BOSTON, July 10, 2017 /PRNewswire/ -- Earning cash back on everyday purchases has become much easier with Santander Bank's newest credit card – the Ultimate Cash Back℠ Credit Card – with consumer benefits that truly live up to its name. Introduced today, Santander's new Ultimate Cash Back Credit Card is the only credit card that earns cardholders an unlimited 1.5% cash back on all purchases with no cap and no annual or transaction fees.*
"The Ultimate Cash Back Credit Card is the most straightforward card on the market. With easy-to-understand rewards and no surprise restrictions buried in fine print, whether cardholders are dining out, gassing up the car, buying groceries, or making any number of routine purchases, big or small, they will get 1.5% of their money back without paying any hidden fees," said Ravi Acharya, Head of Consumer Lending and Innovation at Santander Bank.
He added, "We designed the Ultimate Cash Back Credit Card to take the guessing out of cash back rewards. Consumer research tells us that credit card users want a flexible, easy-to-use credit card that doesn't nickel and dime them with unnecessary fees and ensures they're going to earn money back on their purchases. At Santander, we want our customers to have the best possible experience when using our products and the Ultimate card is one of our many new initiatives that truly makes banking with Santander effortless."
Ultimate benefits of the Ultimate Cash Back Credit Card include:
- Unlimited 1.5% cash back on all purchases across all categories with no cap.
- No fees in five common categories – more than any comparable competing product:
- No annual credit card fee
- No foreign transaction fee
- No balance transfer fee
- No cash advance fee
- No returned payment fee
- $100 cash back bonus after spending $500 on new purchases within the first 90 days of activating and using the card.
- Low introductory Annual Percentage Rate (APR)** for the first 12 billing cycles on balance transfers made within the first 90 days of activating and using the card with NO balance transfer fee.
Santander is committed to providing customers with financial products and services that best suit their individual needs. The Bank recently announced customers can add their Santander credit and debit cards to Apple Pay, giving them an easy, secure and private way to make payments at participating merchants in stores, apps and on the web using their Apple devices. Santander has also expanded its mobile platform, introducing user-friendly upgrades and adding new features that make navigation easier. The Bank will be adding more features and enhancements to its consumer mobile app throughout 2017.
For more information on the Santander Ultimate Cash Back Credit Card, check eligibility or learn how to apply, please visit: www.santanderbank.com/ultimate.
About Santander Bank
Santander Bank, N.A. is one of the country's largest retail and commercial banks with more than $83 billion in assets. With its corporate offices in Boston, the Bank's 9,500 employees, more than 650 branches, 2,100 ATMs and 2.1 million customers are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) - one of the most respected banking groups in the world with more than 125 million customers in the U.S., Europe, and Latin America. It is managed by Santander Holdings USA, Inc., Banco Santander's intermediate holding company in the U.S. For more information on Santander Bank, please visit www.santanderbank.com.
*Late payment and interest charges may still apply. Retail purchases refers specifically to net new retail purchases, which does not include purchases returned, balance transfers, cash advances, including purchases of money orders or other cash equivalents, purchases made by or for a business purpose, fees, interest charges, unauthorized/fraudulent transactions. Certain other charges do not earn cash back credit. Accounts must be in good standing to redeem cash back rewards.
**3% introductory Annual Percentage Rate (APR) for 12 billing cycles on balance transfers made within 90 days of opening your account. After the introductory period, a variable APR for balance transfers from 15.24% to 24.24%, based on the Prime Rate and your creditworthiness, with a transaction fee for each balance transfer of $0. There is no grace period on balance transfers. Also if you take a balance transfer offer, 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 next payment due date appearing on your statement. Variable APR for purchases from 15.24% to 24.24%, based on your creditworthiness when you open your account. Cash advance APR of 25.74%. Minimum finance charge of $1.50. Penalty APR of 30.74%, which may apply indefinitely to your account if you miss payments or otherwise default. Rates effective as of 06/01/2017. Rates are subject to change. 1.5% cash back via statement credit on net new retail purchases with no limits on how much you can earn. Earn $100 cash back via statement credit after you spend $500 on net new retail purchases within the first 90 days of opening your account. This credit can take up to 6 weeks to be processed. Late payment fee and finance charges will still apply.
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SOURCE Santander Bank, N.A.