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Santander Credit Cards & Rewards Program [2023]

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What Is Santander Bank?

Santander ® ultimate cash back ® credit card, how to redeem santander cash rewards, final thoughts.

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Santander Bank, also known as Banco Santander (and formerly known as Sovereign Bank), is a Boston-based company boasting an array of financial services and products, including retail operations, mortgages, corporate banking, insurance, wealth management, capital markets, and more.

Although Santander Group’s presence pervades Europe, South America, and even parts of Asia, its footprint in the U.S. is small, considering the fact that it’s the fourth-largest bank in Europe.

In this guide, we’ll look at Santander’s credit card rewards program in the U.S., including which credit card earns points and how to redeem them.

As we mentioned earlier, Santander Bank is a full-service financial institution. Currently, it serves key markets in the eastern U.S.:

• Connecticut
• Massachusetts
• New Hampshire
• Pennsylvania
• Rhode Island

That’s not to say that it necessarily has hundreds of branches in all of these states — rather, you might find just 1 branch in some states. For example, the sole Florida location is in Miami’s Brickell district.

To apply for a Santander credit card, you must reside in one of these states :

• District of Columbia

You can only apply if the state and ZIP code you reside in is deemed eligible by Santander.

Santander Cash Rewards Credit Card

Santander doesn’t have a points rewards system like American Express , Chase , Citi , and Capital One do. Instead, its credit card offering focuses on cash-back rewards.

As long as your account is open and in good standing, your rewards will not expire. If your account is closed voluntarily or terminated, you’ll have 180 days to redeem your rewards before they are forfeited.

Your rewards aren’t capped, and Santander has chosen to use Mastercard as its payment network.

In a decidedly unexciting strategy, the only Santander credit card available for new applicants is the Santander Ultimate Cash Back card, which offers a few neat benefits.

As a welcome bonus, you’ll earn 3% cash-back for the first 12 months on qualified purchases, up to $20,000. Qualified purchases exclude balance transfers, cash advances , and any cash equivalents from earning rewards.

Once you’ve hit the $20,000 threshold, you’ll follow the perpetual earning structure, which is 1.5% cash-back with no limits.

In addition, there’s a great 0% introductory APR offer provided to new cardmembers for both purchases and balance transfers!

Other benefits include Santander Instant Card Hold, which allows you to freeze your card immediately if it’s lost or stolen. You’ll also get access to other digital controls, alerts, and more with Santander PRO TECH TION.

The focus of this credit card is as few fees as possible. That means that there’s no returned payment fee, annual fee, foreign transaction fee, or even a cash advance fee.

Remember, there are still late payment fees, and there will still be an APR assessed to cash advances, as well as balance transfer and purchases after the introductory period.

Bottom Line: With this card, you will get a 3% cash-back welcome bonus on the first 12 months of purchases (up to $20,000), an uncapped 1.5% cash-back, and perhaps even a 0% introductory APR benefit. Overall, the Santander Ultimate Cash Back card lags behind the competition, especially since numerous credit cards offer better value . 

There are 2 main ways to manage your rewards:

• Via the Santander Mobile Banking app
• Via the Santander Online Banking website
• Call customer service at 877-768-2265

You can use your rewards for statement credits, e-certificates, merchandise, and gift cards. However, you can’t redeem your rewards for travel, electronic deposit, or a check.

So, the best thing to do is to use statement credits to erase the purchases you make. The good news is that there are no minimums to redeem your rewards!

With just 1 credit card available, Santander doesn’t exactly offer the best variety of cards or a worthwhile rewards program to entice consumers.

If you happen to bank at Santander and want a cash-back credit card that avoids fees and doesn’t offer travel benefits or rewards, this card might work for you.

However, for 99% of us looking to maximize our spending, we’ll be passing on this credit card.

The information regarding the Santander ® Ultimate Cash Back ® Credit Card, Bravo ® Credit Card, and Sphere ® Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.

Frequently Asked Questions

Is santander a good credit card.

Santander offers 1 credit card, known as the Santander Ultimate Cash Back card. While this card doesn’t charge lots of fees for usage, the reality is you can get a much better rewards structure elsewhere, even if you strictly want cash-back rewards.

Does Santander Bank offer credit cards?

Yes. Santander Bank currently only offers the Santander Ultimate Cash Back card, but it has, in the past, offered the Bravo® Credit Card and the Sphere® Credit Card.

Is a Santander credit card a Mastercard?

Yes, the Santander Ultimate Cash Back card is a Mastercard. The bank previously offered 2 other cards that were Mastercards, as well.

What credit score do you need for the Santander credit card?

In general, Santander Bank requires excellent credit to be approved for a credit card. Typically, this means a credit score of at least 750 to qualify, but it’s possible to get approved with a slightly lower credit score. Also, just because you have a score higher than 750 doesn’t mean you will automatically get approved.

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The Ultimate Cash Back card from Santander Bank review

Written by: Robin Ratcliff

• Balance Transfer

In a Nutshell:

The introductory period for balance transfers on the Santander Ultimate Cash Back Mastercard is short, though you can save money on your transfer thanks to the card’s lack of a balance transfer fee.

Other Notable Features:  No foreign transaction fee, no cash advance fee, no balance transfer fee, no fee for returned checks, car rental insurance, extended warranty, purchase protection, price protection, roadside assistance, travel assistance, $0 liability

With a run-of-the-mill earning scheme and sign-up bonus, plus limited redemption options, the rewards program on the Santander Ultimate Cash Back Mastercard is far from impressive.

The no annual fee Ultimate Cash Back card from Santander bank is a recent entry to the cash back card category and – for anyone who has been paying attention lately to cash back cards – it comes with familiar-looking terms: It offers 1.5 percent unlimited cash back on all purchases.

The market is already teeming with 1.5 percent flat-rate cards, and the Santander card does little to distinguish itself from the rabble. It does include the unique proposition of not charging fees for many transactions, such as cash advances and balance transfers, though cash advances and balance transfers are probably of little interest to cardholders who primarily want a card to earn cash back rewards.

It’s also notable that Santander Bank is a new face in the cash back card category. The bank, which is based out of Madrid and includes a corporate branch in Boston, primarily targets customers in the northeastern part of the U.S., including Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware.

Average rewards rate

Santander touts the Ultimate Cash Back card as “the most straightforward card on the market,” and for customers interested in ease-of-use, it certainly offers that: The card gives you 1.5 percent cash back on every purchase, with no bonus categories to enroll in or keep track of.

