Credit Cards
Credit Cards
Credit Cards
• interest;
• payment protection premiums;
• fees added to your Account , other than those set out below;
• fees payable under clause 6.2 on Balance Transfers, Cash
Transactions, Credit Card Cheques and Transactions in a
foreign currency;
• Balance Transfers;
• Purchases ;
• payments by Credit Card Cheque ;
• Cash Transactions.
Where more than one rate applies to any of the above categories of
Transaction, the Transaction with the lowest interest rate will be paid
off before your other Transactions in the same category.
Credit Limit
1. Balance transfers
A balance transfer is when you transfer an outstanding balance from your other credit
or store cards to your Santander Credit Card.
What are the benefits of transferring your current credit or store card balance?
Cost savings: You could save on interest payments by consolidating your credit and
store card balances into one.
Easier management: Consolidating all your cards into one may make managing your
interest payments and cash flow easier.
We’ll do everything for you: When you transfer your current balance to us we’ll
take care of the entire process.
Do I have to close my other store or credit cards after the balance transfer is
made?
It’s your choice. If you decide to close your other cards, you’ll need to arrange this
directly with the issuer.
2. Card security
Enjoy complete confidence when you make purchases, knowing that your new
Santander Credit Card comes with:
• The latest chip and PIN technology to help protect you from someone trying
to use your Card
• Protection against internet fraud if your Card is used online without your
knowledge
• Protection against unauthorised use so you won’t be held financially
responsible if your Card is used without your (or your additional cardholder’s)
knowledge
Each month you need to make the minimum monthly repayment by the due date
shown on your Credit Card statement. Repayment is not required if your balance is
zero or your account is in credit.
Your purchases won’t incur any interest so long as you pay your balance in full by the
due date each month.
Credit Cards Glossary
Term Description
A APR (Annual The APR is the amount of interest you’ll be expected to pay if
Percentage Rate) you borrow using your credit card.
Additional Card A card we issue to an additional person nominated by you.
B Balance Transfer This is a payment you ask us to make from your Santander
Credit Card account to repay or reduce an amount you owe to
another credit or store card provider
Balance Transfer
This is a charge for the balance transfer service.
Fee
C
Credit Limit Your credit limit is the most you are allowed to borrow on
your account.
Credit Reference Credit reference agencies supply information about people to
Agency financial institutions to help them make lending decisions.
They also confirm people’s addresses and help guard against
fraud.
I Interest Free If you don’t have an outstanding balance on your credit card,
Period the interest free period is the maximum time you have to pay
new balances before interest charges apply.
M Minimum This is the minimum amount you need to repay each month by
Repayment a certain date. It’s usually based on a given percentage of the
total balance.
O Outstanding Your outstanding balance is what remains on your account at
Balance any time, unless you’ve cleared the balance and made no
further transactions.
P PIN The Personal Identification Number is a private number you'll
need in order to use your card in cash machines and shops
S Statement This is a monthly bill from Santander Cards Limited which
summarises your account, including the outstanding balance,
new purchases, payments, credits, interest charges, other
finance charges and other transactions for the month.
Statement Date The date your statement is produced.
V Variable Rate An interest rate which may change from time to time.
Credit cards allow you to 'buy goods now and pay later' - called 'buying on credit'.
They aren't linked to your bank account. Like debit cards, they can be used to buy
goods in shops over the telephone and internet, with the same details being
required. You can also get a 'cash advance' by drawing money at bank cash machines.
Your bank may offer you a credit card, or you can apply for one to any institution
offering one. The credit card provider will normally run checks to see if you've had
problems repaying debts before offering you one (called a 'credit check').
Think carefully before using a credit card. If you don't repay your bill in full by the
date shown you're charged interest on the whole amount of the bill for that month.
The rates of interest - indicated by the APR (annual percentage rate) - can be very
high indeed.
If you take cash out with a credit card you're charged daily interest from the moment
you take out the cash until the credit card bill is paid in full. This is an expensive way
of borrowing money.
Some credit cards also charge you an annual fee simply for having the card.
If you can't afford to repay your credit card bill you could quickly fall into debt. Find
out more about what to look out for with credit cards in our related article below.