Sometimes you think to yourself these bank do they not look at their competition and what other banks offer? You have chase which gives you up to £15 per month without all of that nonsense plus without any fee.
Often the benefit of moving elsewhere is so minimal it doesn't feel worth it.
When I was looking at savings accounts it was something like an extra £20-30 across the year to be elsewhere. Not worth the time of setting it all up.
> When I was looking at savings accounts it was something like an extra £20-30 across the year to be elsewhere. Not worth the time of setting it all up.
I currently have Monzo at 4.6% as my savings "bucket" that I use for any spare money I have that I don't have room for at a higher rate elsewhere on e.g. regular savers. MSE recommends Coventry BS at 5.15%, so I thought "might as well apply for that and earn a bit more money".
Apply online. They're sending a paper application form in the post that I'll physically need to sign and send back before they'll open the account. Then I'll need to register for telephone banking and get a little number card sent in the post, before I can register for Internet banking. At that point I can put money in it.
All this for a premium of 0.55% over Monzo, which I estimate over the year based on the average balance is about a fiver extra. Probably less.
I really can't be arsed. I think the application form might just go in the shredder.
I get your point, but they're not all like that. I'm with Chip and I get 4.84%. Which took <5 minutes to set up. But you're right, most easy access savers at this point are all within 1% of one another.
1. Chase doesn't give cashback on lots of things, this card gives cashback on everything except gambling and cash
2. Chase's app sucks.
3. Santander doesn't force you to use an app.
Your comparing a debit card to credit card. Most want to use a credit card to maintain a good.credit scor which chase won't offer. Also the fact you get section 75 protection which a credit card which you won't with a debit card.
It's OK, but a lot of "effort". My AMEX gets 0.75 up to £10k and then 1.25% over £10k. Last year I made £370. BarclayCard Rewards offers 0.25% with no FX charges or cash advance charges if abroad (i.e. use ATMs abroad). I can't do the maths but £15 cap per month seems low, especially with a £3 guaranteed fee. So £12 gain/mo. Worth it as a second card maybe.
There's a £25 fee on that card too right? Also you seem to be a heavier user than most, having must have spent about £32000 on the card last year.
I guess this Santander card has a sweet spot. But one example would be if you spent £750 a month (£9000 a year), you'd make 15*12 - 36 =£144 on the santander card. For the Amex card you'd make £42.5. At £15000 a year you'd make £144 on the santander and £162.5 on the Amex. So you can see you have to be quite a high spender.
Also you're not limited to just one card. Spend one the santander until you reach £9K limit and then start spending on another cashback card to maximise returns.
Edit - I just looked into it an there's one major caveat. The 2% cashback is only for the first year. It's 1% thereafter. Not worth the effort for one year imo unless you're already a customer of course.
I've found very few of the places I shop accept Amex, to the point where I plan to cancel mine.
In particular, a lot of employee discount portals don't accept Amex. For example, I have access to Reward Gateway which gives 5% discounts on reloadable e-vouchers for supermarkets and their associated petrol stations, 7% off Just Eat, etc. I need a card which lets me buy from there, so this one looks optimal.
Agree that it's a bit of a faff if you don't already have a Santander Current Account. But, if you do, it seems like a no-brainer.
One thing some people over look on amex are the outstanding member deals, I recently booked a few virgin Atlantic flights, but amex had an offer on with air France, £125 cashback if I spent £1k with AF, so I booked through AF as it was a virgin code share, same flight, same price but £125 back, plus my cashback site refund.
There's currently 10% cashback on any restaurant on the amex dining promo, of which many of the nicer restaurants in the area are a part of.
LNER 10% cashback on tickets.
7% cashback on Radisson blu
10% back on purchases £800+ from Samsung up to £250.
£50 back from AO if you spend £500.
And the list goes on.
Also with the likes of AO, Radisson, Samsung etc you can pair these with top cashback, Quidco and double dip on the cashback.
with Samsung you could get 7.5% cashback from Quidco, so on the £999 s24+ you'd get £75 back from quidco and £100 back from amex. (Plus the 1.25%)
Sure they're not everyone's cup of tea, but they're definitely worth consideration on big purchases.
Something worth bearing in mind when comparing this Edge card to and Amex (which I have been doing a lot) is that you can also add the Edge card to Airtime Rewards, you can’t do that with an Amex, and I get a lot of passive cashback like that.
