Santander Everyday Long Term Balance Transfer Credit Card review 2021

Clear your card debt faster and more cheaply with Santander's market-leading deal.

You say: ★★★★★We say: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 20.9% (variable) p.a., your representative rate is 20.9% APR (variable).

31 months

0% interest on balance transfers

20.9%

Representative APR

£0

Account fee

3 months

0% interest on purchases

Details

IssuerSantander
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 31 months reverting to 20.9%
Balance transfer fee2.75% (min. £5) for 31 months reverting to 3% (min. £5)
Purchases0% for 3 months reverting to 20.9%
Purchases interest-free periodUp to 56 days
Cash advances29.9%
Min credit limit£500
Max credit limitNot specified
Additional cards available3
IncentiveEarn up to 15% cashback with your selected Retailer Offers at selected major retailers.

Review by


Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.

Expert review

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 31 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 2.75% 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.

The Santander Everyday Long Term Balance Transfer Credit Card is issued on the Mastercard network so it's accepted at nearly 53 million merchants across more than 210 countries and territories.

Pros and cons

Pros

  • Over two years of 0% interest to focus on reducing existing card debt
  • Three months to spread the cost of purchases
  • No annual fee

Cons

  • Minimum annual income requirement of £7,500
  • 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

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.

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 31 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 is able to offer you this deal, the offer 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 that 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 43% more than the standard purchases 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 (£168.88), it'll cost you around £4.98 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 two 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 ratings

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★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

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.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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