Frequent traveller and already a Select or Private Banking Customer with Santander? You could find that the travel-related rewards and perks that comes with its World Elite credit card might more than justify the £15 monthly fee.
Pros
- No fees on overseas purchases/cash withdrawals
- 40% discount on Santander Travel Insurance
- Travel perks, such as airport lounge access and discounts on hotels and car hire
- 18-month 0% window on both purchases and balance transfers (no fee)
- Cashback on spending
- Up to three additional cardholders – who also benefit from airport lounge access
Cons
- Only available to Santander Select or Santander Private Banking customers
- £15 monthly fee
- High representative APR
- Longer 0% windows available on both purchases and balance transfers
- No balance transfers from other Santander or Cahoot cards
- Cashback only paid up to £3,000 a month spend
Table of Content
Key features
- Access to more than 1,000 airport lounges
- No foreign transaction fees on purchases made abroad (as long as you opt to pay in the local currency)
- No fees on cash withdrawals overseas
- 24/7 concierge service
- 0% interest for 18 months on both purchases and balance transfers
- Cashback on everyday spend
Charges
In return for its generous benefits which include extensive airport lounge access and a round-the-clock concierge service, Santander’s aptly-named World Elite card charges a fee of £15 a month.
That said, there is no fee to pay on spending overseas, or cash withdrawals made abroad. New purchases made on the card, after an initial 18-month 0% period, will be charged at a representative 18.9% (variable).
But throw in the £15 monthly fee and the card’s APR (annual percentage rate) – used to show the full cost of borrowing, including any fees spread over 12 months – stands at a representative 49.8% (variable).
However, you do get up to 56 days’ interest-free on purchases, meaning that if you pay off your balance on time and in full every month, you will not be charged any interest.
While there is no initial fee to transfer over an existing balance, it will cost you 3% on any new balances you move to the card once the initial 18-month 0% window has come to an end.
There is a late payment fee of £12. This same £12 fee applies if you exceed your credit limit.
Rewards
With this offering from Santander you get 0.5% cashback on all your purchases up to a spending cap of £3,000 per month.
Plus, if you register for mobile or online banking with Santander and activate Retailer Offers, you can earn up to 15% cashback for using your card at a range of retailers. You can choose your offers from partners such as Costa, Just Eat and Sky.
The card also unlocks access to ‘experiences’ via Mastercard Priceless Cities as well as World Elite discounts and offers on hotels and car hire. If you apply for Santander Travel Insurance online, it will also secure you a 40% discount on the cost.
Protection
As with any other credit card, Santander’s World Elite card offers protection under section 75 of the Consumer Credit Act. This offers a safety net when you buy goods or services costing more than £100 and up to £30,000. This cover applies even if you only put the deposit on your plastic, providing the amount is between those two values.
Will I be eligible?
The Santander World Elite Credit Card is only open to its existing Select and Private Banking customers – and you’ll already need a very robust credit rating to boot.
Before making a formal application, make use of an eligibility checker. This will show you the likelihood of being accepted without leaving evidence on your credit report.
What more should I know?
You cannot apply for this card if you already have a Santander World Elite card.
Even though commonly-charged foreign transaction fees on purchases abroad don’t apply, this is only the case if opt to pay in the local currency. Pay in Sterling and you could end up still getting charged.
You can transfer balances from £100 up to 95% of your credit limit, but you can’t transfer balances from other Santander credit cards, or cards from sister brand, Cahoot.
Be warned that if you take cash from an ATM, you will still be charged interest from the day you make the withdrawal.
Is it the right card for me?
The combination of fee-free foreign transactions and extensive access to airport lounges, means this piece of plastic can make for a great travelling companion. And, if you can take advantage of the three additional cardholders who also get access to airport lounges, you can get even more out of the rewards on offer.
On top of this, you get to earn cashback as you spend, plus there’s also a decent amount of breathing space on offer on both purchases and balance transfers, should you need it.
What are the alternatives?
But, as with any great deal, it does come at a cost – in this case the relatively high monthly fee of £15. You need to weigh up whether this monthly charge is worth paying for the impressive perks offered.
The alternative may be a card with no monthly fee which also offers zero charges on overseas use. Or one that offers cashback, or 0% on balance transfers or new spending.
However, it’s unlikely you will get all the benefits in one place that the World Elite card offers without paying a fee.