If you prefer to invest minimal effort into your credit card use, a 1.5 percent cash back is a pretty decent return, though you can do better. For instance, the Citi Double Cash® Card offers up to 2 percent cash back on all your purchases – 1 percent as you buy and another 1 percent as you pay for your purchases.

Average sign-up bonus

The Ultimate Cash Back card also offers a $100 sign-up bonus to new cardholders who spend at least $500 on the card within 90 days of activating the card. Again, this is par for the course. Many 1.5 percent cash back cards come with a $100 sign-up bonus, and some cards offer even better rewards.

Flexible redemption options

The Ultimate Cash Back card is very flexible when it comes to redeeming your rewards. Your rewards don’t expire, and you can redeem any amount at any time. Plus, the card comes with a fair array of redemption options: Not only can you redeem your rewards for cash back, but you also have the option to redeem them for gift cards and merchandise. Unfortunately, there is no way to get cash back except as a credit to your card statement, so you can’t put the rewards toward savings. Also, there are no travel rewards options on the Ultimate Cash Back card.

One plus is that you can transfer your rewards to other Santander bank cards, including the Sphere and Bravo cards, at a 1:1 rate. If you already have a Sphere card (which only offers 1 point per dollar of spending) or a Bravo card (which only offers a bonus on supermarket, gas and restaurant purchases) and are trying to build up more points on these cards, you can use the Ultimate Cash Back card to accumulate rewards at a higher rate on your general spending, and then transfer them.

No fees for many transactions

As mentioned above, the Ultimate Cash Back card offers no fees on many types of transactions, including foreign transactions, balance transfers, cash advances and returned payments.

The lack of a foreign transaction fee is a very valuable feature. If you use the card while traveling abroad, you don’t have to worry about incurring a 2 to 3 percent fee on each of your transactions.

The lack of a fee on cash advances and returned payments is more questionable in value. For consumers who manage credit responsibly, these types of transactions are probably rare. In general, we only recommend cash advances in emergencies, because, unlike regular charges, cash advances don’t have a grace period. This means that, even without the cash advance fee, you will end up owing money on the transaction, since you start incurring interest on the amount the moment it is posted to your account.

The lack of a balance transfer fee is also questionable in value. If you are planning to collect cash back rewards, we generally don’t recommend carrying a balance on a card. And, if your intention is to transfer and pay off a balance, you can find many cards, such as the Chase Slate card, that offer a 0 percent introductory APR on balance transfers, with no fee for transferring the balance and a longer period to pay it off. The Santander card, in contrast, offers a 3 percent introductory APR for 12 billing cycles for balance transfers made within 90 days of opening your account.

The usual Mastercard benefits

The Ultimate Cash Back card comes with the usual array of Mastercard purchase and travel protections, including car rental insurance, extended warranty, purchase protection and price protection.

Why get the Ultimate Cash Back card?

• You want to put all your spending on one card that is easy to manage.
• You already have a relationship with Santander bank.
• You want to collect a large sign-up bonus from a card that you haven’t previously signed up for.

How to use the Ultimate Cash Back card:

• Use this card to earn a high cash back rate on all your everyday spending.
• Spend at least $500 in the first 90 days to earn the card’s sign-up bonus.
• Be sure to log in to your account on a regular basis to redeem your rewards for statement credits.

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Resource topics   >   Credit Cards   >   How to Take Advantage of a Cash Back Credit Card

How to Take Advantage of a Cash Back Credit Card

A credit card doesn’t only give you the opportunity to build credit while making everyday purchases—it can offer cash back rewards, travel benefits, points, and even gas advantages. These features are a great way to earn money or receive discounts whenever you spend money. Let’s dive into some cash back advantages, which offer simplicity and flexibility. Perks of a cash back credit card:

• Earn money every time you make purchases
• Simple statement cash back credit
• No worries about timing for points redemption

How do cash back rewards work?

It’s simple. Cash back credit cards have a set percentage (typically 1- 2%) that gets paid back when you make purchases. The cash is usually deposited into your checking account or received as a statement credit. With the Santander® Ultimate Cash Back® credit card, there’s a promotional rate of 3% cash back for the first 12 months.* That means if you spend $500 on groceries per month, you’ll earn $15 each month, which adds up to $180 of cash back by the end of the first year. It’s a smart way to earn money on everyday purchases. More easy ways to earn cash back:

• Add your cash back credit card to your digital wallet , so you can conveniently access your card from your phone at any time for online purchases and in-store purchases.
• Set up recurring payments so that you can automatically pay bills and earn cash back without an effort.
• Use your card to pay for everyday essentials to earn cash back on your daily spending.

Where can you get cash back?

For the Santander® Ultimate Cash Back® credit card you get a higher reward rate for up to $20,000 for the first 12 months. This is an opportunity to earn more for big ticket items, like renovations, if you’re planning on redoing your home. After one year or when up to $20,000 in purchases have been made, all other purchases will have 1.5% cash back. Keep in mind that qualified purchases fall into certain categories—balance transfers and cash advance transactions do not earn cash back. Any purchase with the Santander® Ultimate Cash Back® credit card earns cash back, so your everyday shopping could earn you cash back. Some examples of purchase categories include:

• Restaurants
• Gas stations
• Grocery stores
• Select travel and transit services
• Select streaming services
• Drug stores
• Home improvement stores
• Fitness clubs
• Live entertainment

What to know about transferring credit card balances

If you have a balance with another credit card and are looking for some relief from your credit card payment, transferring your balance to another credit card with a 0% introductory Annual Percentage Rate (APR) on balance transfers can help temporarily. It gives you time to plan your finances and pay it off without the recurring interest. This is how the Santander® Ultimate Cash Back® credit card handles transferred balances:

Santander® Ultimate Cash Back® Card

• 0% introductory APR for 12 billing cycles on balance transfers made within 90 days of account opening.
• The Balance Transfer fee is the greater of 3% of the amount transferred or $10.*
• After 12 months your variable APR on purchases and balance transfers will be 20.01%-29.14.*
• 0% introductory APR for 12 billing cycles on purchases.*

This means that your transferred balance from other credit cards within first 90 days of account opening or new purchases made within one year of account opening will not incur interest charges in the first 12 months if you make at least the minimum due payment during this period, making it easier to manage debt. Additionally, the Santander® Ultimate Cash Back® credit card has:

• No annual fees* so you don’t have to worry about annual payments.
• No foreign transaction fees* so that you can use your card internationally.
• No returned payment fees* if you forget to add funds to your account and your payment bounces.
• No cash advance fees* in case you need cash on hand.