You get 5% back every time on LNER plus the 2% card cashback so that’s not bad.
Great shout - I forgot about that. There is one annoyance that you have to pay in £500 (I think) the prior month to get the cashback perk the following month?
Ah, I wasn't aware of that one.
It's a debit card rather than a credit card, isn't it?
I overlooked it because personally I'd rather have the section 75 protection offered by a credit card on the one I use for day-to-day spending.
Unless the purchase transaction exceeds £100 in one go, the section 75 doesn't apply. I don't think normal day to day transaction you'd spend £100 for every purchase? So probably use debit card+ reward gift card purchase if you want to max out cashback.
With interest rates high atm it seems to me much easier to stooze: use 0% interest credit cards for spending, pay off the minimum amount each month by DD and then have the money in savings. You can make £40 or so a month on e.g. 10k credit card limit without bothering yourself with what expenditure qualifies for the cashback - or even worse finding yourself motivated to spend more on shit u dont need to hit the max reward each month.
The cap is the biggest limitation on this. It means you should be spending max £750 a month, and need at least £150 to break even and £300 to match 1% cashback on Chase.
The max you’d get is £12 per month so the maximum rate is actually 1.6% for year 1 and 0.8% in year 2.
For a daily spend card you’d hit the limit pretty quickly each month for year 1 so you will need a back up card, but in year 2 you might as well go back to Chase.
It might be better than an Amex but again you’d hit the limit pretty quick.
It will be a lot of work to use it efficiently tbh
> While I'm generally a big fan of the Money Saving Expert website, the section on reward credit cards seems to be incomplete
MSE does, at least did the last time I checked, recommend the Barclaycard Reward card for its lack of FTX fees and free cash withdrawals, but it has a bit even worth noting 0.25% cashback.
They don’t really look at rewards connected to air miles and even though the Barclaycard Avios is technically 0.66%, it (and all the other fee related cards) aren’t really targeting the money saving crowd.
Hi /u/MrStilton, based on your post the following pages from our wiki may be relevant:
- https://ukpersonal.finance/credit-cards/
____
^(These suggestions are based on keywords, if they missed the mark please report this comment.)
This card is only available direct through Santander and not via any bought media, so MSE would get nothing in return for promoting it. It seems to be a bit of a loss leader so selling via third parties woukd decimate it's internal NPV.
MSE has never been whole of market, just whatever gets them tbe most clicks and commission.
I have a card with Santander already that has no foreign fees but less cashback. Bit of a kick in the balls for this to launch and to be kept on a worse cashback %
Mate I do get that there’s a fee. You’d still be trying pretty hard to end up worse off.
Chase aren’t even stated to be extending their offer past the next couple of months when it’s currently due to end.
£300-£1200 monthly spend on this would still beat Chase, even after the £3 fee.
(£750-£1200 of that wouldn’t earn cashback so you’d be better putting the first £750 on this card and the next £1500 on Chase, but a bit more complicated to stay on top of)
I apologise if this isn't the right subreddit to ask this question, but can you get an up to date (interim) bank statement from Santander? If I go into one of their branches, can I ask from a bank statement from 20th January-1st February for example?
Thank you!
Sometimes you think to yourself these bank do they not look at their competition and what other banks offer? You have chase which gives you up to £15 per month without all of that nonsense plus without any fee.
You underestimate the number of people who will simply think "I need a card. I bank with Santander. I will get a card from them." and nothing more.
Often the benefit of moving elsewhere is so minimal it doesn't feel worth it. When I was looking at savings accounts it was something like an extra £20-30 across the year to be elsewhere. Not worth the time of setting it all up.
> When I was looking at savings accounts it was something like an extra £20-30 across the year to be elsewhere. Not worth the time of setting it all up. I currently have Monzo at 4.6% as my savings "bucket" that I use for any spare money I have that I don't have room for at a higher rate elsewhere on e.g. regular savers. MSE recommends Coventry BS at 5.15%, so I thought "might as well apply for that and earn a bit more money". Apply online. They're sending a paper application form in the post that I'll physically need to sign and send back before they'll open the account. Then I'll need to register for telephone banking and get a little number card sent in the post, before I can register for Internet banking. At that point I can put money in it. All this for a premium of 0.55% over Monzo, which I estimate over the year based on the average balance is about a fiver extra. Probably less. I really can't be arsed. I think the application form might just go in the shredder.
