Santander All in One Credit Card
- Balance transfers 0% for 26 months
- Purchases 0% for 23 months
- 0.5% cashback on your purchases
- No fees on currency conversion
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Approval for any credit card will depend on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.
0% balance transfers let you transfer your existing credit card debt to a new credit card, with a 0% interest rate for a promotional period. The interest-free promotional period will vary from card to card, but you can find cards with no interest on balance transfers for up to 40 months. Once the introductory offer has finished, the balance transfer interest rate will revert to a higher standard interest rate.
A 0% balance transfer credit card allows you to move a high-interest debt to a new card with a promotional 0% offer on balance transfers. You can request the balance transfer when you’re applying for the new card. If you’re approved, your new provider will settle the balance on your old card and transfer it to your new account. While the 0% promotional balance transfer offer is in place, you won’t accrue any additional interest as you repay your debt.
This means you can clear your balance without collecting more debt for a promotional period of up to 40 months depending on the card. Not only can you clear your debt faster, but you can save hundreds or thousands of pounds on interest charges at the same time.
If you have a credit card debt of £1,000 and you make £100 repayments per month, a balance transfer offer can help you regain control of your finances and save:
Normal credit card without balance transfer offer | 0% balance transfer credit card | |
---|---|---|
Interest rate | 20% p.a. | 0% p.a. |
Months required to repay | 12 months | 10 months |
Interest paid over this period | £200 | £0 |
As you can see in the example above, not only can you save £200 in interest costs, but you’ll also repay your debt faster.
This example assumes that the cardholder cleared the debt before the promotional offer finished. Once the 0% balance transfer period offer finishes, a higher standard interest rate will apply. So if you’re unable to pay off your debt before the introductory offer ends, your remaining debt will be charged the standard variable interest rate for balance transfers.
Here are the most important factors you should keep in mind to find a 0% balance transfer card to consolidate your debt:
While you don’t pay interest on the debt you move to a 0% balance transfer card, there are a number of other fees you should be aware of before you apply. Some of the most common costs include:
Depending on the 0% balance transfer card you choose, other fees and charges may also apply in some circumstances. Make sure you check the standard terms and conditions for individual cards before you apply.
These simple steps will help you find and apply for a 0% balance transfer offer that fits your budget and your needs.
Consider how much debt you want to transfer, and how long you think it will take you to pay it off so that you know what kind of offers will help you achieve your goal.
Look at all the different features and types of balance transfer offers, weighing them up based on the length of the 0% balance transfer offer, the amount you have to repay and the fees and features that come with the card. You should also make sure you meet the eligibility requirements before you apply.
You will need to provide personal details including your full name, date of birth, street address, driver’s licence number and/or passport number. Keep these documents handy and submit copies as requested by the credit card issuer.
There is a section of the credit card application that asks for details of any balance transfer requests. You will need to fill this out with information including the current credit card company, the account number and the total amount of debt you want to transfer to the new card.
You should get a response within 60 seconds of applying. You may be required to provide supporting documentation as part of this process. When you receive your card and activate it, your new provider will process the balance transfer from your old card to the new one. If you’d like to cancel your old credit card, contact your old bank directly to request for the account to be closed.
Applying for a 0% balance transfer can be a daunting task. We have answered the most popular questions from our users about applying for and using a 0% balance transfer credit card here. If you still have a question please leave a comment in the “Ask a Question” box below and one of our friendly staff will respond to your query.
Balance transfer promotions are usually only available for a limited time. You can compare current offers to find a balance transfer credit card that suits your needs.
For example, let’s say you have a debt of £5,000 and a credit card with 0% on balance transfers for 24 months. You would need to pay around £209 each statement period to clear the entire balance before the standard interest rate applied at the end of the 24-month promotional period.
After you get the card, you will need to activate it so that your new issuer can begin the balance transfer process. It could be as long as 21 business days from card activation before the debt is moved from your old card to the new one.
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