Looking for a credit card that gives back as much as you spend? The Santander Edge Credit Card could be the right fit for you. Known for its practical cashback benefits and competitive features, this card stands out in the UK credit card market.
If you’re seeking a card with perks that can make your everyday purchases more rewarding, the Santander Edge could be your ideal companion. In this article, we will dive deep into the key information, advantages, and limitations of the Santander Edge Credit Card, ensuring you have all the details needed to make an informed decision.
Key information about the credit card
How does the annual fee work?
The Santander Edge Credit Card charges a £3 monthly fee, equating to £36 annually. While some credit cards offer no annual fee, the modest charge for this card is balanced by the cashback rewards. Unfortunately, there’s no option to waive this fee based on spending or account activity, so you’ll need to budget this into your annual credit card costs.
How is the credit limit determined?
For applicants with a steady income and a good credit history, higher limits may be available. The representative example provided by Santander suggests an assumed credit limit of £1,200, though this will vary based on individual circumstances. It’s important to note that Santander reserves the right to review and adjust your limit based on how you manage your credit over time.
Advantages of the credit card
- Cashback rewards: Earn 2% cashback on purchases in your first year, and 1% cashback thereafter. This applies to all purchases, meaning that everyday spending can earn you money back effortlessly.
- No foreign exchange fees: Travel abroad without worrying about the additional cost of foreign exchange fees, a feature that benefits frequent travelers.
- Free account alerts: Stay informed about your spending habits with free alerts that help you avoid fees and monitor your account.
- Santander boosts: Gain access to exclusive cashback offers and discounts that match your shopping preferences when you sign up through the Santander app.
- Section 75 protection: Purchases made with your credit card are protected under the Consumer Credit Act, providing you with an additional layer of security for major transactions.
- 56 days interest-free: As long as you pay off your balance in full each month, you can enjoy up to 56 days of interest-free credit, helping you manage short-term cash flow.
Standout advantage
One of the most appealing features of the Santander Edge Credit Card is the combination of cashback with no foreign exchange fees. While many credit cards offer one or the other, this card merges both benefits, making it ideal for people who travel and spend internationally. Whether you’re making everyday purchases at home or shopping overseas, the card’s perks remain consistently advantageous.
Disadvantages
- Monthly fee: The card’s £3 monthly fee can detract from the overall cashback rewards, especially for low spenders.
- Cashback cap: With cashback capped at £15 per month, high spenders may feel limited in their ability to maximize rewards.
- Limited availability: To apply, you need to have a Santander UK current account, which could restrict non-Santander customers.
- Cashback rate drop: After the first year, the cashback rate drops from 2% to 1%, reducing the overall earning potential.
A standout disadvantage
The monthly fee is arguably the most significant downside of the Santander Edge Credit Card. At £3 per month, it may not seem like a large sum, but it can significantly affect low spenders. If your monthly spending doesn’t generate enough cashback to offset this fee, the cost of the card outweighs its benefits. Therefore, this card may not be the best option for those looking for a no-fee alternative.
Who can apply for this card?
Applying for the Santander Edge Credit Card is relatively straightforward, but there are specific eligibility requirements you need to meet. First, applicants must be 18 years or older and a permanent UK resident. Additionally, you’ll need a Santander personal UK current account, as the card is only available to current Santander customers.
Another essential criterion is the minimum income requirement of £10,500 per year, ensuring that applicants have the financial stability to manage credit repayments. Santander also performs a credit check, so a solid credit history improves your chances of approval. The card is not available to business banking customers, and closing your current account will result in losing your cashback rewards.
How to apply for the Santander Edge Credit Card
For the website
Applying through the Santander website is one of the most straightforward options. You begin by visiting the credit card application section on Santander’s website, where you’ll be prompted to log in to your Santander online banking account. If you’re not yet a customer, you will need to open a Santander current account before you can apply for the Edge Credit Card.
The website guides you through the application process, requesting personal information like your Santander account number, sort code, and income details. Santander performs a soft credit check to show you your potential credit limit, and once the full application is submitted, a hard check is done. The decision is typically delivered within a few business days.
Through the app
Applying via the Santander mobile banking app is quick and convenient, especially for existing customers who already use the app for their everyday banking needs. To start, log into your account, navigate to the credit card section, and select the Edge Credit Card application.
The app automatically fills in much of your personal information, speeding up the process. Like the website application, the app offers a soft credit check before submission, letting you know your chances of approval and your potential credit limit. Once your application is complete, the app will notify you of the decision, often within minutes.
At the branch
For those who prefer a more personal touch, you can apply for the Santander Edge Credit Card in person at any Santander branch. A bank representative will assist you in filling out the application form, answer any questions you have about the card, and walk you through the necessary documentation.
You’ll need to bring your Santander current account details and proof of income, and the representative will conduct the credit check on the spot. This method is particularly useful for customers who prefer face-to-face interaction or need help understanding specific terms of the card. Approval times may vary but are generally processed within a few days.