If you’re interested in these features and the advantages that cash back has to offer, we invite you to learn more about the Santander® Ultimate Cash Back® credit card .

*0% introductory Annual Percentage Rate (APR) for 12 billing cycles on Balance Transfers made within 90 days of opening your account and 0% Introductory APR for 12 billing cycles on Purchases. After the introductory period, a variable APR for Balance Transfers and Purchases from 20.01% to 29.14% based on the Prime Rate and your creditworthiness. Cash advance APR of 30.66%. Rates effective as of 08/01/2023. Rates are subject to change and may vary based on the Prime Rate in effect on the date of application. The Balance Transfer fee is the greater of 3% of the amount transferred or $10. There is no grace period on Balance Transfers because interest accrues from the date of the transaction. This means that, unless your Purchase APR is at an introductory or promotional 0% APR, you will pay interest on new Purchases from the date made if you do not pay all balances, including the promotional Balance Transfer, in full by the payment due date appearing on your statement. Balance Transfers may not be used to pay off or pay down any account issued by Santander Bank, N.A. Balance Transfers must be payable to another institution’s credit card balances that accept our electronic payments. Loss of any introductory or promotional rate, if any, may apply indefinitely to your account if you miss or make a late payment or otherwise default. There are no Annual, Cash Advance, Foreign Transaction, or Returned Payment fees. Finance charges still apply. Each time we do not receive the Minimum Payment Due in full by the Payment Due Date, we will charge you a Late Fee of $25 for the first late fee in a 6-month period and a $35 fee for each late payment until there are 6 consecutive months with no late payments. However, we will never charge a Late Payment Fee exceeding the Minimum Payment Due that is late. For the first 12 months after account opening, you earn 3% cash back on new net retail purchases (qualifying purchases less credits, returns, and adjustments) until you have spent $20,000 USD or equivalent. Otherwise, you earn 1.5% cash back on new net retail purchases. Cash back can be redeemed for statement credit, gift cards, electronic certificates, or merchandise. Cash back cannot be earned on balance transfers, cash advances, purchases of money orders and other cash equivalents, purchases made by or for a business purpose, fees, interest charges, unauthorized / fraudulent transactions, and certain other charges. Cash back balance does not expire for accounts in good standing. Other terms and conditions apply. Credit card accounts are subject to approval.

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Santander Ultimate Cash Back Mastercard 2024 Review

Cash back rewards credit cards are designed to put money back in your pocket when you make qualifying purchases.

The Santander Ultimate Cash Back Mastercard credit card is geared towards spenders who want to earn unlimited cash back, without being loaded down with fees.

This card offers unlimited 1.5% cash back on net retail purchases, with no rotating categories or rewards earning limits. To sweeten the deal, the card keeps the fees to a minimum.

It is ideal for someone who doesn't want to deal with complex rewards programs. Plus, it has an extremely fee-friendly policy.

If you're interested in a new cash back rewards credit card, learn whether the Santander Ultimate Cash Back Mastercard is a good fit.

Santander Ultimate Cash Back Mastercard Pros & Cons

• Good card for people who want to earn unlimited cash back, with minimal fees
• No rotating categories or rewards earning limits
• No annual fee, balance transfer fees, or foreign transaction fees
• No cash advance fee
• Penalty APR if you carry a balance month-to-month
• Not the best card if you want premium travel perks

Easy-to-Understand Cash Back Rewards

Some cash back rewards cards make earning cash back complicated.

For example, certain cards tier rewards so that you earn a higher cash back rate for some purchases than others. Other cards offer a generous amount of cash back but limit how much you can earn.

Same cash back rate on all spending

The Santander Ultimate Cash Back Mastercard credit card does neither of those things.

With this card, you always earn the same 1.5% unlimited cash back on purchases. That's something you might appreciate if you're an everyday spender.

For example, you'll earn 1.5% cash back on things like grocery store purchases, gas, dining out, entertainment, travel, and shopping.

No bonus categories and no limits on rewards mean you can earn a little cash back or a lot, depending on how you spend.

If you're looking for a one-size-fits-all cash back solution, this card delivers.

Get a Cash Back Bonus When You Open a New Account

Some cash back credit cards offer an introductory bonus as an incentive to use your card.

The Santander Ultimate Cash Back credit card does offer a bonus with this card (although it could change at any time).

With this card, you have a chance to receive a cash back bonus via statement credit . To qualify, you just have to meet a minimum spending requirement for new purchases.

Compared to other rewards cards, the minimum spending limit isn't extremely high.

With this card, you could reach the limit relatively quickly if you're using the card routinely.

Two trips to the grocery store a month, for example, could put you where you need to be to qualify for the introductory cash back bonus.

Save Money on Fees With the Santander Ultimate Cash Back Mastercard

Credit cards are convenient and earning cash back rewards is great, since it's like getting a discount on what you buy. The problem is that with some cards, fees take a big bite out of the rewards you're earning.

Santander aims to keep things as simple as possible where the fees are concerned. With the Santander Ultimate Cash Back Mastercard you pay no:

• Annual fees
• Balance transfer fees
• Foreign transaction fees
• Cash advance fees
• Returned payment fees

Balance transfer fees, for example, typically run around 3% of the balance you're transferring. If you want to transfer $5,000 to your card, the fee alone would cost you $150.

Foreign transaction fees are also usually 2% to 3%. This fee kicks in when you use your card to make purchases outside of the country.

That means every $1,000 you spend costs you another $20 to $30 in fees. That can add up fairly quickly if you take regular trips abroad.

With the Santander Ultimate Cash Back Mastercard, you don't have to worry about those extra costs.

The lack of a cash advance fee is another plus, if a cash advance is something you're interested in. When you take a cash advance, you're essentially drawing cash from your credit line.

Unlike a purchase, cash advances don't earn cash back, and they tend to come with a higher annual percentage rate than purchases.

Aside from that, most credit cards charge a fee for cash advances. The fee can be anywhere from 5% to 10% of the transfer amount. Usually, there's a minimum of at least $5.

While a cash advance isn't necessarily the best way to get cash when you need it, the fact that you won't pay a fee for it with this card means you can save a little more than you would with a different card.

