Santander Ultimate Cash Back Credit Card review May 2018 | finder.com

Santander® Ultimate Cash Back® Credit Card review – May 2018

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Get 1.5% cash back on everything, plus limited fees.

Product NameSantander® Ultimate Cash Back® Credit Card
Intro APR for Balance Transfer3% Intro APR for 12 billing cycles
Balance Transfer Rate (not intro)15.99% to 24.99% variable
APR for Purchases ( Purchase Rate )15.99% to 24.99% variable
Annual fee$0
Cash Advance Rate26.49% variable
Card TypeMastercard
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 21 days
Returned Payment Fee$0
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
0% of transaction value
Minimum Interest$1.50
Minimum Credit ScoreFair (660-699)
Minimum Age18 years of age
Annual fee$0
Returned Payment Fee$0
Over The Credit Line Fee$0
Late Payment Fee$35
Cash Advance Fee$0

Our review

If you like simple rewards, the Santander® Ultimate Cash Back® Credit Card is worth a look. It offers 1.5% cash back on everything you buy. That’s not the most flat cash back you can earn — the Citi® Double Cash Card offers 2% — but it’s a good rate.

The card is unique in that it doesn’t charge balance transfer, foreign transaction, cash advance or returned payment fees. It’s just too bad that the card’s intro APR on balance transfers is 3%. You’ll find cards that offer 0% APR for the same period, such as the U.S. Bank Cash 365™ American Express® Card and Bank of America® Cash Rewards Credit Card.

Should you get the Santander Ultimate Cash Back Credit Card?

  • If you want a card with a market-leading balance transfer promotion, check out other cards.
  • If you want a card with simple rewards and a solid signup bonus, the Santander® Ultimate Cash Back® Credit Card may be the card for you.

The perks

  • ANNUAL FEE: $0

A $0 annual fee makes it easy to keep the Santander® Ultimate Cash Back® Credit Card long term.

  • REWARDS: Earn cash back on all purchases.

You’ll earn 1.5% cash back on every purchase. That’s a good rate for flat rewards, though a few cards do better, like the Citi® Double Cash Card, which offers 2% cash back.

Depending on your spending, you may be able to earn more cash back with tiered-reward cards. For example, the Uber Visa Card offers up to 4% cash back and the Discover it® Card offers up to 5% cash back.

  • SIGNUP BONUS: $100 cash back.

When you spend $500 in the first 90 days, you’ll receive a $100 cash back bonus. You can redeem this as statement credit.

While $100 is a respectable signup bonus, you’ll earn more with cards like the U.S. Bank Cash 365™ American Express® Card and Bank of America® Cash Rewards Credit Card, which each offers $150 bonus cash.

  • Limited transaction fees.

You won’t pay balance transfer, foreign transaction, cash advance or returned payment fees. Few cards waive these fees, so this is a unique perk.

You’ll also like…

  • INTRO APR: 3% on balance transfers for 12 billing cycles.
    It’s great that Santander doesn’t charge transaction fees, but you’ll wish it also offered 0% intro APR. Still, 3% APR is a significant discount from the average credit card APR of around 16%.

    Other benefits

    • No over-the-credit-limit fee.
    • Get a Debit Mastercard from Santander Bank.
    • No over-the-credit-limit fee.
    • Instant Card Hold. If you think you’ve lost your card, call Santander to place a temporary hold on it. This will block most transactions on your card.

