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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 3rd Apr 14, 4:33 PM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: Santander adds 18 months 0% spending to best-buy cashback credit card
    • #1
    • 3rd Apr 14, 4:33 PM
    MSE News: Santander adds 18 months 0% spending to best-buy cashback credit card 3rd Apr 14 at 4:33 PM
    "Borrowers can now get 18 months interest-free spending for 18 months, plus up to 3% cashback with Santander's 123 card"

    Read the full story:

    Santander adds 18 months 0% spending to best-buy cashback credit card



    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.

Page 1
    • pjread
    • By pjread 4th Apr 14, 5:25 AM
    • 890 Posts
    • 372 Thanks
    pjread
    • #2
    • 4th Apr 14, 5:25 AM
    • #2
    • 4th Apr 14, 5:25 AM
    Existing cardholders won't automatically be given the 18 months 0% spending, but Santander says it will contact current users to offer it to them. Cardholders can also contact Santander to get the deal.

    This surprises me, but in a good way, I was looking for a decent 0% spend card to start a little stooze!
    • Pincher
    • By Pincher 5th Apr 14, 2:37 PM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    • #3
    • 5th Apr 14, 2:37 PM
    • #3
    • 5th Apr 14, 2:37 PM
    Caught me at a good time. The 5% interest on up to £2,500 FlexDirect account from Nationwide has just stopped paying 5%, after the first year. Before that, I was unwilling to close the FlexDirect. Now it can die for a good cause, since Santander insists on switching, not just opening, a 123 current account.

    Might as well grab the 123 credit card.

    Asda, Morrisons and Sainsbury's all appear in both the 1% supermarket cashback list, and the 3% petrol cashback list. How does it know? Ideally, I want to get 3% cashback by buying my milk, newspaper and cigarettes from the petrol kiosk, as well as petrol.
    • YorkshireBoy
    • By YorkshireBoy 5th Apr 14, 2:45 PM
    • 30,676 Posts
    • 18,684 Thanks
    YorkshireBoy
    • #4
    • 5th Apr 14, 2:45 PM
    • #4
    • 5th Apr 14, 2:45 PM
    Santander insists on switching, not just opening, a 123 current account.
    Originally posted by Pincher
    That doesn't appear to be the case, according to their website?


    But why close Nationwide? Switch an account held elsewhere to it for a £50 incentive* (just need 2 DDs on the donor account).



    * Via the refer a friend scheme.
    • Pincher
    • By Pincher 5th Apr 14, 10:03 PM
    • 6,516 Posts
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    Pincher
    • #5
    • 5th Apr 14, 10:03 PM
    • #5
    • 5th Apr 14, 10:03 PM
    That doesn't appear to be the case, according to their website?


    But why close Nationwide? Switch an account held elsewhere to it for a £50 incentive* (just need 2 DDs on the donor account).



    * Via the refer a friend scheme.
    Originally posted by YorkshireBoy
    I went through a Quidco cashback link, for £35, and there was a message saying that I must tick the switching option, as well as another option I can't remember right now. The £35 is now tracking, so far so good.

    Refer a friend? Presumably I need to know someone who has a Santander account?

    The Nationwide FlexDirect isn't my main current account. It does have a few DDs though. The 5% interest on £2,500 only lasted a year, so I was wondering what to do. In order to maximise the 5% interest, I had to keep around £3,500 in the account, so it doesn't dip below £2,500.

    With the Santander 123, I can get £15k worth of 0% Balance Transfer, at 2% Fee or less, but get 3% interest. I have to pay tax on the 3%, so it roughly pays for the Fee. So, instead of circa £4,000 of my cash sitting in a FlexDirect account paying no interest, I will have £15k + £4k = £19k (below the £20k threshold) in the 123 account, where my £4,000 is generating 3%, with the other £15k cost neutral.
    Last edited by Pincher; 05-04-2014 at 10:06 PM.
    • YorkshireBoy
    • By YorkshireBoy 5th Apr 14, 10:17 PM
    • 30,676 Posts
    • 18,684 Thanks
    YorkshireBoy
    • #6
    • 5th Apr 14, 10:17 PM
    • #6
    • 5th Apr 14, 10:17 PM
    Quidco explains the "must switch" requirement then. Thanks for that.
    Refer a friend? Presumably I need to know someone who has a Santander account?
    Originally posted by Pincher
    No. You need a friend with a Nationwide account. They then recommend you to switch an account held elsewhere to an account you already hold with Nationwide (the account being switch must have at least 2 DDs). Both parties get £50.
    In order to maximise the 5% interest, I had to keep around £3,500 in the account, so it doesn't dip below £2,500.
    Really? I kept £2.5K in each of my 3 accounts and just cycled £1K in and out of each once per month on the same day.
    Last edited by YorkshireBoy; 05-04-2014 at 10:21 PM.
  • mint123
    • #7
    • 6th Apr 14, 12:31 AM
    • #7
    • 6th Apr 14, 12:31 AM
    Hi MSE - first post !

    I haven't had a credit card for years (so I'm a bit out of touch on these things) but very recently opened a 123 current account and got a 123 credit card.

    Do I understand how to use this new 18 month offer correctly ?