How Does the APR Compare?

Any time you're considering a new credit card, one thing you have to consider is the APR, or annual percentage rate. This is the annual rate of interest you'll pay if you carry a balance on the card.

Because it is a credit card that offers rewards, the Santander Ultimate Cash Back Mastercard does have a higher regular APR range compared to card that don't have rewards -- you're exact APR will vary based on your creditworthiness.

Generally, your interest rate is likely to be similar to what you'd get from other cash back credit cards.

If you don't have spotless credit, you may end up with an alarmingly high APR. That's something to think about carefully if you don't always pay your balance in full each month.

Penalty APR is reverted with good behavior

The penalty APR may be applied to new transactions if you miss a payment, pay late, or a payment is returned.

Santander can also apply the penalty APR to your existing balance if you make a late payment. To get back to the regular variable APR, you'd have to make six consecutive on-time payments.

Are There Any Other Card Benefits?

Along with unlimited cash back rewards and minimal fees, the Santander Ultimate Cash Back Mastercard offers a few other perks. One of them is flexible rewards redemption.

Your rewards don't expire and you can redeem any amount, at any time. Redemption options include:

• Statement credit
• Merchandise
• Rewards transfers to other Santander Bank credit cards

Depending on the value that you can get from gift cards and merchandise, it would probably be best to redeem your cash back rewards as statement credit or rewards transfers.

With statement credits, most notably, you're essentially cutting down that balance that you'd owe on the card.

How Does It Stack Up Against Other Cards?

The Santander Ultimate Cash Back Mastercard is just one cash back option. To broaden your scope a little, here are three other cards you may want to consider in your search.

Chase Freedom Unlimited

Chase freedom unlimited card pros & cons.

Chase is one of the better-known names in the cash back rewards card game.  offers plenty of ways to earn cash back:

• 5% on travel purchased through Chase Ultimate Rewards
• 3% on dining (including takeout and eligible delivery services)
• 3% on drugstore purchases
• 1.5% on all other purchases

Read our full Chase Freedom Unlimited editor's review.

Capital One QuicksilverOne Cash Rewards Credit Card

Capital one quicksilverone cash rewards card pros & cons.

The  also offers unlimited 1.5% cash back rewards. However, it does have an annual fee because it designed for people with average credit.

It's a solid choice if you want to earn cash back and build credit at the same time.

Read our full Capital One QuicksilverOne Cash Rewards Credit Card editor's review.

Final Verdict

The Santander Ultimate Cash Back Mastercard is geared towards spenders who prefer a no-fuss, no-fee approach to rewards.

Ultimately, we'd suggest this card to anyone who doesn't carry a balance from month to month.

You'll earn a consistent amount of cash back on their purchases without the extra bells and whistles. It's a card that you can always carry around

More: Top Cash Back Credit Cards

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Santander Zero review: a top choice for travellers

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If you’re looking for a card that doesn’t charge fees on overseas use, you'll struggle to beat the Santander Zero credit card.

With the weather so bleak at the moment, you’ll be forgiven for letting your mind wander to next year’s summer holiday.

A crucial part of the preparation for any trip overseas is working out how you are going to handle the spending money, and while changing up cash is a popular option, there are plenty of credit cards designed specifically to appeal to those who need to use them abroad.

One such card is the Santander Zero card  ( Representative 18.9% APR). So let’s take a closer look at what it offers and how it compares.

What’s on offer ?

So if you use the card to pay in a retailer overseas, there are no charges to pay if you opt to pay in the local currency.

Bear in mind that if you opt to pay in sterling, the retailer or bank will handle the conversion, which may mean you are charged a fee.

There are also no fees if you use the card to withdraw cash overseas. That said, interest is charged on these withdrawals immediately, so you’ll need to clear the balance as soon as possible.

There is no monthly fee to account for with the Santander Zero credit card either.

Another selling point is the ability to earn cashback through Santander’s Retailer Offers initiative.

You will be provided with five welcome offers at major retailers, chosen just for you. The cashback only applies for one use, but you can pocket up to 25%.

After that when you use the card at certain retailers you can continue to pocket up to 15% cashback. Participating retailers include Vue Cinemas, Costa, Morrisons and Subway.

The Santander Zero comes with a representative APR of 18.9%.

How does the Santander Zero compare?

The lack of any charges on overseas use makes the Santander Zero a really strong option, though there are a couple of rival cards worth noting here.

For example, there’s the Barclaycard Platinum Cashback Plus. As the name suggests, you pocket 0.25% cashback on all spending until August 2023 (you actually get an increased rate of 0.5% for the first three months), so it’s a nice little earner on the money you spend both here and abroad.

There are no fees on spending abroad or cash machine withdrawals, and crucially with the latter, there’s no interest to pay so long as you clear the balance in full at the end of the month.

That’s a potentially key difference from the Santander Zero.  The representative APR on the Barclaycard is a little higher at 21.9%.

Another alternative is the Tandem Card, which has no fees on overseas spending nor cash machine withdrawals, though like the Santander Card you are charged interest on these withdrawals immediately.

The big plus point to the Tandem Card is that you can pocket even more cashback when you spend using the card, as it offers 0.5% cashback on your purchases both at home and abroad.

The representative APR on the Tandem Card is 18.9%.

Finally, it’s also worth noting a rival card from Santander itself, the All in One card .

This card comes with no fees on foreign transactions, though charges do apply to withdrawals.

However, not only does the card pay 0.5% cashback on all spending, but you also enjoy whopping 26-month 0% periods on both purchases and balance transfers with the card.

There is a £3 monthly fee to pay though, alongside a representative APR of 21.7%.

Our verdict

The Santander Zero card is a really strong contender if you’re looking for a card that won’t charge fees on overseas use, whether that’s paying at the till or withdrawing cash.

It also comes with the potential to earn some welcome cashback when you spend with certain retailers, while the absence of an annual fee is a further plus point.

However, if you’re looking for more consistent cashback, no matter where you spend, then you may need to look elsewhere.

If you’re interested in the Santander Zero, then you can get a good idea of your chances of being accepted for the card in advance by using our eligibility calculator .

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Is Your Travel Rewards Credit Card More Expensive Than You Think?

I f you like to travel the world, you may already use travel rewards credit cards to earn rewards on your spending and access helpful credit card perks. For many travelers, travel credit cards are valuable personal finance tools.

