Santander launches travel cashback incentive | moneyfacts.co.uk

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Michael Brown

Content Writer
Published: 13/06/2022

Two of the cards eligible for this offer come with a non-sterling transaction fee of 2.95%.

Santander has launched a 1% cashback incentive on its Mastercard credit cards for spending abroad between 13 June and 18 September. To qualify, customers must spend at least £500 in foreign currency during their holiday.

“For many of us, this is our first summer holiday abroad for two years, and to celebrate we’re giving our Mastercard credit card customers cashback on their holiday spending,” said Matt Hall, Head of Cards and Loans at Santander UK.

However, those looking to make use of the provider’s Everyday credit cards to access this incentive can expect a non-sterling transaction fee of 2.95% on their purchases. The other cards on offer, which include the All in One Credit Card and World Elite Mastercard, do not hold any additional fees.

What cards benefit from this offer?

To maximise this cashback incentive, it is important to choose a card which is best suited for your personal finances.

Those looking to transfer their balances from another credit card might consider the Everyday Long Term Balance Transfer Credit Card Mastercard. As its primary perk, it comes with a 0% balance transfer period for 33 months before reverting to a rate of 21.9%

The offer might also be of interest for those in the market for a purchase credit card as it comes with 0% introductory rate for the first three months of use. In addition to this card, consumers can also consider the Everyday No Balance Transfer Fee Credit Card Mastercard which has the same introductory purchase offer. 

 

Credit Card

Annual Percentage Rate (APR)

Everyday Long Term Balance Transfer Credit Card Mastercard

21.9%

Everyday No Balance Transfer Fee Credit Card Mastercard

21.9%

All in One Credit Card Mastercard

24.7%

World Elite Mastercard

49.8%

The World Elite Mastercard has the highest APR. Table: Moneyfacts.

Alternatively, those looking for a reward or cashback card might consider the All in One Credit Card Mastercard or World Elite Mastercard.

To start, the All in One Credit Card Mastercard comes with 0.5% cashback on all purchases, which can be used in conjunction with the 1% cashback while on holiday, and an introductory interest rate of 0% for the first 23 months. However, it does need a monthly fee of £3 which will make the Everyday cards a better option for some customers.

Meanwhile, the World Elite Mastercard commands a much higher monthly fee of £15 per month and an introductory period of 0% of 18 months.

As always, before you apply for any of these cards it is worth checking your own credit rating to see if you qualify for these offers. You can do so by using our free credit score eligibility checker.

Should I consider a travel card instead?

While Santander’s 1% cashback incentive may seem tempting, it may be wise to consider all your options before making a firm decision.

Perhaps a travel credit card would be better suited for your personal finances. There are currently other offers on the market with no transactional fees among different incentives.

In addition to this, there are travel debit cards which could suit those who do not plan to keep to a limited budget while abroad. This option, among others, is discussed in our travel money comparison guide.  

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