend it via Chase.

Instantly, I got a notification confirming that I will be eligible for cashback in August 2024.

Yesterday, I sorted out my car insurance and paid the premium using my Santander Edge CC. As the premium was >£750, that card is now "done" for me this month as I will earn zero cashback on any further transactions.

I used the Santander CC because Chase cashback does not cover insurance transactions.

The whole point of me getting the Santander CC was for big Chase-ineligible spends during June, July and August.

I stand corrected

WillPS

Jamzar said:

35har1old said:

Libertas1984 said:

Hi Everyone,

I'm aware that the Santander edge credit card is offering 2% for the first year and 1% after this on purchases. Due to Chase ending it's 1% offer I've been considering the santander offer.

I have never had a purchase credit card before, so please could someone check my understanding. If I use my credit card for purchases and then pay back the full amount each month, will I gain my 2% without paying any interest on my purchases?

You have to be quick to obtain the extra £18 cashback closing 2nd July
If you don't manage to do that after paying the fee the percentage gain is 1.6% in the first year.
Second year if you spend £1500 each month your percentage gain after fee ia only 0.8% so if the Chase account is still around it would be better to ditch after the first year

But if you spend at least £500 you could pay the credit card off using a Halifax reward card and make that payback 1.8% 😎 and 2.4% during the first year 🥳.

It's a bit foolhardy bundling that number in to your "cashback" though, since it is entirely feasible to get the Halifax £5 Reward extra by depositing £500 via debit card in to NS&I (for example), which would cost you zero.