But ensure you continue getting good value from your credit cards . Your travel rewards credit card could be more expensive than you realize. Here's what to consider to determine if you should continue using your favorite travel credit card or get rid of it.

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Every fee adds up

Some of the more premium travel credit cards have high annual fees . However, some cardholders may be paying fees beyond the annual fee. If you carry a balance on your card, you'll pay credit card interest fees. These fees can add up fast and lead to credit card debt . Paying your account balance in full every month will allow you to avoid interest charges.

Here's another fee that could impact your checking account balance: foreign transaction fees. If you travel abroad and your credit card company charges foreign transaction fees, you'll pay a fee for every purchase made in a foreign currency.

Credit card issuers typically charge a fee of 3% per transaction, so every charge adds up. The good news is you can avoid these fees by getting a credit card without foreign transaction fees .

These are just a couple of examples of additional fees that you may be paying to use your card. Avoiding unnecessary fees can make using your favorite rewards credit card more affordable.

Unused credit card rewards impact your wallet

Another way your travel credit card could cost you more money than you realize is by letting your points or miles sit unused. Some travelers hoard their credit card rewards while they continue earning more points or miles, or until they find the perfect redemption.

But hoarding your points or miles could cost you. Credit card issuers can change rewards programs anytime, meaning your points or miles could become less valuable with time. You may plan to use your rewards a certain way and later find out that redemption option no longer exists.

Even without program changes, letting your points or miles sit could cost you. As you continue paying an annual fee, you'll pay more money without receiving the intended perks. The best strategy is to use your points and miles sooner rather than later to maximize their value.

Unused benefits = wasted money

Many travel credit cards include plentiful card benefits. Not every benefit will appeal to every person, and that's OK. But make sure you're getting good value from the benefits offered. If you have a travel credit card with an annual fee and you're not using the perks provided, it may be time to explore other card options. Otherwise, you'll waste money on unused benefits.

Get the most from your credit cards

If you use credit cards of any kind, ensure you're getting good value from them. If you pay additional fees, hoard your unused rewards, or don't use most of the benefits offered, you may be paying more than you realize to use your cards. Check out our list of the best travel rewards credit cards to learn more about other cards that are a good fit for travelers like you.

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Santander Sees Higher Profitability in 2024 as Spanish Business Outperforms

FILE PHOTO: People use an ATM machine at a Santander bank branch in Madrid, Spain, March 22, 2024. REUTERS/Susana Vera/File Photo

By Jesús Aguado

MADRID (Reuters) -Spain's biggest international bank Santander signalled higher profitability this year as growth in lending income, particularly in its home market, helped drive first-quarter earnings higher.

The bank's revenue rose 10% to a record high 15.38 billion euros ($16.46 billion), above the 15.06 billion analysts had expected.

The euro zone's second-biggest bank by market value relied in the past on Latin America for revenue growth, but has recently also benefited from higher European interest rates.

"It has been a very strong start to the year... supported by good growth in net interest income in Europe and the Americas," Executive Chair Ana Botin said in a statement.

The bank is "well on track" to meet its targets for the year, including a return on tangible equity (ROTE) of 16%, she added.

Chief Financial Officer Jose Garcia Cantera told analysts on call that would imply ending 2024 with a net profit above 12 billion euros.

Including the 335 million euro impact of the Spanish banking levy in Spain, ROTE already stood at 16.2%, compared with 14.9% reported in the quarter.

Net profit jumped to 2.85 billion euros in January to March, just short of the 2.87 billion expect by analysts.

At 0929 GMT, shares in Santander shares were down 3%, having risen more than 25% this year. European banking shares this month hit their highest since 2015, as higher interest rates drove better-than-expected earnings.

Broker RBC Capital Markets said Santander's results were driven by lending income and fees but were partially offset by higher provisions and the impact of a hyperinflation adjustment in Argentina, where net profit fell 27%.

Asked about a potential exit from Argentina, the bank's CEO Hector Grisi told an analyst call that the bank "needed to leave its options open" in the country, adding nothing was planned for now.

Overall net loan provisions rose 9% while the cost of risk, which measures potential losses, rose 2 basis points to 120 bps.

On Tuesday, the bank started reporting earnings with its five global units as primary segments. Countries' earnings are included in a new reporting line.

Profit at its retail business and its wealth and payments units rose more than 20%. Profit at its Digital Consumer Bank fell 5%, while Corporate and Investment Banking also declined 5% despite record high revenue of 2.1 billion euros.

LENDING BOOST IN SPAIN

At a group level, net interest income (NII) - earnings on loans minus deposit costs - rose 17.7% to 11.98 billion euros, above the 11.5 billion that analysts expected.

Against the previous quarter, NII rose 7.7% as euro zone interest rates remained higher for longer than expected, helping its Spanish business, which has been charging more on loans while keeping a lid on rates paid to savers.

Net profit in Spain rose 66%, while NII was up 24%.

In Brazil, net profit rose almost 20% despite higher provisions as net interest income increased by 25%.

The U.S. and the UK were weak spots, with net profit in the U.S. falling 6.8% due to higher investment costs and NII down 4.7% due to higher funding costs. In the UK net profit fell 22.8%.

Santander's Tier-1 fully loaded capital ratio, the strictest measure of solvency, rose to 12.28% from 12.26% in the previous quarter.

($1 = 0.9341 euros)

(Reporting by Jesús Aguado; Editing by Inti Landauro, Jason Neely, Susan Fenton and Jan Harvey)

Copyright 2024 Thomson Reuters .

Tags: Poland , United States , Mexico , United Kingdom , Europe , Brazil , Spain , Germany

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Yankees vs. Orioles battle for AL East supremacy just getting started

BALTIMORE — The temperature touched 90 degrees for the first time at Camden Yards this week, perhaps an unsettling global harbinger but a welcome one for those preferring long summers and long balls.

Appropriate, then, that the Baltimore Orioles and New York Yankees informally tipped off a pennant race that seems to be gathering like a wave, powerful in both aesthetic pleasure and narrative punch.

Big Bucks vs. Young Bucks.

Just Win vs. Win Curves. MVPs of the past vs. their likely successors.

Sure, these four games that closed out April and welcome May – the Orioles won the first two matchups – will only mean so much come September. Yet after two seasons of circling each other in the American League East – the Orioles too green in 2022 when the Yankees won 99 games, the Yankees an 82-win mess as Baltimore won 101 last year – Baltimore and New York are both loaded, in their own ways.