I get your point, but they're not all like that. I'm with Chip and I get 4.84%. Which took <5 minutes to set up. But you're right, most easy access savers at this point are all within 1% of one another.
You're right, some people really do not care nor do they do their research.
This is a CC, chase is a debit. Also i can keep money in a savings account whilst paying it off in full every month.
I mean Santander is effectively giving £12 cashback plus with the added protection of it being a credit card. That's pretty competitive.
Isn't Chase 1% cashback only available for the first 12 months?
No they changed it. I'm on year 2 and still have 1% cashback
If you deposit over 1000 a month into your current account you get 1% cashback for that month
[удалено]
It then extends to an amended deal whereby you have to pay £500 a month in and the cashback tops out at £15. I'm into my third year now, I think.
1. Chase doesn't give cashback on lots of things, this card gives cashback on everything except gambling and cash 2. Chase's app sucks. 3. Santander doesn't force you to use an app.
Have you not seen Santander's new app, oh boy wait and see. £3 a month ridiculous.
I don't understand how they've made it worse. It's just so slow.
All what nonsense? I don’t see any messing around required. Spend £750, get £12.
Your comparing a debit card to credit card. Most want to use a credit card to maintain a good.credit scor which chase won't offer. Also the fact you get section 75 protection which a credit card which you won't with a debit card.
It's OK, but a lot of "effort". My AMEX gets 0.75 up to £10k and then 1.25% over £10k. Last year I made £370. BarclayCard Rewards offers 0.25% with no FX charges or cash advance charges if abroad (i.e. use ATMs abroad). I can't do the maths but £15 cap per month seems low, especially with a £3 guaranteed fee. So £12 gain/mo. Worth it as a second card maybe.
There's a £25 fee on that card too right? Also you seem to be a heavier user than most, having must have spent about £32000 on the card last year. I guess this Santander card has a sweet spot. But one example would be if you spent £750 a month (£9000 a year), you'd make 15*12 - 36 =£144 on the santander card. For the Amex card you'd make £42.5. At £15000 a year you'd make £144 on the santander and £162.5 on the Amex. So you can see you have to be quite a high spender. Also you're not limited to just one card. Spend one the santander until you reach £9K limit and then start spending on another cashback card to maximise returns. Edit - I just looked into it an there's one major caveat. The 2% cashback is only for the first year. It's 1% thereafter. Not worth the effort for one year imo unless you're already a customer of course.
Fair, thanks for doing the maths.
I've found very few of the places I shop accept Amex, to the point where I plan to cancel mine. In particular, a lot of employee discount portals don't accept Amex. For example, I have access to Reward Gateway which gives 5% discounts on reloadable e-vouchers for supermarkets and their associated petrol stations, 7% off Just Eat, etc. I need a card which lets me buy from there, so this one looks optimal. Agree that it's a bit of a faff if you don't already have a Santander Current Account. But, if you do, it seems like a no-brainer.
One thing some people over look on amex are the outstanding member deals, I recently booked a few virgin Atlantic flights, but amex had an offer on with air France, £125 cashback if I spent £1k with AF, so I booked through AF as it was a virgin code share, same flight, same price but £125 back, plus my cashback site refund. There's currently 10% cashback on any restaurant on the amex dining promo, of which many of the nicer restaurants in the area are a part of. LNER 10% cashback on tickets. 7% cashback on Radisson blu 10% back on purchases £800+ from Samsung up to £250. £50 back from AO if you spend £500. And the list goes on. Also with the likes of AO, Radisson, Samsung etc you can pair these with top cashback, Quidco and double dip on the cashback. with Samsung you could get 7.5% cashback from Quidco, so on the £999 s24+ you'd get £75 back from quidco and £100 back from amex. (Plus the 1.25%) Sure they're not everyone's cup of tea, but they're definitely worth consideration on big purchases.
Santander has this too
Santander Boost is rarely as good as the Amex and Visa member offers.
Quality of the Santander offers is poor in comparison.
Also with the LNER offer, you can use LNER to book trains with other providers so it's effectively 10% off trains
Yes, I use it for work travel all the time, works out great for me.
