Santander Ultimate Cash Back Card Review 2024 (2024)

• Introducing the Santander Ultimate Cash Back Card
• Santander Ultimate Cash Back Card Quick Facts
• What Is the Santander Ultimate Cash Back Card Best For?
• Santander Ultimate Cash Back Card Rewards
• 0% Introductory Rates
• Other Santander Ultimate Cash Back Card Benefits
• Fine Print
• How the Santander Ultimate Cash Back Card Stacks Up
• Is the Santander Ultimate Cash Back Card for You?
• Methodology

The Santander® Ultimate Cash Back® Card* offers an astounding 3% cash back for your first 12 months or until you make $20,000 in purchases. But after that, rewards drop to 1.5% cash back. It’s not unusual for a welcome bonus to offer significantly more rewards, but it may be easier to see through those bonuses. A 3% cash-back card with no annual fees is a dream, but it may not be a great choice for long term everyday use.

Still, with no annual fee and no foreign transaction fees, this card may be a wise addition to your wallet for home or abroad. However, don’t let the promise of no cash advance fees and no returned payment fees lull you into credit card complacency. The cash advance APR is very high, making a cash advance a poor choice if you have other alternatives. Also the card doesn’t waive late fees, so even if your payment is returned fee free, you may still incur up to a $35 late fee.

Beyond that, this card is a little light on features. There’s no rental car coverage and no extended warranty or travel protections. If these features are important to you, you may be better served by another card.

• No annual fee
• Earn 3% cash back on purchases for the first 12 months of account opening, up to $20,000. After that, earn unlimited 1.5% cash back
• Non-traditional welcome bonus 3% cash back on purchases for the first 12 months of account opening, up to $20,000 in spend, earn unlimited 1.5% cash back after that
• Introductory APR for purchases and balance transfers

Earning Rewards

The Santander® Ultimate Cash Back® Card* is essentially a flat-rate card, earning 3% cash back on purchases for the first 12 months of account opening, up to $20,000. After that, earn unlimited 1.5% cash back.

Redeeming Rewards

Reward redemption is easy. Log in to your banking portal and follow the guided instructions. You can redeem your cash back for a statement credit. The portal also allows you to choose gift cards or merchandise. As with any card, compare your options to determine which redemption option affords the best deal.

Rewards Potential

To determine a credit card’s rewards potential, Forbes Advisor uses data from various government agencies to determine baseline income and spending averages across various categories. The 70th percentile of wage earners bring in $118,438 annually and we base our sample household spending on that number. Typical earners in this category can reasonably spend $39,337 a year in credit card purchases.

After the first year, cardholders given a typical household spend could earn $590.06.

• Fraud protection. You will not be held responsible for unauthorized purchases provided you contact Santander in a timely fashion and provide the information needed to handle your case.
• Instant card hold. If your card is misplaced, you can place a hold on your card to prevent new purchases without interrupting recurring payments.
• Contactless payment. The card can be used to make contactless payments either alone or from your digital wallet with Apple Pay, Google Pay, or Samsung Pay.

Interest Rates

• Regular APR: 20.01% - 29.14% variable
• Purchase intro APR: 0% intro APR on purchases for 12 billing cycles
• Balance transfer intro APR: 0% intro APR on balance transfers for 12 billing cycles

Fees

• Annual fee: $0
• Balance transfer fee: $10 or 3% of the amount of each transaction, whichever is greater
• Foreign purchase transaction fee: None

Santander® Ultimate Cash Back® Card* vs. Citi Double Cash® Card

If you’re looking for a streamlined rewards card, the flat-rate Citi Double Cash® Card could be ideal. This card will reward you 2% cash back on all purchases—1% when purchases are made and another 1% when they’re paid off. You can also earn a welcome bonus of $200 cash back after spending $1,500 on purchases in the first 6 months of account opening, fulfilled as 20,000 ThankYou® Points.

Most cardholders who receive the welcome bonus will earn more using the Double Cash than the Santander® Ultimate Cash Back® Card*’s 3% introductory cash back offer. And the Citi card continues to earn 2% on purchases after the first year. The introductory APR on the Double Cash is also longer at 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 19.24% - 29.24%, based on creditworthiness. An intro balance transfer fee of either $5 or 3%, whichever is greater, applies to transfers completed within the first 4 months of account opening. After that, the fee will be 5% of each transfer (minimum $5). The Citi Double Cash® Card isn’t the best option if you travel internationally since it charges foreign transaction fees.

Santander® Ultimate Cash Back® Card* vs. UMB Simply Rewards Visa*

If you’re looking to earn 3% on everyday purchase, the UMB Simply Rewards Visa* is worth considering. You’ll earn 3 points per dollar spent at gas stations, grocery stores, discount stores, restaurants and fast food locations and 1 point per dollar on all other purchases. New cardholders can earn a welcome bonus of 15,000 points after spending $1,500 in the first 90 days of account opening.

However, this card doesn’t earn higher rewards on travel, so depending on your spending, this card will likely earn less than the Santander® Ultimate Cash Back® Card* the first year, even with the welcome bonus. But it will have a much better earning potential in subsequent years. UMB also offers an introductory APR like the Santander® Ultimate Cash Back® Card*, with a 0% intro APR on purchases and balance transfers for 12 months for balances transferred within 60 days of account opening, then a standard APR of 17.24% - 25.24% variable on purchases and balance transfers applies. Balance transfer fees of 3% of the amount of the balance transfer, with a $15 minimum applies. But the UMB Simply Rewards Card falls short for international travelers, since it has a foreign transaction fee.

Santander® Ultimate Cash Back® Card* vs. Bread Cashback™ American Express® Credit Card*

If you’re looking for a card with no annual fee and no foreign transactions fees that earns 2% unlimited cash back on everyday purchases, the Bread Cashback™ American Express® Credit Card* is a solid choice. With uncapped earning potential, you could earn $786.74 in cash back each year.

This card also offers purchase protection if items are lost or stolen and dining discounts of up to 20% off or a free appetizer at participating restaurants. Note there is no introductory 0% APR and the regular APR on this card could be much higher than the other cards in this review. American Express is also not as widely accepted internationally as Visa or Mastercard, so it may be wise to carry a card from those payment networks that also charges no annual fee.

The Santander® Ultimate Cash Back® Card* offers some exciting rewards initially, but in the long run, other cards will win out. If you’re already a Santander banking client, the card may work for you, especially if you travel internationally. But most people will be better off shopping around. If the comparison cards don’t meet your needs, check out these other flat-rate cards that offer higher sustained earnings over the life of the card.

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Value of individual points or miles
• Included travel or merchant credits
• Additional cardholder benefits

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors come together to provide a star rating for each individual card.

Read more: How Forbes Advisor rates credit cards