Follow every MLB game: Latest MLB scores, stats, schedules and standings.

The Yankees’ payroll topped $300 million with the addition of 25-year-old slugger Juan Soto – perhaps the ultimate go-for-broke Bronx maneuver with Soto able to shuffle into free agency at season’s end.

The Orioles’ payroll lingers right around $100 million, with their two emerging superstars, catcher Adley Rutschman ($760,300) and shortstop Gunnar Henderson ($756,200) briefly frozen in that organizational sweet spot of elite contributors at minimum salaries.

While it is tempting to consider this series – this season – a prelude of years to come, this show should be savored.

Soto could be gone next year, when Rutschman will start making bigger money through arbitration; Henderson will follow the year after, with new owner David Rubenstein tasked with retaining the abundant young talent general manager Mike Elias has meticulously amassed before words like “headed to a hearing” or “Scott Boras client” are thrown around with greater frequency.

This year, though, the Orioles and Yankees are already atop the AL East and equipped to stay there, even as it remains a five-deep snakepit.

The curtain is rising on what should be a compelling show.

“Some of the game’s best talent that’s been around, and some of the game’s best upcoming talent,” says Yankees closer Clay Holmes.

“If you’re a baseball fan, these are the games you’re watching.”

As the Orioles (19-10) took the first two of 13 matchups against the Yankees (19-12) this year, they made a case for their methodical nation-building.

‘It’s like college for us’

That the Yankees have steadfastly refused a “step back” or a “reload” or let alone a “rebuild” is something to be admired, collecting superstars like high-priced museum pieces.

When Giancarlo Stanton won the 2017 NL MVP for Miami, they allocated hundreds of millions of dollars to bring him in. When Aaron Judge won the 2022 AL MVP, the Yankees coughed up $360 million to retain him.

And when Soto became available, they shipped off five players and committed $31 million to pay him – and with eight homers and a 1.019 OPS already, Soto might be their next MVP.

Though they haven’t won a World Series since 2009, the mentality has yielded a 31-year streak of winning seasons, and playoff appearances in 24 of the last 29.

The Orioles lived an opposite reality, losing more than 100 games three times from 2018-2021, reaping the benefits from top draft picks, yet augmenting that by nailing their mid-round selections and assembling a flow of young talent that’s not abating.

Sure, the Yankees can slug you into oblivion. But the clubs’ respective makeups are evident when the ball is in play.

You can see it when Stanton, 34, gets thrown out to advance to second base on a line drive to right field, Henderson elasticizing to stretch for the putout. Or when first baseman Anthony Rizzo, 34, can’t reel in a bloop down the first base line and Soto is too late to help him.

Stanton occupies the DH spot that might be best suited for Soto, so when shallow fly balls parachuted in front of Soto in right, the Orioles snagged bases on excellent reads from Henderson, 22, and rookie left fielder Colton Cowser, 24.

While Rutschman and top prospect Jackson Holliday commanded the most attention as No. 1 overall picks, available only due to the Orioles’ futility, the fact remains that Henderson (42nd overall, 2019) and burgeoning star infielder Jordan Westburg (30 th overall, 2020) could’ve been had by almost any team.

Now, they’re in Baltimore, and an aggressive and extremely athletic team is blossoming.

“We put a huge emphasis on playing the game right and we talk a lot about fundamentals – defensively and offensively,” says manager Brandon Hyde. “Baserunning is a huge part of our game. We’re still young. We’re still learning at the big league level.

“But our guys are very, very athletic. They do have instincts. We will make mistakes, but our guys will adapt and learn from them.”

There’s also a cohesion, perhaps owing to the fact many of the Orioles climbed the organizational ladder together, ultimately blending with a handful of holdovers from the pre-Elias era.

“This is almost like college for us,” says starting pitcher Grayson Rodriguez, a first-round pick in 2018. “You grow up a lot and mature in college so a lot of us feel like family. Pretty close in the clubhouse, same on the field. We know each other well.

“I think that kind of gives us an advantage other teams don’t have.”

Veteran reliever Dillon Tate – a former Yankees farmhand traded to Baltimore in 2018 – has tracked the evolution. He’s seen Ryan Mountcastle go from shortstop to third base to outfield to his current post, as a first baseman surprisingly deft with the glove.

And he’s awaited the arrivals of Rutschman and Henderson and Co., knowing their time was inevitable, but floored by what they’ve become.

“It’s really not a shocker they’re here,” says Tate of the young Orioles. “The shock is, the heights they end up taking their talents. That’s been the biggest surprise to me.

“You know the ceiling’s high, but you just don’t know how high they’re willing to take it. You see an All-Star nod for Adley and know it definitely won’t be his last one. That piece is just cool to see and cool to share the field with those guys.”

Henderson will probably join Rutschman at the All-Star Game in Texas. He’s already ripped 10 home runs – tied with the injured Mike Trout for the major league lead – with an accompanying .980 OPS. His defense at shortstop has been stellar and his 2.1 WAR leads the Orioles.

“He’s 22 years old,” says Hyde. “It’s pretty scary how good this guy’s going to be.

“How good he is already.”

Stocking the cupboard

Yankees manager Aaron Boone says the Orioles are “athletic, they hit for power, they’re versatile. They’re definitely formidable.”

That’s not to say the Yankees are ready for the old folks’ home. Sure, they’ve never had a Rutschman or Holliday available to them, what with picking at the back of the draft year-after-year, but the cupboard somehow stays stocked.

With Judge struggling at .207, their most integral piece after Soto this year is second-year shortstop Anthony Volpe. Picked 12 spots ahead of Henderson in 2019, Volpe has posted a .362 OBP and ranks second in Outs Above Average among shortstops.

They don’t get Soto without the four players originally signed or drafted by the Yankees.

“It’s not an easy thing to do – building a farm system without always getting the highest talent,” says Holmes, acquired from Pittsburgh in July 2021 for two prospects signed by the Yankees as international free agents. “You have to be really good at developing – and being here and seeing how they develop pitching and hitting is what makes them really good.

“They have to maximize what they do get. It’s definitely a key part of how you sustain things. The payroll is always up there, but trades are getting made and prospects keep coming, so it’s a testament to the development.”

And still, so much comes down to chance.

The fate of both teams could be intertwined in the health of their starting pitchers in coming months. Reigning Cy Young Award winner Gerrit Cole still has not thrown off a mound since spring training, and his Yankee debut likely won’t come before July.

