Santander offers first monthly cashback credit card

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Santander offers first monthly cashback credit card

Santander will launch a new credit card next month (September 5th) offering money back to its customers for every purchase.

The bank's new 123 Cashback Credit Card will be the first to give a percentage rate of return for purchases on a monthly basis, the financial company announced today (August 18th).

Buying at supermarkets, department stores and the petrol pumps (capped at £9 per month) will be rewarded at rates of one, two and three per cent cashback respectively.

Santander's card has an annual fee of £24 and rate of 18.9 per cent to ensure responsible borrowing and that customers use the card "for the right reasons", said Callum Gibson, managing director of Santander Cards.

He added: "We estimate that every year, on average a family will receive £176 cashback on their annual spend - a truly unique offering in today's cashback card market."

As A-Level results come out today, Santander has also reiterated its commitment to students through its Student Current Account product, which offers a £1,000 interest-free overdraft in its first year.

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