Credit cards Date:
Santander has increased the card fee on one of its balance transfer and purchase credit cards, but despite this, it has retained a coveted place on the Moneyfacts charts and been awarded the top rating for its continued attractiveness.
123 Credit Card MasterCard now has a monthly card fee of £3 and offers a 23-month interest-free term for both balance transfers and purchases, which allows it to sit just behind the market-leader of its sector.
This card also offers an enticing cashback scheme: interest of 1.00% can be earned on supermarket shops of up to £300, while 2.00% can be earned on up to £150 of shopping purchased in department stores and 3.00% can be received in cashback for fuel and train fare spending of up to £100. It is also possible to receive 3.00% cashback for Apple Pay transactions of up to £100.
Once the initial offers expire, balance transfers will be charged at an annual rate of 12.7% with a fee of 3.00% (min £5.00), while standard purchases will be charged at 12.7% per annum (18.4% APR).
Borrowers must be at least 18 years old and have a minimum annual income of £7,500. Applications can be made in branch, online, by post and by phone. Borrowers should remember that rates are representative and dependent on their credit rating.
This card may have had its monthly fee increased, but it still offers borrowers an eye-catching 23-month interest-free term for both purchases and balance transfers. Borrowers who are looking to clear their credit card debts and spread the cost of other purchases are therefore likely to continue to find this an appealing option. This is an outstanding product that fully deserves the highest Moneyfacts rating.
Moneyfacts rating: Outstanding
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.