The Orioles will welcome back starters John Means and Kyle Bradish from elbow injuries this week, but it’s still unknown what they might offer this season.

Baltimore made a rare go-for-it trade itself, using prospect capital to acquire former NL Cy Young winner Corbin Burnes to front its rotation. He and closer Craig Kimbrel are rentals and right fielder Anthony Santander is the only pending free agent.

“They’re young,” says Yankees left-hander Nestor Cortes, “so they’re going to be here for a long time.”

It’s already been a minute. Baltimore has not lost its last 16 series to AL East opponents, a streak it ensured by taking the first two games of this series, the latter played on an 86-degree evening.

“A little preview of summer,” says Boone, speaking of the unseasonable temperatures but also capturing the compelling chase ahead.

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Top CD rates today: May 1, 2024 | What today's Fed decision means for CD yields

• • Personal finance

Karen Bennett is a senior consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters.

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Marc Wojno is a seasoned and accomplished finance editor and writer with more than two decades of experience editing and writing across a variety of news platforms including newswires, newsletters, magazines and online news sites.

Before joining Bankrate, Marc was Senior Editor at CNET Money and Senior Editor of Finance for ZDNet, both Red Ventures companies, where he wrote and edited news articles and features on a variety of topics including banking, blockchain, credit cards, cryptocurrency, fintech, home equity, investing and taxes. 

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Key takeaways

• Today's highest CD rate across terms is 5.36% APY, offered on a one-year CD.
• You'll find yields of 5% or higher on many CD terms.
• National averages are significantly lower than top rates, so it pays to shop around.

The Federal Open Market Committee (FOMC) will wrap up its rate-setting meeting today, and any rate moves the Fed makes could impact yields on certificates of deposit (CDs) — although the strong consensus among market watchers is that officials will choose to leave rates untouched. That could be good news for consumers looking to open a CD, since deposit account rates tend to move in lockstep with Fed rate moves.

As we begin the month of May, the top APY across CD terms remains 5.36 percent, and it’s offered on a one-year CD from CIBC Bank USA. Overall, leading APYs remained stable in April on common CD terms between three months and five years. You’ll find that many shorter terms are earning higher yields than longer ones in the current rate environment.

Bankrate’s table below shows the highest yields offered on widely available CDs, by term. It also lists national average CD rates and how much you’d earn for each term with a $5,000 investment.

Today's best CD rates by term

Note: Annual percentage yields (APYs) shown are as of May 1, 2024. APYs for some products may vary by region.

N/A: Not available; Bankrate doesn’t track national averages for the 9-month CD term due to limited available data. Estimated earnings are based on the highest APYs and assume interest is compounded annually.

What will the Federal Reserve do with rates this week?

There’s a good chance the Fed will hold rates steady this week, which most market watchers believe will happen. Fed Chair Jerome Powell recently said the Central Bank would likely delay rate cuts due to inflation remaining elevated. After this week’s meeting, the Fed's next rate-setting meeting is scheduled for June 11-12.

What the current rate environment means for CDs

In 2022 and 2023, the Federal Reserve raised its benchmark interest rate a total of 11 times, bringing its current target range to a 23-year high of 5.25-5.50 percent. However, the Fed has left rates unchanged for five straight meetings, due to inflation not slowing as quickly as it has in the past.

Yields on competitive savings accounts and CDs tend to move in lockstep with the Fed’s interest rate moves . As such, many banks increase their yields when the Fed raises rates, and they lower yields when the federal funds rate drops. While the Fed has held rates steady since July 2023, top CD APYs ended up peaking in late 2023 and have since been decreasing gradually.

Is it still a good time to open a CD? “Even though CD yields have pulled back a bit, you’re still able to lock in yields that are well in excess of inflation and do so for multiple years,” says Greg McBride, CFA , Bankrate’s chief financial analyst. “The declines will likely accelerate as we get closer to the Fed beginning to cut interest rates, so there is no sense in waiting.”

Is investing in a CD right for me?

Whether you should invest in a CD depends on your own personal financial situation and goals. A CD offered at a federally insured bank or credit union can be a safe place to park your funds while earning a guaranteed APY. Many savers turn to CDs to lock in a high interest rate if they believe rates will start to decline soon.

A CD can help you earn interest on money you're saving for a planned purchase. For instance, if you want to buy a house in five years, putting money in a five-year CD can give you a fixed APY on those funds during that term. Likewise, if you plan to take your dream vacation in a couple of years, a two-year CD could be a good place to grow those funds. Avoid an early withdrawal penalty by only committing money to a CD that you won't need access to before the CD matures.

How is CD interest taxed?

The IRS treats interest you earn from a CD as taxable income, whether you receive that money in cash or choose to reinvest it. For CDs with terms longer than one year, interest earned must be reported each year on your taxes, even if you don't cash in the CD until it matures.

An IRA CD is an individual retirement account for which your money is in a CD. Contributions to a traditional IRA may be tax deductible, and they're taxed when you withdraw the funds. Conversely, contributions to a Roth IRA cannot be deducted from your annual income, and they're not taxed when you withdraw the money. You should consult a tax adviser regarding these two IRA CD options before making a choice.

How does a CD differ from a savings account?

Many banks and credit unions offer savings accounts and CDs , and both accounts earn some interest. There are a couple of key differences, however: A savings account generally allows you to withdraw funds any time, while a CD typically charges a penalty if you take out the money before the term ends. This makes a savings account a better place for funds you might need for emergencies.

Another difference between the two is a savings account usually earns a variable APY that the bank can raise or lower at will, while a fixed-rate CD earns the same APY until it matures. As such, savers often choose to lock some funds in a CD when rates are likely to start falling, while many are apt to stick with a savings account if they believe rates will rise soon.

Research methodology

Bankrate calculates and reports the national average APYs for various CD terms. Factored into national average rates are the competitive APYs commonly offered by online banks, along with the very low rates often found at large brick-and-mortar banks.

In June 2023, Bankrate updated its methodology that determines the national average CD rates. For the process, more than 500 banks and credit unions are now surveyed each week to generate the national averages. Among these institutions are those that are broadly available and offer high yields, as well as some of the nation’s largest banks.

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Looking to get some cashback when spending with the brands you love? Always on the lookout for a bargain? Boosts is here to help.

