Santander Everyday Long Term Balance Transfer Credit Card review
- Representative example:
- When you spend £1,200 at a purchase rate of 23.9% (variable) p.a., your representative rate is 23.9% APR (variable).
- 0% interest on balance transfers
- 26 months
- Account fee
- £0
- 0% interest on purchases
- 3 months
Our verdict
Clear your card debt faster and more cheaply with Santander's market-leading deal.Santander's table-topping 0% deal is a great option for those with substantial debt on expensive credit cards, who realistically need a decent chunk of time to focus on clearing that debt. You'll get a very impressive 26 months where every penny you pay into the card will go towards clearing debt – and none towards paying interest. That's assuming you don't use the card for additional purposes.
The only real downside (at least in the near-term), is the 3% transfer fee. If you reckon you could clear your card debt in significantly less time, then check out no-fee deals first.
As with pretty much all balance transfer deals, after the 0% period expires, the card becomes less appealing (especially so if you haven't cleared your debt by that point). But to keep you interested, you will benefit from up to 15% cashback with select retailers.
You can request your balance transfer as part of the application process (it'll go through automatically shortly after you activate your card), and you're allowed to transfer up to 95% of your credit limit (Santander will offer you a personalised limit). As you might expect, transfers from existing Santander cards are a no-no, and likewise Cahoot cards. Unfortunately transfers from personal loans are also off the table.
All in all, this is a relatively straightforward, impressive deal from a trusted high-street bank.
Pros
- No annual fee
- 3 months to spread the cost of purchases
- Over 2 years to reduce existing card debt
- Customers report excellent customer service when dealing with Santander
Cons
- Minimum annual income requirement of £10,500
- Don't forget that balance transfer fee! If cutting the interest on existing card debt is your main reason for considering this card, check out no-fee deals first
Pros
-
No annual fee
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3 months to spread the cost of purchases
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Over 2 years to reduce existing card debt
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Customers report excellent customer service when dealing with Santander
Details
Product Overview
| Issuer | Santander |
| Network | Mastercard |
| Representative APR | 23.9% |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 26 months reverting to 23.9% |
| Balance transfer fee | 3% (min. £5) |
| Purchases | 0% for 3 months reverting to 23.9% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 29.9% |
| Minimum credit limit | £500 |
| Maximum credit limit | Subject to status |
| Additional cards available | 3 |
| Incentive | Sign up for Santander Boosts to receive cashback, vouchers, offers and prize draws from selected retailers. |
| Additional Rewards Info | Sign up for Santander Boosts to receive cashback, vouchers, offers and prize draws from selected retailers. Customer must be signed up to online and mobile banking to qualify. |
| Potential costs | 4.0 ★★★★★ |
| Doing its job | 4.5 ★★★★★ |
| Extras | 4.0 ★★★★★ |
| Overall Finder score | 4.0 ★★★★★ |
Fees and charges
| Minimum monthly payment | 1% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance plus any arrears. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 3% (min. £5) |
| Foreign usage charge (EU) | 2.95% |
| Foreign usage charge (rest of world) | 2.95% |
| Cash advance fee | 3% (min. £3) |
| Late payment fee | £12 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £12 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application Requirements
| Minimum Age | 18 |
| Minimum income | £10,500 |
| Residency | UK Resident |
| Availability | Available to new customers |
The Santander Everyday Long Term Balance Transfer Credit Card is issued on the Mastercard network so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
Approval for any credit card depends 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. Most of the data in Finder's comparison tables is provided by Moneyfacts.
Repayment options
You can make manual repayments through Santander's app by logging in to your online banking or over the phone (0800 912 3123). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of £12). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 26 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
| Minimum amount | Fixed amount | Fixed percentage | Full amount |
|---|---|---|---|
How to apply
First, you can use Finder's eligibility checker to find out if you'd be likely to get approved for the Santander Everyday Long Term Balance Transfer Credit Card. This won't impact your credit score. If it's good news, you can then proceed to Santander's online application, which takes 10–15 minutes to complete. You can request a balance transfer as part of your application.
Frequently asked questions
What credit limit will I get with the Santander Everyday Long Term Balance Transfer Credit Card?
If Santander offers you this deal, it will specify a personalised credit limit based on Santander's assessment of your situation. The minimum limit offered on this card is £500, and Santander does not specify a maximum. Once you've had the card for a while and shown Santander you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the Santander Everyday Long Term Balance Transfer Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Santander Everyday Long Term Balance Transfer Credit Card is 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250 and you'll incur a fee of £7.50.
The interest rate on this part of your balance will be 29.9%, which is 25% more than the standard purchase rate (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
What should I do with my old credit card after transferring the balance to the Santander Everyday Long Term Balance Transfer Credit Card?
Transferring a balance doesn't automatically close your old account. In most cases, you'll want to close the old account(s) straightaway, especially if they have an annual/monthly fee or if you might be tempted to use them in the future. There is an argument that you should keep the old account open to help your credit score. That's because doing so keeps your "credit utilisation ratio" lower (that's a measure of how much credit you're using compared to what's available to you) and helps the average age of your credit accounts. However, unless you're just about to apply for a new mortgage, it's probably fair to say that most people would prefer to have no more bank accounts open than was truly necessary.
How much does it cost to use the Santander Everyday Long Term Balance Transfer Credit Card abroad?
Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£171.54), it'll cost you around £5.06 in fees.
What is the minimum payment on the Santander Everyday Long Term Balance Transfer Credit Card?
Each month, you must pay at least 1% of your balance at that point or £5.00 – whichever of the 2 figures is greater. So if you had, say, £450.00 outstanding, you'd pay £5.00, and if you had £2,000.00 outstanding, you'd pay £20.00.
Paying only the minimum required amount each month is generally not advisable as it makes it much harder to get debt-free before that introductory 0% period expires.
Finder credit card scores
Our experts score balance transfer cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the balance transfer offer, the balance transfer fee, any restrictions to making a transfer, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.
