Our bottom line
Santander says the All In One card has everything you need. And it does tick a lot of boxes. Cardholders get a 26-month period with 0% interest on both balance transfers and 20 months with 0% interest on purchases. The card also has no balance transfer fee, and up to 56 days of interest-free credit on purchases, which makes the offer stand out even more. And the icing on top is 0.5% cashback on all purchases and no foreign transaction fee. The only catch is that the card carries a £3 monthly fee.
Credit Rating Requirement: Good/Excellent
What’s great about this card
Balance-transfer offer – This card has several competitive offers. But it is the balance transfer offer that Santander has added to this package that really stands out. Not only can you benefit from 26 months interest-free on balance transfers, but you also can avoid a balance transfer fee. Typically around 3%, this means you could save a decent amount of money if you are planning to make a transfer.
Purchases offer – With this card you don’t have to choose between interest-free balance transfers or purchases: you can benefit from both. At 20 months’ interest-free, the purchase offer gives you a long runway of just under two years to clear your balance before the card reverts to its standard rate.
Cashback offers – Who doesn’t want a little something for their spending? The All In One card offers 0.5% cashback on all purchases. And while this is not huge, it can build up over time. Plus, the added benefit of being part of the Santander family is that through its online and mobile banking services, you will also have access to its Retailer Offers, a free service available through online and mobile banking – this is up to 15% cashback at certain retailers! And if you are a new cardholder, you could benefit from 25% cashback through the scheme’s welcome offer.
No foreign transaction fee – You may be thinking what else do you need from a card? Well, what about no fees when you use your card for transactions abroad? The All In One card also has no foreign transaction fees, which means you don’t need to worry about additional charges when using your credit card on holiday.
Additional cardholders – One other little bonus about this card is that you can have up to three additional cardholders.
What’s not so great
Monthly fee – While you may get a lot with this card, it doesn’t come for free: it carries a £3 monthly fee. This means that you will be paying £36 a year for the card. If you are planning to make a balance transfer, though, this may be worth it for the lack of balance-transfer fees attached. However, if you are mainly using this card for purchases or cashback, you may find the advantage of these offers wiped out by the monthly fee requirement.
Cash transaction fee – Similarly, while you may be able to benefit from fee-free purchases abroad, you will still be charged a cash transaction fee if you withdraw money. This applies to ATM withdrawals in the UK also. And interest will be charged from day one with this type of transaction, so it’s best to avoid if possible.
How it compares
With no fee attached to the balance transfers, you are looking at a card that may really reduce the cost of your borrowing.
It’s also not just all about the interest-free offers with this card. There are also cashback opportunities and no foreign transaction fees, so it really may include everything you want from a credit card. The cashback offer isn’t particularly high, but it’s nice to earn something on your purchases. Meanwhile, the lack of foreign transaction fee could make a difference if you do plan to use your card abroad.
The monthly fee is the main drawback. You can’t always get something for nothing, and the trade-off for a wealth of offers on this card is that there is a monthly cost attached. At £3 a month, this is not huge. But you may want to think about how you would use the card and whether the offers available outweigh the monthly fee.
Are credit cards with fees worth it?
We all would like something for nothing, but that’s not always the way the world works. Credit cards that carry annual or monthly fees often have some of the most competitive offers available. Having a regular fee attached to a card could unlock greater cashback offers, longer interest-free periods or attractive reward schemes. But it does increase the cost of having that credit card.
Whether or not annual or monthly fees are worth it will depend on how you plan to use the card. If you are planning to take advantage of everything the card has to offer, from balance transfers to cashback, then it may well be the best option for you.
If you want to do your homework beforehand, look at what your cost of borrowing would be with the fee included. For example, if you are planning a big purchase, then look at how much you would save on interest through the card’s 0% purchases offer. And as the card has cashback as well, calculate how much extra you would earn through that. Then see if this offsets the annual cost of the fee.
Cards with annual fees definitely have their place in the market. However, there is a tipping point where how you use your credit card can justify the additional cost of a fee. Before you apply, consider doing some sums to see if the card suits your credit card habits, as you won’t want to commit to a regular cost if you don’t plan to use the benefits fully.
How do you apply?
Applications can only be made online and it should only take 10 minutes.
You will need to provide information about your income and outgoings, as well as your address history. As part of the application, you will be able to request one balance transfer. Further balance transfers can be made once your application has been successful and you have activated your card.
Who might this card be great for?
This card is great for those who want multiple functions from their credit card. If you are someone who is looking for both 0% on balance transfer and purchases, then you could save yourself some money with this card, as not only do you have a long runway to pay any outstanding balances, but you can also benefit from no balance-transfer fees.
The Santander All In One card is also suited to anyone who uses their credit card on holiday. The lack of foreign transaction fee makes this easy to do (plus then you have the added perk of cashback on all your purchases).
Finally, it is best suited to those who have a ‘good/excellent’ credit score. To achieve the headline rates on this card, you will need to have proved yourself to be a sensible borrower in the past. Santander also requires that you have an income of at least £7,500 a year.
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