Sign up to Santander Boosts today to enjoy cashback, vouchers, offers and prize draws. Check out how to sign up below.

You can choose your interests from areas like tech & electronics, baby & kids, food & dining, health & beauty, travel and more.

We'll send you tailored offers which change all the time. For example, you could get cashback when shopping at your favourite fashion brands, save 10% on your next holiday, or be in with the chance to win a free meal deal. 

There are giveaways and prize draws too. Just enter and you’ll be in with a chance of winning.  And with instant wins you could win a prize like a voucher to use in one of your favourite shops – on the spot.

Am I eligible for Santander Boosts?

To use Santander Boosts you need to:

• have a debit and/or credit card with us
• be signed up for Online and Mobile Banking
• be 18 years or over.

We’re sorry but Santander Boosts is not available to you if you only have a cahoot, business banking, corporate banking card or a cash card with us or if are under 18 years old.

How do I sign up for Santander Boosts?

Simply log on to Mobile Banking as you normally would, and follow these steps:

• click ‘More’ in the bottom-right corner 
• choose ‘Santander Boosts’
• follow the on-screen instructions to register and start enjoying Boosts
• choose your interests to see offers that are more relevant for you.

If you’re using Online Banking, then you need to log on and follow these steps:

• find 'Santander Boosts' in the top-right of the page
• click 'Go to Santander Boosts'
• follow the on-screen instructions to register and start enjoying Boosts.

You’ll need to set up your log on details by entering some information. We’ll also ask for your Santander debit or credit card details that you want to use with Boosts and we’ll use this to pay your cashback.

If you haven't already, you can register for Online or Mobile Banking

Other information

Can joint account or additional account holders get boosts  .

Yes, as long as you have a Santander credit card or debit card (in your name and issued in the UK) and you are registered for Online or Mobile Banking. If you are an additional credit card holder only, you won’t be eligible for Boosts. Other eligibility criteria also apply.

Why do you need to take my Santander card details for Boosts?

Your Santander card details are needed for security reasons, as it’ll help us confirm your identity. Capillary Technologies Europe Limited who administer this service on our behalf will use these details to pay your cashback correctly. Once registered, you need to keep your card details up to date.

Registering and changing your card

You can register one Santander card at a time and it’s easy to do.

You can change the Santander card you use at any time in the Santander Boosts site by going to: ‘My profile’ >‘My settings’> ‘Manage my card’.

You can start using the service as soon as you have registered your card.

If you forget your password or email

Just go to ‘Forgotten password’ on the Santander Boosts log on page.

Or, if you’ve forgotten the email address you’ve used to sign up for Santander Boosts, we recommend you check your email accounts for any emails from [email protected]

If there’s anything else you’d like to ask us about Boosts, use Sandi by clicking ‘Chat with Sandi’ on any of our web pages.

Read the Santander Boosts terms and conditions (75 KB)

You can download our app on your mobile phone or device from the iOS App Store or the Google Play Store. Just click on one of the logos below to get started. We don’t ever recommend downloading apps from other third-party sites.

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Barclaycard change could mean much higher interest for some customers

Credit card holders who make minimum repayments warned they could be in debt for years longer

Some Barclaycard customers who only make the minimum repayment each month will take an extra decade to clear their debt and pay hundreds of pounds in extra interest after the credit card provider changed its terms.

Barclaycard – thought to be the UK’s biggest credit card provider – has written to customers telling them it is cutting their minimum payments to give them “more flexibility”.

However, some customers and commentators have criticised the provider for not spelling out that this could significantly increase both the interest a borrower pays and how long it would take them to pay off what they owe.

Each month credit card customers with a balance on their card can either pay off everything they owe, a set sum or the minimum payment required by the provider. Unless they opt to clear their balance, they pay interest on the outstanding amount.

The changes being made by the credit card arm of Barclays , which take effect on 22 July, will apply to all Barclaycard holders. At the same time some customers will see their interest rate go up.

Barclaycard is changing from a “tiered” structure – whereby many people pay off anywhere between 2.25% and 4.25% of their overall balance – to one that takes into account interest and fees.

Customers will pay the highest of either 1% of their balance; 1% of the balance plus any interest, default fees or account fees; or the total outstanding balance if it is less than £5.

Cardholders have been receiving emails from the company with “Your minimum payment is going down” in the subject line.

Those emails go on to say that “we’re making these changes to give you greater flexibility over how much you pay each month”, and give an example of how the change could affect people.

Existing minimum payments vary depending on the customer’s APR and when the card was taken out, but one cardholder was told that on a £2,500 balance, their minimum monthly payment would be cut from £116 to £79, while another was told theirs would go down from £80 to £67.

But the emails do not spell out how much extra interest the customers will have to pay under the new minimums, or how much longer it will take to fully clear the debt.

At the moment, someone with £1,000 of debt on a fairly typical Barclaycard who only pays the minimum amount each month would end up paying a total of £699 interest. But under the new rules, this figure jumps to £1,655.

It would take this person nine years and eight months to fully clear the debt under the current regime – but the new lower payments will increase that to 19 years and three months.

This example is based on someone paying an APR of 24.9% – the typical new rate for a Barclaycard Platinum – who does not spend any more on the card and where the minimum monthly payment is 3.75% of their balance.

One “appalled” cardholder who contacted the Guardian after receiving the email said he would argue that reducing a minimum payment was “not designed to ‘give you greater flexibility’. It will just make people already struggling even worse off.” He claimed the company was using the cost of living crisis to push up its profits, “then marketing it as though they’re doing their customers a favour”.

The MoneySavingExpert website said the changes meant some cardholders “ could be in debt years longer paying double the interest”. Martin Lewis, the site’s founder, said: “This is a worryingly under-the-radar change … this seemingly technical and bland change is a huge danger signal.”

Barclaycard said it had been very clear about the implications of paying the minimum and had been encouraging customers to see what they could save by switching to a fixed monthly payment.

A Barclays spokesperson said: “We have made these changes to increase flexibility for our customers, and have been clear in our communications that paying more than the minimum can help customers clear their balance sooner and pay less interest.”

Customers can choose to continue to pay more than the minimum each month should they wish to do so, and the new system would be more targeted and flexible, said the company.

The change brings Barclaycard into line with some of its rivals, such as NatWest and Santander, at which the typical minimum payment formula is 1% of the balance and any interest or fees.

• Credit cards
• Banks and building societies
• Borrowing & debt

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