Santander launches new cashback credit card
Spanish firm releases the 123 Cashback Credit Card
Spanish bank Santander has launched a new cashback credit card which will offer users rewards on a monthly basis.
The 123 Cashback Credit Card, available from today (September 5th) to all new and existing Santander customers, is the first card to offer cashback on such a regular basis.
Users will earn one per cent cashback on supermarket spending, two per cent on department store spending and three per cent on fuel spending.
The new cashback credit card has an annual fee of £24 and features a variable purchase borrowing rate of 18.9 per cent.
Callum Gibson, managing director of Santander Cards, claimed that the annual fee will ensure customers are using the card for long term rewards and not short term benefits.
He said: "The new 123 card will help consumers with their everyday spending, by rewarding them with monthly cashback on any spend they make in supermarkets, department stores and at petrol stations.
"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."
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