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Product launch of the week: Santander’s cashback offers

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We review Santander's new cashback service, which enables debit and credit card customers to earn cashback when they spend with certain retailers.
Product launch of the week: Santander’s cashback offers

What’s new?

Santander has launched a new service which enables debit and credit card customers to earn cashback on their purchases. Santander customers need to sign up the new Retail Offers section of the online or mobile banking site.

They say…

Ruben Justel, director of customer loyalty, cards and unsecured personal loans at Santander UK said: “Our customers always tell us that they want real, on-going value from their banking services, and so we are delighted to offer this great new service which couldn’t be easier to use – you just shop and spend as normal with your Santander Credit or Debit Card. With our 1|2|3 World customers also earning interest and cashback on their balances and everyday household bills and expenditure, banking really has never been so rewarding.”

Good news?

This seems like a good deal. Santander customers spend as normal at their chosen retailer, using their Santander debit or credit cards. They then earn cashback on their next purchase, which is paid the following month. This happens automatically without any need to print off vouchers.

The offer includes a lengthy list of high profile retailers, covering everything from Argos and New Look, through to upmarket furniture group Heal’s. It also includes utility providers, which may be handy for those facing big heating or telephone bills. There are now over 100 firms involved.

Any caveats?

While there are cashback offers of up to 15 per cent, more normal are discounts of 1-3 per cent. Lloyds and Halifax have similar arrangements, though with a slimmer range of retailers. The Santander offers are only available on its 123 account, which has a monthly fee of £2 and a requirement to pay in at least £500 per month.

Santander is improving its service and attracting fewer complaints, but still received – along with Barclays – the most complaints from their current account-holders in the first half of the year, according to the Financial Conduct Authority.

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