By: Harvey Jones | Updated: 18th January, 2019.
Yes, some balance transfer credit cards offer longer 0% introductory rates, but 27 months is more than respectable. Better still, you don’t have to stump up an initial balance transfer fee.
The Santander Everyday Credit Card is all about the balance transfer. It offers few other perks or extra benefits, but keeps things simple training the spotlight on its star attraction, and there’s a lot to be said for that.
I’ve been a personal financial journalist for 30 years, writing for national newspapers, magazines and websites. I reported on the technology boom in the 1990s, and the subsequent bust. I covered the financial crisis, and the tentative recovery. Decades of writing about the big banks has taught me to be sceptical, to examine every pledge and promise, and look closely at the small print of their product offerings. I’m on the side of the consumer, alert to rip-offs while also keen to highlight top deals. There are plenty out there, if you know where to look.
I feel it is a bit harsh criticising the Santander Everyday Credit Card for what it doesn’t do, because no card can do everything. This one keeps things simple and in a complicated world you have to admire that. However, there’s always something to grumble about, so…
These are minor gripes. Santander Everyday is an excellent way to refinance existing credit card debt, especially if you think you can pay it off within the 27 months because if you can, then why pay a transfer fee at all? If tempted to use the card for purchases as well, remember you will start racking up interest at 18.9% after three months.
If you look at the best buy tables you will find 0% balance transfer cards running for six or seven months longer. However, do you really need almost three years to clear your balance? If you can pay it down in 27 months instead, then you can escape the transfer fee applied by most cards. Santander Everyday isn’t the only fee-free balance transfer card, but it is one of the best.
There’s another benefit. Some cards only allow interest-free balance transfers in the first 30 or 60 days. With Santander Everyday, there is no balance transfer fee during the 27-month introductory period.
Credit card companies are obliged to give their headline offer to at least 51% of all applicants, but the remainder may be given a less attractive deal, or be turned away altogether, depending on their credit record.
Applicants must be permanent UK residents aged 18 years or over, earning at least £7,500 before tax. They must also have a UK address and a three-year address history.
Santander will apply credit checks as part of its application process and you will need a good credit record and have not been declared bankrupt, had a CCJ or an IVA within the last six years. The credit check will also determine the size of your credit limit.
It’s worth assembling all the information you are likely to need before making your application, whether online or in person in a bank branch.
You will need to provide your name, address and personal details like gender, date of birth and nationality. Also, keep your passport or driving licence number handy to verify your identity, and a bank statement or utility bill as proof of address.
You must also confirm your employment status, and supply details of your yearly income and outgoings. Gather your bank account details as you will need to set up a direct debit to make your monthly payment.
If you want to bring your existing credit card debt under control, Santander Everyday is an excellent fee-free way of doing it. Especially if you think you can clear the full debt in the 27 month introductory period. If you don’t have any existing credit card debt, you can seek out a card offering other benefits. Maybe one with a lengthy 0% introductory APR on purchases, or generous cashback and reward points.
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