5 Things to Know About the Santander Credit Card

Issued by the Spanish bank Santander, the Ultimate Cash Back card offers some good perks, but two of the best ones disappear after the first year of having the card. The card’s 0% APR promotion and its bonus rewards rate of 3% cash back on all purchases expire after 12 months.

After that, the card earns a flat 1.5% cash back, which is in line with the industry standard, but it’s certainly not the best rate out there. For those who want a card with more long-term value — or who are ineligible to apply due to the card’s residency requirement — consider a different cash-back credit card.

Here’s what you need to know about the Santander Ultimate Cash Back card.

As of this writing, the Santander credit card is available only to residents of Washington, D.C., and 12 states: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont. Also, Florida applicants are limited to residents of Miami-Dade, Monroe and Broward counties.

True to its name, the Santander Ultimate Cash Back card earns an impressive 3% cash back on purchases — but only for the first 12 months after opening the account, and only up to $20,000 in spending. After that, purchases earn an unlimited 1.5% back, a solid but unremarkable rate.

Also, unlike many other cash-back credit cards, there’s no upfront sign-up bonus. Still, if you were to hit the $20,000 spending limit, you’d earn $600 in cash back in Year One, which is triple the value of the sign-up bonuses for several excellent cash-back credit cards. (You just won’t get the bonus immediately, as you would with those other products.)

Redemption options for the Santander credit card include statement credit, gift cards, electronic certificates and merchandise.

The Santander credit card is refreshingly light on fees. The card has no annual fee, foreign transaction fee, returned payment fee or cash advance fee. And while the card charges late fees up to $35, that amount is slightly less than most other cards, which charge up to $41 as of this writing.

The balance transfer fee on the Santander credit card is $10 or 3% of the transferred amount, whichever is greater.