Major bank launches new credit and debit card cashback deal & even existing customers can claim it
A MAJOR bank has launched a new credit and debit card cashback deal for thousands of customers.
Santander customers who opt in can earn up to £15 in free cashback between now and March 31.
While there are no strict eligibility requirements beyond having a current account or credit card with the bank, the offer is only available to those who have received an email about it.
So, make sure to check both your inbox and junk folder to confirm your invitation.
Additionally, there’s one small step you’ll need to complete to claim the reward.
To qualify for the £15, you must complete 15 or more eligible purchases within the promotional period.
Santander defines an ‘eligible purchase’ as transactions made for goods and services.
However, the bank has clarified that certain transactions are excluded.
This includes balance transfers, cash advances, travellers‘ cheques, foreign currency and money orders, interest, unauthorised or fraudulent transactions, account charges of any kind, advances used for lottery or gambling payments, or direct debits or standing orders.
Examples of eligible purchases could include buying a daily coffee, doing your weekly food shop, paying your mobile phone bill, or covering your gym membership.
That’s provided these transactions are paid using your Santander debit or credit card.
Any such transactions made between February 18 and March 31 will contribute towards your eligibility for the £15 cashback.
If you’ve met all the criteria and qualified for the offer, Santander said that it will issue the payment in April, May or June.
The £15 cashback will appear on your bank statement under the transaction description “PROMOTIONAL CASHBACK”.
What is cashback?
CASHBACK is a type of reward offered by banks, credit card providers, and retailers where customers receive a percentage of their spending back as cash.
Essentially, it’s a way to earn money while making purchases.
For example, if your card offers 1% cashback and you spend £100, you’ll earn £1 back.
Cashback can be credited to your account, deducted from your balance, or saved up for future use, depending on the provider’s terms.
It’s often offered on everyday purchases, such as groceries, fuel, or online shopping, and may be part of a promotional deal or an ongoing benefit of your account.
However, remember to check the terms and conditions, as some transactions may not qualify for cashback rewards.
By using cashback offers wisely, you can usually make your money go further on purchases you’d already be making.
What other card providers offer regular cashback?
Several major banks and lenders offer cashback through their current account or credit card products.
Use these cards wisely and you’ll end up making your money go further with every purchase.
These cards deduct a percentage of what you’ve spent from your balance – effectively giving you money back on your spending.
The Chase debit card is a standout option, offering 1% cashback on most spending (capped at £15 per month).
While there are some exclusions, it’s a straightforward deal, and you only need to pass an ID check to open a new account.
After the first year, you’ll need to pay in £1,500 each month to continue earning cashback.
If you’re considering a credit card, the American Express Cashback Everyday Credit Card is a great option for those expecting a high-spend period.
It offers an impressive 5% cashback on purchases for the first five months (up to £125).
After this introductory period, you can earn up to 1% cashback, but you’ll need to spend over £3,000 annually to qualify for ongoing rewards.
For those who might not meet the £3,000 annual spending threshold, the American Express Cashback Credit Card is another strong choice.
It also offers 5% cashback for the first three months (up to £125), followed by 0.75% cashback on spending up to £10,000 per year and 1.25% above that.
However, this card does come with a £25 annual fee.
If you frequently shop online the Amazon Barclaycard is great for its regular customers.
It offers 1% cashback on Amazon purchases (boosted to 2% during Prime Days and Black Friday) and 0.25% cashback elsewhere (0.5% in the first year).
It also provides an Amazon voucher upon acceptance, usually worth £20.
Lastly, the Santander Edge Credit Card offers 1% cashback on everyday spending (boosted to 2% in the first year, capped at £15 per month).
It has a £3 monthly fee and is only available to Santander current account holders.
Think before you borrow
BORROWING sounds like a simple way to help pay bills – but beware falling into debt you cannot pay back.
It’s always vital to ask yourself if you actually need to borrow before committing to a new credit card, personal loan or overdraft.
If you cannot afford to pay off debt you already have, you should avoid at all costs taking on any more.