Santander limits credit card cashback

1 February 2017

Loyal Santander 123 Credit Card users will see the amount of cashback they earn capped from today (Wednesday 1 February).

Changes implemented last October meant customers who opened an account after September 2015 were restricted to earning £9 cashback each month.

But now all customers, including the longest standing 123 Credit Card holders, will see their cashback capped. At the same time the standard interest rate will increase from 12.7% (variable) to 15.9% (variable).


The move means account holders can earn up to £3 cashback a month in each of the following categories:

  • 1% cashback at major supermarkets
  • 2% cashback at major department stores
  • 3% cashback at major petrol stations and on National Rail and Transport for London (TfL) spending


Previously customers earned unlimited cashback on supermarkets and department store spends, but cashback was capped at £9 a month on National Rail, TfL and petrol spending. Users will continue to pay a £3 monthly fee to hold the account.

The Santander 123 Credit Card is no longer available to new customers, having been replaced with a range of products targeting overseas travellers, customers looking for a long balance transfer period, and a 0.5% flat rate cashback card.

To see the best cashback and rewards credit cards on the market today visit the Moneywise credit card comparison tool.

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