If you’re looking for breathing space on existing card debt, Santander’s Everyday offer is certainly worth a look. It offers a competitive ‘no-fee’ 0% balance transfer offer – plus initial 0% on new purchases and ongoing cashback at selected retailers.
Pros
- No balance transfer fee
- 21 months at 0% on balance transfers
- No monthly fee
- 3 months at 0% on purchases
- Cashback rewards
- Up to three additional cardholders
Cons
- Annual income of least £7,500
- Transfers from other Santander group cards not permitted
- Charges apply for use overseas
- Relatively high representative APR
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Key features
- 0% interest for 21 months on balance transfers – with no balance transfer fee
- 0% interest for three months on new purchases
- Cashback at selected retailers
Charges
There’s no balance transfer fee to shift over existing card debt to this offer from Santander, and no monthly or annual fee to hold the card either. However, you will face a 3% fee on any new balances you switch over once the initial 21-month 0% window has come to an end.
Any balance – either existing or new – will then attract a representative annual interest rate (APR) of 20.9% (variable).
New purchases made on this card, after a three-month 0% period, will also be charged at an APR of 20.9% (variable).
That said, you get up to 56 days’ interest-free on purchases. So, if you pay off your balance in full and by the due date each month, you won’t be charged a penny in interest.
If you are late with your monthly repayment, you will be charged a £12 fee. The same fee applies if you breach your credit limit.
Rewards
If you sign up to mobile banking or online banking with Santander, you will get access to Santander’s Retailer Offers.
This free service offers up to 15% cashback for using your Santander card at a variety of retailers, including Costa, Co-op and Just Eat. You will need to activate the service to benefit.
Protection
As with any credit card, Santander’s Everyday Credit Card offers a safety net on all goods and services you purchase costing more than £100 and up to £30,000.
You get this protection under section 75 of the Consumer Credit Act, and this cover applies even if you only pay for the deposit on your plastic (provided it’s between those two values). Find out more with our guide.
Will I be eligible?
To get accepted for the Santander Everyday Credit Card, you’ll need a healthy credit rating.
Use an eligibility checker tool before formally applying for any card, as this will mean you can view your likelihood of being accepted, without showing on your credit report.
What are the pros?
- No balance transfer fee
- Competitive 0% on balance transfers
- No monthly fee
- Cashback rewards
- Up to three additional cardholders
What are the cons?
- Longer ‘no-fee’ 0% balance transfer deals may be available
- Annual income of least £7,500 required
- Balance transfers from other Santander group cards are not permitted
- Charges apply for use overseas
What more should I know?
If you are looking to shift one or more balances from existing credit cards you hold, they will need to be with a provider that’s not Santander, or its sister brand cahoot.
You will be able to transfer balances from £100 up to 95% of your credit limit.
Avoid withdrawing cash from an ATM with this card, as you will be charged interest with immediate effect and at a higher APR of 29.9%.
Is it the right card for me?
If you have balances on cards that are not with Santander or Cahoot, and plan on controlled spending in the short term, Santander’s Everyday No Fee Balance Transfer Credit Card could be a great fit for you.
Always weigh up similar alternative cards however, and use an eligibility checker to find out your chances of being accepted for a deal before making a formal application.
What are my alternatives?
But, as with any great deal, it does come at a cost. In this case, you need to be aware of the APR which will kick in after the promotional periods have ended.
You may be able to find a card offering longer 0% windows on both – though weigh this up against any monthly fee that could be payable.
