Santander to launch new 123 cashback credit card
Santander has launched a new credit card that rewards users with monthly cashback for using the card for everyday purchases.
The credit card offers one per cent cashback on money spent in supermarkets, two per cent cashback for purchases made in department stores and three per cent back on petrol expenditure.
Santander says that the average amount of cashback a cardholder can expect back over a year is £176. This is based on the average household spend of a family with two children.
The Santander 123 cashback credit card will be launched on September 5th and is the first credit card of this type to offer cashback on a monthly basis. The card is available for new and existing customers.
However, the card does come with an annual fee of £24, so using the card frequently will help to cover this cost. The borrowing rate is 18.9 per cent variable or 22.9 per cent APR.
Callum Gibson, Managing Director of Santander Cards, said: "Our aim is to provide our customers with real long term value as opposed to short term benefits and the new Santander 123 Cashback Credit Card will certainly do that. That's why we've added a fee to this card as we want to make sure our customers are using this card for the right reasons.”
Use the Myfinances.co.uk comparison tables to find the best deal on a new credit card.
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