Applying for a credit card can feel as scary as giving a public speech or taking a final exam, but we all go through it at one point or the other. The key is to ensure that you have good credit before applying for one, as this will determine whether you will get approved or not.
Santander is a large commercial and retail bank that offers a whole lot of products and services for its customers. They have a versatile range of credit cards that you can apply for, and the process of application is similar to most other companies.
You can apply for one of their many credit cards through a branch location or online. The online process is great because it takes around 10 minutes. You will, however, be required to give details of your expenditure, income, personal details, and your credit report.
Santander will do a credit check to verify your credit score, and this is bound to leave a footprint on your credit file. This is because for lenders to approve you of a credit card, they are required to do a hard credit check.
After this, you will then be asked about the credit limit you prefer. Of course, you must choose this according to your income levels and your ability to repay. The bank will then take around 15 minutes to give you their decision unless the application requires more information.
What Should You Do Before Applying?
Check Your Credit
One of the requirements for approval of a credit card is good credit. This determines the interest rate you receive and the limit as well.
If you have good credit, then you have nothing to worry about. But if your credit is not good, then you may receive a high-interest rate, or not qualify for the credit card at all.
Determine Which Card You Wish To Apply For
Santander has four different cards on offer, and you will need to choose one before applying.
All In One Credit Card
This card is a good all-around card and has a long introductory offer that runs for 26 months. During this time, you pay no interest on balance transfers and purchases.
It is good for someone with an existing credit balance that still wants to spend regularly. The card also offers a benefit of 0.5% cashback on all purchases. Here are the main features.
- An APR of 7%
- 0% transfer fees on all cash withdrawals and purchases made abroad using the local currency
- A monthly fee of $3
- The ability to earn up to 15% cashback from select retailers
The Everyday Credit Card
This card also has a long introductory offer of 26 months. During this time, you will pay 0% interest on balance transfers and purchases. Here are some of its main features.
- An APR of 9%
- No monthly fees
- Retail offers – you can earn up to 15% cashback when you shop at selected retailers
Zero Credit Card
This is the best Santander card for making purchases both abroad and at home. It will give you 12 months of purchases for free, and no foreign transaction costs or withdrawal costs. Its main features are below.
- An APR of 9%
- No cash withdrawal fees from any place in the world
- A 0% interest for the first 12 months
- Balance transfer fees of 3%.=
- No monthly fees
- Retailer cashback of up to 15%
Santander World Elite MasterCard
This is the premium credit card from Santander that costs around $15 per month. It has a very high APR of 49.8%, but it gives you access to many exclusive perks such as 24/7 MasterCard Concierge, airport lounges, discounts on travels and many others. Here are some of its other features.
- 0% interest for the first 18 months of application
- No transfer fees for the first 18 months
- Access to more than 1,000 airport lounges
- MasterCard Concierge services
- World Elite Privileges
- Access to more than 1 million Wi-Fi spots all over the world courtesy of Boing
- A 40% discount when you use Santander Travel insurance.
- There are no foreign transfer fees when you use the local currency.
- A 5% cashback on all purchases from the qualified retailers
Applying for a credit card doesn’t have to be a nerve-racking exercise if you play your cards right. It is also important to note that if one bank rejects your application, there are plenty other willing to give you a chance.
Always ensure to keep your utilization rate below 30% so you can manage the card. Try not to exhaust your credit limit.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.