    Use credit card as usual
    Pay minimum monthly payment (instead of usual full amount)
    Pay no interest on accumulating debt for 18 months
    Pay it all off in 17.9 months
    Return to paying it off in full every month

    Thanks
    • nigelpm
    • By nigelpm 6th Apr 14, 8:02 AM
    • 429 Posts
    • 403 Thanks
    nigelpm
    • #8
    • 6th Apr 14, 8:02 AM
    • #8
    • 6th Apr 14, 8:02 AM
    There's a £24 annual fee to consider
    • zerog
    • By zerog 6th Apr 14, 9:21 AM
    • 2,421 Posts
    • 849 Thanks
    zerog
    • #9
    • 6th Apr 14, 9:21 AM
    • #9
    • 6th Apr 14, 9:21 AM
    There's a £24 annual fee to consider
    Originally posted by nigelpm
    which can be made back if you have the correct spending categories for cashback.
    • DesG
    • By DesG 6th Apr 14, 11:50 AM
    • 1,256 Posts
    • 450 Thanks
    DesG
    and the first year fee is waived if you have a 123 current account and set up a dd from it to pay off the cc.
    • vns
    • By vns 6th Apr 14, 12:22 PM
    • 182 Posts
    • 54 Thanks
    vns
    Hi MSE - first post !

    I haven't had a credit card for years (so I'm a bit out of touch on these things) but very recently opened a 123 current account and got a 123 credit card.

    Do I understand how to use this new 18 month offer correctly ?

    Use credit card as usual
    Pay minimum monthly payment (instead of usual full amount)
    Pay no interest on accumulating debt for 18 months
    Pay it all off in 17.9 months
    Return to paying it off in full every month

    Thanks
    Originally posted by mint123
    Correct.

    Though you missed off the annual fee after the first 12months introductory free offer.
  • mint123
    Correct.

    Though you missed off the annual fee after the first 12months introductory free offer.
    Originally posted by vns
    Thanks vns.

    It was just the 18m 0% offer letter that confused me:
    "if you'd like to take advantage of the interest free offer to spread the cost of your purchases and have a direct debit set up to pay off your balance in full each month, you will need to change your payment."

    I was reading that as "if you'd like to take advantage and set up a DD to pay full balance each month . . .". And that made no sense.

    I see now. What they mean is ""if you'd like to take advantage but you already have a DD set up to pay full balance each month . . .".

    Thanks again
    • Pincher
    • By Pincher 6th Apr 14, 1:23 PM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    and the first year fee is waived if you have a 123 current account and set up a dd from it to pay off the cc.
    Originally posted by DesG
    I didn't see the set up a DD thing in the Key Facts for getting the 1st year fee refunded. Just you have to open a 123 current account or already have one.

    It does make sense to use it as one of the two DDs, though.
    Presumably I can set up a minimum payment DD, as opposed to the full balance.
    • Pincher
    • By Pincher 6th Apr 14, 1:37 PM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    Really? I kept £2.5K in each of my 3 accounts and just cycled £1K in and out of each once per month on the same day.
    Originally posted by YorkshireBoy
    I was using the FlexDirect for paying some Direct Debits.

    Must say the 123 account is pretty good for holding some money ready for bills. Just got an invoice from a plumber for about £4,000. He is really bad on producing paperwork. Kept me waiting for months.
    • SammenForLivet2
    • By SammenForLivet2 6th Apr 14, 8:11 PM
    • 570 Posts
    • 570 Thanks
    SammenForLivet2
    Has anyone switched from an existing 123 card on-to a 18 month interest free 1.2.3 card?

    How easy is it?
    Thank you all for helping me make my day by saving money!
    Although I work for a big six energy supplier, any views, opinions or ideas are my own, and don't represent the views of my employer.
    • DesG
    • By DesG 7th Apr 14, 10:20 AM
    • 1,256 Posts
    • 450 Thanks
    DesG
    I didn't see the set up a DD thing in the Key Facts for getting the 1st year fee refunded. Just you have to open a 123 current account or already have one.

    It does make sense to use it as one of the two DDs, though.
    Presumably I can set up a minimum payment DD, as opposed to the full balance.
    Originally posted by Pincher
    First year fee refund

    3. No annual 123 Credit Card fee for the first year. To qualify for this refund you must: (i) open or hold a 123 Current Account; and (ii) open or hold a 123 Credit Card (iii) set up a Direct Debit from the 123 Current Account to pay your 123 Credit Card within 30 days of either opening your 123 Current Account or 123 Credit Card (whichever occurs latest). The annual fee charged for the first year will then be refunded to your 123 Credit Card account within 21 days from the later of (i) activating your card and/or (ii) setting up the Direct Debit from your 123 Current Account. Offer valid until 31/12/2014.
    • farmroad38
    • By farmroad38 7th Apr 14, 10:41 AM
    • 21 Posts
    • 2 Thanks
    farmroad38
    Any existing 123 card holders been offered this yet? I've heard nothing, and wondering if anyone has been emailed the offer or if you do have to contact them.
    • Pincher
    • By Pincher 7th Apr 14, 11:00 AM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    I see, there is a supercripted 3 just after 31/12/2014.

    http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&can al=CABBEYCOM&cid=1237861667895&empr=Abbeycom&leng= en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW 2

    and then the footnote 3 further down.

    Thanks.
    • Vortigern
    • By Vortigern 7th Apr 14, 6:34 PM
    • 2,740 Posts
    • 1,891 Thanks
    Vortigern
    Has anyone switched from an existing 123 card on-to a 18 month interest free 1.2.3 card?

    How easy is it?
    Originally posted by macfamilyent
    Easy enough. You ring an 0845 number, key some digits, listen to lots of info you don't want, then wait for the last item on the menu to speak to a person. They send a letter to confirm.
    Any existing 123 card holders been offered this yet? I've heard nothing, and wondering if anyone has been emailed the offer or if you do have to contact them.
    Originally posted by farmroad38
    Not yet offered, had to ask for it.
    • farmroad38
    • By farmroad38 9th Apr 14, 11:29 AM
    • 21 Posts
    • 2 Thanks
    farmroad38
    Just called them and despite the first person I spoke to not really having any clue what I was on about, I have now got the deal.
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