Santander confirms 25 per cent fees increase for | U.Okay.Finance News
Santander is growing the fees that apply to at least one of its accounts. New fees that apply to the Santander Edge credit card will imply an increase within the fees from £3 a month to £4 a month.The group has additionally made the cashback offer much less beneficiant, with 1 p.c cashback for the primary 12 months, up to £10 a month on all purchases, scrapping the two p.c for the primary 12 months and 1 p.c on all purchases after, up to a restrict of £15 a month.Fortunately, present account holders don’t need to fret concerning the new guidelines, as they may solely apply to new prospects.Existing prospects may also proceed to benefit from no overseas exchange fees when making purchases abroad, and entry to Santander (*25*).Santander has opened up the eligibility for the Santander Edge credit card, so that you no longer need to have a Santander present account to get one.A spokesperson mentioned: “We regularly review our product offering to reflect wider market conditions, and as part of our refresh of our Santander Edge credit card, we will be giving all eligible customers the opportunity to earn up to £120 cashback per year, without having to be an existing Santander current account holder.”There is no change for present Santander Edge credit card prospects, who will proceed to obtain 2% cashback on all purchases for the primary 12 months and 1% cashback on all purchases after the primary 12 months, for a £3 month-to-month payment.”You can apply for a Santander Edge credit card online, through the Santander mobile app or in branch. To qualify, you have to be aged 18 or over, have an income above £10,500 a year and be a permanent UK resident.Gerry Davies, director of Payments and Cards at Santander UK, said: “We’re making it even simpler for people to get rewarded for their on a regular basis spending whereas benefitting from the improved security and control that a credit card affords.”Whether you’re jetting off on your holidays and want a fee-free way to spend while you’re abroad or looking to make your money go even further to cover those last-minute summer purchases – pay smarter with the Edge credit card and make your money work harder for you.”You can have up to a few further cardholders in your credit card, which have to be close members of the family who reside on the similar handle as you.If you make any money withdrawals, there will likely be a money transaction payment of 3 p.c, which will likely be a minimal of £3. You will likely be charged 29.9 p.c curiosity on the money you’re taking out from the day it’s withdrawn.Another bank was just lately requested about its fees. A Lloyds Bank buyer requested the group concerning the fees that apply when making transactions overseas.Lloyds despatched the client a hyperlink to their web site with details about its fees and confirmed: “You’ll be charged 2.95 percent of the pound sterling amount listed on your statement.”The steering on the group’s web site explains: “You’ll usually have to pay fees if you use your credit card abroad. Take a little time to check the fees which apply to your credit card account, just so you know what to expect. Also check your card’s expiry dates before you travel.”
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