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With the Santander Everyday Long Term Balance Transfer Credit Card, you get one of the longest 0% periods on balance transfers in the market (31 months). That’s plenty of time to pay down your balance without having to worry about interest. Note, however, that you’ll have to pay a balance transfer fee of 2.75% (minimum £5). When you sign up for the card, you also get a 3-month interest free period on purchases. If that isn’t enough to entice you, the card also grants you access to Santander’s free cashback programme, Retailer Offers, which gives you a chance to earn 15% cashback when you shop at select retailers.
Credit Rating Requirement: Good/Excellent
What I like about the Santander Everyday Long Term Balance Transfer Credit Card
There’s plenty to like about this credit card, but its long interest-free balance transfer period is undoubtedly the standout feature.
- 31-month 0% period on balance transfers. You won’t get a longer interest-free period to pay off your debt than with the Santander Everyday Long Term Balance Transfer Credit Card. 31 months is unquestionably one of the longest interest-free periods in the market. That is essentially a two-and-a-half-year break from paying interest to concentrate solely on debt repayment. This, to me, is simply an unbeatable offer.
- 3-month 0% introductory period on purchases. When you take out the Santander Everyday Long Term Balance Transfer Credit Card, any purchases you make for the first 3 months will attract 0% interest. This 0% offer could prove to be useful if you anticipate making a big purchase in the short term. It will allow you to spread out your payments without incurring interest.
Be wary of spending outside this introductory period, however, as any purchases will accrue interest at the less enticing rate of 20.9%. In any case, with this card, it’s best to avoid additional spending and instead make paying off your existing debt the priority.
- Cashback: The Santander Everyday Long Term Balance Transfer Credit Card has a cashback programme, known as Retailer Offers, which gives users a chance to get up to 15% cashback at several major retailers, including Costa Coffee, Morrisons and Just Eat when they pay with the card. Users have to activate this free programme through Santander’s Online and Mobile Banking. On activating this benefit, you can actually choose the specific offers you are interested in.
- Additional cardholders: Another notable perk of the Santander Everyday Long Term Balance Transfer Credit Card is that you can have up to 3 additional cardholders. However, keep in mind that regardless of which card is used, you, as the main account holder, will be responsible for all spending on the account and for making payments. Individuals whose only relationship with Santander is as an additional card holder will be ineligible for Retailer Offers.
- No monthly or annual fee: The Santander Everyday Long Term Balance Transfer Credit Card does not charge a monthly or annual fee, which reduces the overall cost of debt repayment.
What could be improved?
There is not much to criticise about this card. But as with any other card, it’s not perfect and there is definitely some room for improvement.
- Balance transfer fee: Though you don’t pay interest for 31 months, there is a 2.75% balance transfer fee. If you are making a relatively big transfer, this can reduce your total savings on interest by a significant margin. It’s possible to get other cards that do not charge a balance transfer fee and that also come with a fairly decent interest-free period on transfers, such as the Santander Everyday No Balance Transfer Fee Credit Card. Understandably, it might not be as long as 31 months.
- Minimum annual income requirement: To qualify for the card, you need a minimum guaranteed annual income of £7,500 or more before tax. This might lock out a good number of people who do not make that much.
How does the offer stack up?
The long 0% period makes the Santander Everyday Long Term Balance Transfer Credit Card one of the best cards on the market for paying off big debts. There aren’t many other cards out there offering such a long grace period while also giving you other perks like ongoing cashback and a 3-month 0% introductory period on purchases. I think this is a fairly decent exchange for the 2.75% balance transfer fee that some might frown upon. Overall, it’s a competitive option that is worth considering.
To be eligible for the card, you must be a permanent UK resident aged 18 years or over. You also need to have a good credit record and you must not have been declared bankrupt, had a CCJ or an IVA within the last 6 years.
How do you apply?
Applications for the Santander Everyday Long Term Balance Transfer Credit Card can be made online or at your local Santander branch.
You will need to provide details such as your name, gender, address, date of birth and income. To expedite the application process, make sure you have this information on hand, as well as supporting documents such as your passport or driving licence number to confirm identity, a bank statement or utility bill to confirm your address, and past payslips to confirm your income.
Is the Santander Everyday Long Term Balance Transfer Credit Card a good choice for you?
If you have considerable credit card debt that’s costing you a fortune in interest payments, the Santander Everyday Long Term Balance Transfer Credit Card offers a competitive solution. For most people, the card’s 31-month interest-free period should be long enough to clear debt or at least pay off a significant portion of it. Debt repayment should indeed be your priority with this card.
But if you are planning to also spend a bit on your plastic and are therefore looking for a longer 0% introductory period on purchases, there are other options available, though the trade-off will likely be a shorter 0% period on balance transfers.
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