Something worth bearing in mind when comparing this Edge card to and Amex (which I have been doing a lot) is that you can also add the Edge card to Airtime Rewards, you can’t do that with an Amex, and I get a lot of passive cashback like that. You get 5% back every time on LNER plus the 2% card cashback so that’s not bad.
Chase has a £15 cap on 1% cash back card, and there’s no account fee. Plus their savings accounts give a standard 4.1% too.
Great shout - I forgot about that. There is one annoyance that you have to pay in £500 (I think) the prior month to get the cashback perk the following month?
Ah, I wasn't aware of that one. It's a debit card rather than a credit card, isn't it? I overlooked it because personally I'd rather have the section 75 protection offered by a credit card on the one I use for day-to-day spending.
Unless the purchase transaction exceeds £100 in one go, the section 75 doesn't apply. I don't think normal day to day transaction you'd spend £100 for every purchase? So probably use debit card+ reward gift card purchase if you want to max out cashback.
With interest rates high atm it seems to me much easier to stooze: use 0% interest credit cards for spending, pay off the minimum amount each month by DD and then have the money in savings. You can make £40 or so a month on e.g. 10k credit card limit without bothering yourself with what expenditure qualifies for the cashback - or even worse finding yourself motivated to spend more on shit u dont need to hit the max reward each month.
The cap is the biggest limitation on this. It means you should be spending max £750 a month, and need at least £150 to break even and £300 to match 1% cashback on Chase. The max you’d get is £12 per month so the maximum rate is actually 1.6% for year 1 and 0.8% in year 2. For a daily spend card you’d hit the limit pretty quickly each month for year 1 so you will need a back up card, but in year 2 you might as well go back to Chase. It might be better than an Amex but again you’d hit the limit pretty quick. It will be a lot of work to use it efficiently tbh
0.6% in the second year, assuming the £3 monthly fee remains the same. £4.50 per month max after the fee.
No it’s 0.8% assuming the cap is still £15. To hit that you have to spend £1,500 but with the £3 monthly it’s £12 off £1,500 which is 0.8%
Ah yeah, duh. It's early, my bad.
No worries I’m still waking up myself haha
> While I'm generally a big fan of the Money Saving Expert website, the section on reward credit cards seems to be incomplete MSE does, at least did the last time I checked, recommend the Barclaycard Reward card for its lack of FTX fees and free cash withdrawals, but it has a bit even worth noting 0.25% cashback. They don’t really look at rewards connected to air miles and even though the Barclaycard Avios is technically 0.66%, it (and all the other fee related cards) aren’t really targeting the money saving crowd.
Hi /u/MrStilton, based on your post the following pages from our wiki may be relevant: - https://ukpersonal.finance/credit-cards/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.)
This card is only available direct through Santander and not via any bought media, so MSE would get nothing in return for promoting it. It seems to be a bit of a loss leader so selling via third parties woukd decimate it's internal NPV. MSE has never been whole of market, just whatever gets them tbe most clicks and commission.
I have a card with Santander already that has no foreign fees but less cashback. Bit of a kick in the balls for this to launch and to be kept on a worse cashback %
Chase still beats this
Chase isn’t a credit card so you don’t get S75 protection
That is a good point! Sorry was looking at it from a percentages perspective.
And failing at the basic hurdle of understanding 2% is more than 1%?
Looks like we have a little keyboard warrior over here. Someone does the maths in a another comment for you if you can’t work it out for yourself ;)
Mate I do get that there’s a fee. You’d still be trying pretty hard to end up worse off. Chase aren’t even stated to be extending their offer past the next couple of months when it’s currently due to end.
£300-£1200 monthly spend on this would still beat Chase, even after the £3 fee. (£750-£1200 of that wouldn’t earn cashback so you’d be better putting the first £750 on this card and the next £1500 on Chase, but a bit more complicated to stay on top of)
You’re going to spend at least 2% more leaving you worse off…
Santander recently backtracked on my credit cards 1% unlimited cashback. To the point where it now only just covers the £3 card fee.
How so? Do you mean they changed the terms and conditions after you took one out?
I apologise if this isn't the right subreddit to ask this question, but can you get an up to date (interim) bank statement from Santander? If I go into one of their branches, can I ask from a bank statement from 20th January-1st February for example? Thank you!
They should be able to help you with that in branch, yes