Which? uses cookies to improve our sites and by continuing you agree to our cookies policy

Santander 123 credit card pulled from market

Cashback credit card replaced with two new deals

Several providers have withdrawn or reduced cashback credit card deals this year 

Santander has pulled its popular 123 credit card from sale. 

The Spanish bank has become the latest credit card provider to scrap a reward scheme by closing its 123 card to new customers. 

Existing cardholders won’t be affected, and can continue to earn cashback of up to 3%.

The bank has launched two new credit cards – the ‘All in One’ card and the ‘Zero’ credit card.

Here, we examine how these cards measure up to the rest of the market.  

Which? Money Compare table – credit cards – hundreds of deals compared

How do the new Santander credit cards compare?

All in One Credit Card

This credit card offers a 40-month 0% balance transfer deal, which is one of the longest in the Which? Money Compare tables. The balance-transfer fee is 1%, which is extremely competitive for such a lengthy deal.  

The card also offers a six-month 0% deal on purchases, 0.5% cashback on all spending and will charge no loading fees on overseas spending. The APR is 21.9%. 

Zero Credit Card

The Zero card is a good choice if you’re keen to use a credit card abroad, as it charges no fees on purchases or cash withdrawals made overseas. There’s no monthly fee. Its APR is 18.9%. 

Everyday Credit Card

This is a rebrand of the ‘Santander Credit Card’. It offers 0% interest on balance transfers and purchases for 15 months with no balance-transfer fee and no monthly fee. Its APR is 18.9%.

The longest fee-free 0% balance transfer deal in the Which? Money Compare tables is Halifax’s 23-month deal. The longest 0% period on purchases in our tables is 28 months, offered by Tesco Bank.

Which? Money Compare table – 0% balance transfer and purchases credit cards – find a great deal  

Best cashback credit cards

Capital One, Royal Bank of Scotland and Tesco Bank are among the providers to have withdrawn or weakened cashback credit card deals in the past year. This follows the introduction of regulations in December 2015 that have reduced card companies’ revenue by capping the fees they can charge retailers for processing transactions. 

The Santander 123 credit card offered between 1% and 3% cashback on certain purchases, but there are still some generous cashback deals available.

The American Express Platinum Cashback credit card pays 5% cashback on up to £2,500 of purchases in the first three months and an ongoing 1.25% cashback on virtually all purchases thereafter, provided you spend over £10,001 in a year. The APR is 28.2% and an annual fee of £25 applies. 

The American Express Platinum Cashback Everyday card offers 5% cashback on up to £2,000 of spending in the first three months and an ongoing 1% cashback thereafter, provided you spend over £5,001 in a year. Its APR is 22.9% and there’s no annual fee. 

Which? Money Compare table – cash back credit cards – our tables are updated daily 

More on this…

Which? Limited is an Introducer Appointed Representative of Which? Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited.

Back to top