    Compare cash back credit cards

    Rates last updated May 27th, 2018
    Name Product APR for Purchases ( Purchase Rate ) Intro APR for Balance Transfer Annual fee Product Description
    HSBC Cash Rewards Mastercard® credit card
    14.49%, 18.49% or 24.49% variable
    0% Intro APR for 15 months (with whichever is greater: $10 or 4% balance transfer fee)
    $0
    Earn unlimited 1.5% cash rewards on purchases. See Rates and Fees
    Apply now Read review
    Credit One Bank® Unsecured Visa® with Free Credit Score Tracking
    17.49% to 25.49% variable
    $0 to $75 first year annual fee for the first year ($0 to $99 thereafter)
    Get 1% cash back rewards on eligible purchase, terms apply.
    Apply now Read review
    Susan G. Komen® Cash Rewards Visa®
    14.24% to 24.24% variable
    0% Intro APR for first 12 statement closing dates (with whichever is greater, $10 or 3% balance transfer fee)
    $0
    1% cash back on every purchase, 2% at grocery stores and now at wholesale clubs and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter
    Wells Fargo Cash Back CollegeSM Card
    12.40% to 22.40% variable
    0% Intro APR for 6 months (with whichever is greater, $5 or 3% balance transfer fee)
    $0
    3% cash rewards on gas, grocery, drugstore for first 6 months, 1% cash rewards on virtually all other net purchases.
    U.S. Pride® BankAmericard Cash Rewards™ Visa® Card
    14.24% to 24.24% variable
    0% Intro APR for first 12 statement closing dates (with whichever is greater, $10 or 3% balance transfer fee)
    $0
    Online $150 cash rewards bonus after making at least $500 in purchases in the first 90 days of your account opening.
    Blue Cash Everyday® Card from American Express
    14.49% to 25.49% variable
    0% Intro APR for 15 months (with whichever is greater, $5 or 3% balance transfer fee)
    $0
    Earn $150 back after you spend $1,000 in purchases on your new Card in your first 3 months. You will receive the $150 back in the form of a statement credit.
    Blue Cash Preferred® Card from American Express
    14.49% to 25.49% variable
    0% Intro APR for 12 months (with whichever is greater, $5 or 3% balance transfer fee)
    $95
    Earn $200 back after you spend $1,000 in purchases on your new Card in your first 3 months. You will receive the $200 back in the form of a statement credit.
    Bank of America® Cash Rewards Credit Card
    14.74% to 24.74% variable
    0% Intro APR for 12 statement closing dates (with whichever is greater, $10 or 3% balance transfer fee)
    $0
    Earn more cash back for the things you buy most.
    Citi® Double Cash Card
    14.74% to 24.74% variable
    $0
    Earn 1% cash back for payments on purchases, on top of the 1% cash back on purchases. No annual fee.
    USAA® Preferred Cash Rewards Visa Signature® Card
    13.40% to 27.40% variable
    $0
    Earn 1.5% cash back on every purchase with no limits or category restrictions. Pay no annual fee, no penalty APR and no foreign transaction fees.
    Uber Visa Card
    16.49%, 22.24% or 25.24% variable
    $0
    Get 4% points back on dining, 3% on travel, 2% on Uber rides and online shopping and 1% on other purchases, and redeem points for Uber credits, gift cards or cash back.
    USAA® Cashback Rewards Plus American Express® Card
    13.40% to 27.40% variable
    $0
    Earn $150 bonus after you make $500 in purchases within the first 90 days of opening your account.
    Barclaycard CashForward™ World Mastercard®
    15.99%, 20.99% or 23.99% variable
    0% Intro APR for 15 months (with whichever is greater: $5 or 3% balance transfer fee)
    $0
    Get a $200 cash rewards bonus after you spend $1,000 in purchases in the first 90 days after account opening.

    Compare up to 4 providers

    How does a balance transfer work with this card?

    What to watch out for

    • Potentially high APR.

    If you have a weaker credit history, you may be given an interest rate up to 24.99. That’s high, considering the average APR is around 16%.

    How does credit card interest work?

    • Penalty APR.

    Santander may apply a penalty APR of 31.49% to your account if you:

    • Miss a payment.
    • Pay late.
    • Make a payment that is returned.

    The penalty APR will apply until you make six consecutive on-time payments.

    A penalty APR is never fun, and it increases the consequences of slipping up on payments. Don’t be afraid to compare other credit cards, as there are plenty of banks that don’t charge penalty APRs.

    What to know before you apply

    To apply for the Santander® Ultimate Cash Back® Credit Card, you must be at least 18 years old. The card is available only to customers in these states:

    • Connecticut
    • District of Columbia
    • Delaware
    • Maine
    • Maryland
    • Massachusetts
    • New Hampshire
    • New Jersey
    • New York
    • Pennsylvania
    • Rhode Island
    • Vermont

    Always consider your options and your financial situation before you apply for a credit card.

    Information you’ll need

    • Your full name and contact information.
    • Your residential status.
    • Your annual income, source of income and employment information.
    • Your Social Security number.

    What credit score do I need?

    You’ll have a better chance of being approved for this card if you apply with a good to excellent credit score of 680 to 850.
    What’s a good credit score?

    How to apply for the Santander® Ultimate Cash Back® Credit Card

    1. Go to the Santander website and click Apply Now.
    Santander Ultimate Cash Back Credit Card step 1
    2. Select your state from the dropdown menu and enter your ZIP code.
    Santander Ultimate Cash Back Credit Card step 2
    3. Complete the application with details like your name, address, annual income and Social Security number.

    4. Review and submit your application.
    Santander Ultimate Cash Back Credit Card step 4

    How long will it take to be approved?

    Typically, a credit card provider will make a decision on your application within 10 days. In some cases, your application may be approved immediately.

    If there are issues with your application, you may need to wait up to a few weeks to hear back.

    I got the card. Now what?

    • Make timely payments. Pay your card bill online at the Santander website, where you can enroll in autopay.
    • Avoid interest. After the close of each billing cycle, you have a grace period of at least 21 days to pay your balance. If you do, you won’t pay interest on your purchases.
    • Avoid fees. You’ll still pay fees for late payments — up to $35 per infraction.
    • Contact customer service. If you have questions, call Santander at 877-768-2265.

    Bottom line

    Getting 3% APR on balance transfers — instead of the customary 0% intro APR — may feel a bit odd. Luckily, the Santander® Ultimate Cash Back® Credit Card offers solid rewards for a flat-cash-back product. You might also like that Santander charges no fees for balance transfers, foreign transactions, cash advances or returned payments.

    Compare your options before deciding on the right choice for your situation with our comprehensive guide to credit cards.

    Frequently asked questions

    Images: santanderbank.com

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