Credit Cards

Credit Cards The Santander Zero Credit Card Features:

Summary:

APR:

Typical 18.9% APR (variable)

Other interest rates:

Introductory/Promotional rate

Monthly rate Annual rate

Purchases:

0% for 3 months

1.435%

18.9%

Balance Transfers:

0% for 12 months from date of account opening

1.435%

18.9%

Cash Transactions:

N/A

2.045%

27.9%

Interest free period:

•

Maximum of 56 days for Purchases if you pay your balance in full and on time.

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There is no interest free period on Cash Transactions, Balance Transfers and Cheques.

If you pay the balance in full, any interest charge for the period from the previous statement to the date of the full repayment will be debited the following month. Interest charging information:

* Interest is calculated daily.

Purchases: From Transaction Date Until Repaid in full* Cash Advances: From Transaction Date Until Repaid in full* Balance Transfers: From Date debited to your account Until Repaid in full* Allocation of payments:

If you do not pay the full amount owed on the Account in any month, we will apply your part payment in the following order: • • • •

• • • •

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. For full information on allocation of payments see section 5.6 of the Credit Card Agreement. Each month you must pay at least the minimum payment set out in your statement. The minimum payment will be the greater of: Minimum payment:

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2.25% of the balance shown in your statement (minimum £5, or the full balance if less than £5); or

•

the total of payment protection premiums plus interest and fees charged on the statement, plus £5.

Minimum Credit Limit: £250 Credit Limit Maximum Credit Limit: Subject to status Annual fee:

No annual fee. Charges apply as follows:

Charges:

Default charges:

• • • • • •

3% on Balance Transfers (minimum £5). 0% on Cash Transactions (minimum £0). 0% on Credit Card Cheques (minimum £0). 0% of the amount of any Transaction in a foreign currency £5 for each copy of a statement £5 for each copy voucher

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£10 dormancy fee

• • • •

£12 for going over your credit limit. £12 if your payment is late £12 if your payment is returned. £25 if you do not inform us of a change of your details and we have to trace you.

You can avoid paying additional charges by staying within your credit limit and ensuring that payments are received on time.

Credit Cards Explained

A quick guide to your credit card 1. Balance transfers What is a balance transfer? 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

3. Credit card repayments 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

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Term APR (Annual Percentage Rate) Additional Card Balance Transfer

Description The APR is the amount of interest you’ll be expected to pay if you borrow using your credit card. A card we issue to an additional person nominated by you. 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

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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. 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. 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. 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. PIN The Personal Identification Number is a private number you'll need in order to use your card in cash machines and shops 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. Variable Rate An interest rate which may change from time to time.

How credit cards work A credit card is a form of borrowing. Firms lending money to customers must be licensed by the Office of Fair Trading (OFT) under The Consumer Credit Act 1974.

The Act requires certain credit and hire agreements to be set out in a particular way and to contain relevant information for the person borrowing. 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').

The risks of using a credit card 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.