Santander 123 Lite Current Account customers can earn 5% cashback when they spend on their debit card using Android Pay, Apple Pay, and Samsung Pay.
What’s the deal exactly?
Santander is offering all of its 123 Lite Current Account customers 5% cashback on all spending using Android Pay, Apple Pay, and Samsung Pay between 17 July and 30 September 2017.
Both new and existing account holders can take part and there is no limit on how much can be earned.
Why should I care?
The number of retailers accepting mobile payments is growing and you can typically use mobile payment systems such as Android Pay and Apple Pay anywhere you can use a contactless debit card.
Santander says customers with a £30 daily spend for the 76 days of the offer will earn £114 in cashback. A £10 daily spend would earn £38 in cashback.
This offer runs in addition to the long-standing cashback deals offered by the Santander 123 Lite Current Account, which are:
- 1% cashback on water bills, council tax, Santander mortgages
- 2% cashback on electricity, gas, Santander home insurance
- 3% cashback on mobile, home phone, broadband, paid-for TV
What’s the catch?
Those who take part in the offer will receive their 5% mobile cashback as a lump sum by the end of November, once the offer period has ended. The cashback earned on bills will continue to be paid monthly as normal.
Be aware that this account charges a £1 monthly fee, although most people will be able to pay for that with the cashback earned.
While there is no limit on how much you can earn from this offer, many retailers choose to limit contactless and mobile payments to transactions of £30 or less.
This offer only applies to the 123 Lite account, not the standard 123 Current Account.
What other options do I have?
If you’re looking to earn cashback as you spend, a credit card could be worth considering. You can see the Moneywise Best Buys by reading our guide to credit cards for rewards and cashback.
This includes the American Express Platinum Cashback Everyday Card, which has an introductory offer of 5% cashback on spending up to £100 for the first three months. After that cardholders will earn 1% cashback on spending over £5,001 per year and 0.5% if you spend below this amount. But bear in mind that American Express is less widely accepted than other types of credit card.
Another option is the Aqua Reward Credit Card. Customers will receive 0.5% cashback on all spending up to a limit of £100 per year. This card is designed for those with a poor credit history (although anyone can apply) so beware of the high interest rate of 34.9% APR. Pay this card off in full every month to avoid paying a high rate of interest on your balance.
You can use the Moneywise comparison tools for an overview of the market and to see what account suits your circumstances.
Where can I find out more?
Full details on the 123 Lite account can be found on the Santander website.