Santander 123

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Tight_Wad
Tight_Wad Posts: 5 Forumite
in Credit cards
Hi, I'm sorry if this has already been covered...

I have a santander 123 current account and a 123 cashback credit card.

I think I pay £3 per month for the credit card, but don't know whether it represents good value for money or not? I try to use the credit card for most purchases and pay it off each month.

Is the 123 CC still worth having?

Can I ditch the CC and keep the current account? OR are there better interest paying current accounts?

Thank you
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  • Smellyonion
    Smellyonion Posts: 258 Forumite
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    Do the maths. Does it make a profit?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    If you only "think" you pay £3 per month there's no point asking:

    1. How much cashback you make on the credit card.
    2. What the average balance/cashback/interest is per month.

    Can you see what an unanswerable set of questions you're asking?

    But I'm going to say yes you could do better elsewhere, with both. I'm also going to say you can cancel the credit card and keep the current account.
  • MisterBaxter
    MisterBaxter Posts: 666 Forumite
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    We have a 123 account, we pay £3 per month and for us we still make money on it but not as much as we used to. The cashback shows monthly so it's easy to work out whether it's worthwhile.
  • SnowTiger
    SnowTiger Posts: 4,461 Forumite
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    edited 3 July 2019 at 6:24PM
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    Tight_Wad wrote: »
    Hi, I'm sorry if this has already been covered...

    I have a santander 123 current account and a 123 cashback credit card.

    I think I pay £3 per month for the credit card, but don't know whether it represents good value for money or not? I try to use the credit card for most purchases and pay it off each month.

    Is the 123 CC still worth having?

    Can I ditch the CC and keep the current account? OR are there better interest paying current accounts?

    You'll have to crunch the numbers to work out whether or not it's worthwhile keeping your Santander 123 bank account and credit card.

    You can keep your Santander 123 bank account if you ditch your 123 credit card.

    An Aqua or Tandem credit card might offer better value. They don't charge a monthly fee and offer 0.5% cashback on all purchases.

    You might find it worthwhile to drop your Santander 123 current account to a Santander 123 Lite account. Both offer 1/2/3% cashback on household bills. The lite version costs [STRIKE]£2[/STRIKE] £1 a month, but doesn't pay interest. You can probably earn more than the 1.5% interest you get now elsewhere.

    Natwest's Reward account is similar to Santander's 123 Lite offering. For £2 a month you get 2% cashback on household bills.
  • MallyGirl
    MallyGirl Posts: 6,627 Senior Ambassador
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    Lite account is £1 per month fee - or at least mine is
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  • NoodleDoodleMan
    NoodleDoodleMan Posts: 3,369 Forumite
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    Is the 123 CC still worth having?
    No.There are other cashback credit card without any fee.
  • SnowTiger
    SnowTiger Posts: 4,461 Forumite
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    MallyGirl wrote: »
    Lite account is £1 per month fee - or at least mine is

    Ah yes, of course. A slip of the finger.
  • Tight_Wad
    Tight_Wad Posts: 5 Forumite
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    Hi, thank you for all the replies and I'm sorry I'm late in replying.

    I think I get 1.5% interest on the current account and cashback on the credit card?

    Do I pay £3/mth for the credit card or £3 for the current account #confused?

    I haven't a car so don't buy petrol, but I try and use the cashback card for everything else, food mainly.

    I've not heard of the other card providers you mention.

    I shall have to make the effort and trawl back through my statements to see if I'm benefiting or losing out.

    When I first took it out it was a bit of a no-brainer as it was paying about 5% on the current account...
  • MisterBaxter
    MisterBaxter Posts: 666 Forumite
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    The 123 current account and 123 Credit Card both carry their own separate fees. The fees show on your statement as does the cashback so it's easy to work through and determine whether or not it's worth it to you.
  • NoodleDoodleMan
    NoodleDoodleMan Posts: 3,369 Forumite
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    edited 15 July 2019 at 10:02PM
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    Your 123 current account has a £5 monthly fee.

    So the credit card will be the £3 fee.

    The 123 current account is only worth having if you are getting cashback from DDs on utility bills etc. and you are also making money off the 1.5% interest - if you are not acheiving £5 income from these two combined you are actually paying for the privilege of giving Santander money each month.

    In other words, a loss maker !!!

    The 123 Lite sounds maybe a better deal for you perhaps ?

    There are other cashback credit cards which don't charge a fee.
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