The Santander® Ultimate Cash Back Credit Card: Should You Get It?

The Santander® Ultimate Cash Back credit card is a pretty good cash back credit card, though it’s not as “ultimate” as its name suggests. There are credit cards from other banks that can give you significantly better rewards and better promotional APR rates. Still, if you really want a credit card from Santander Bank, this is certainly not a bad way to go. The Santander® Ultimate Cash Back credit card is one of the best credit cards offered by this bank, and it's also head and shoulders above many other cards on the market.

• Review
• Benefits & Features
• How Does The Santander® Ultimate Cash Back credit card Compare To Other Credit Cards?
  • vs Chase Freedom Unlimited℠
  • vs Citi Simplicity® Card - No Late Fees Ever
• Comparison Tool

Note: You don't have to be a current Santander customer to get this card. However, at this time the card is only available to residents of the following regions -- Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont and the District of Columbia.

Review: Is The Santander® Ultimate Cash Back credit card Any Good?

The newly released Santander® Ultimate Cash Back credit card is a decent credit card, though consumers shouldn’t get too excited about its ‘no fee’ promises. What we like most about this credit card is its 1.5% cash back rate. This is the new standard rate we’ve come to expect from any new credit card launching in today’s competitive rewards market. It’s also a nice plus for the card to do away with foreign transaction fees. That can make it a useful travel companion, should you travel abroad. Most other credit cards will typically charge you a 3% fee whenever you use them outside of the United States.

Now onto the things we didn't like as much about the Santander® Ultimate Cash Back credit card. The card’s advertised features of no cash advance fees, no returned payment fees and no balance transfer fees should be taken with a huge grain of salt. First of all, while there is no extra fee for performing a cash advance, the card still has an extremely high cash advance APR, 25.74%. Therefore, while the initial charge is waived, you will still come out losing a lot of money if you choose to take out a cash advance using this card. Also, the fact that this card has no balance transfer fees is undermined by the fact that its promo APR is 3%. Most other credit cards with balance transfer capabilities give you 0% APR, thus saving you much more than you’d stand to gain from waiving a transfer fee. Finally, having no returned payment fees will only save money in very specific scenarios that most people won’t find themselves in, such us having a check bounce.

Bottom Line: This is by no means a bad card. If you enjoy banking with Santander, this is a solid cash back credit card to have. However, the other big advertising point of this card, having no transaction fees, shouldn’t be taken as a huge benefit. In context, the fees this card waives aren't that helpful to most consumers.

Santander® Ultimate Cash Back credit card Benefits & Features

The Santander® Ultimate Cash Back credit card provides an unlimited 1.5% cash back on all purchases, anywhere you shop. This cash back rate does not apply to other types of transactions on the card. That means balance transfers and cash advances will not get you any rewards.

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Annual Fee	No Annual Fee
Purchase APR	15.24% - 24.24% Variable
Card Details	1.5% cash back on all purchases $100 cash back via statement credit when you spend $500 on net new retail purchases within the first 90 days of account opening No annual fees No balance transfer fees No foreign transaction fees No cash advance fees No returned payment fees 3% introductory APR for 12 billing cycles for transactions made within 90 days of opening your account

The card provides a $100 cash back statement credit to cardholders who spend at least $500 on net new retail purchases within the first 90 days of account opening. This is a middling card bonus among cards with no annual fee. If you fancy yourself a “bonus hunter”, know that you can get as much as $150 to $200 for the same qualifications on other no-fee cards.

The biggest feature advertised around the Santander® Ultimate Cash Back credit card is that it waives all transaction fees. However, there are a few problems we'd like to point out with this. The Santander® Ultimate Cash Back credit card doesn’t charge any annual, balance transfer, foreign transaction, cash advance or returned payment fees. Out of all those benefits, only having no foreign transaction or annual fees is truly useful. Despite having no cash advance fees, it’s still ill advised for consumers to take out cash advances using this card. There’s still a higher-than-average, 25.74%, APR on cash advances and it starts accruing immediately. The only way you’d end up not paying for the cash advance is if you immediately paid off your balance after taking out the advance. Returned payment fees are rare, and very few consumers will actually have to deal with these. Finally, having no balance transfer fees, while good, is undermined by the fact that this card doesn't come with a 0% promo APR on balance transfers, like many cards do.

The Santander® Ultimate Cash Back credit card comes with a 3% intro APR on balance transfers made within 90 days of account opening. Given there are also no balance transfer fees on the card, this can lead to decent savings for consumers currently struggling with debt. However, there are other credit cards that can offer 0% APR for significantly longer periods of time. Therefore, if this is the only feature of the card you’re interested in, we recommend looking elsewhere.

How Does The Santander® Ultimate Cash Back credit card Compare to Other Credit Cards

The only way to know if a credit card is good is to know how it compares to other options. We took a look at how the Santander® Ultimate Cash Back credit card stacks up against a couple other leading credit cards on the market.

Santander® Ultimate Cash Back credit card vs Chase Freedom Unlimited℠

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The Chase Freedom Unlimited℠, like the Santander® Ultimate Cash Back credit card, offers an unlimited 1.5% cash back on all purchases. However, there are a few things that make the Chase card an infinitely more appealing offer for most consumers. First, the card has a bigger sign-up bonus. Chase Freedom Unlimited℠ users get $150 cash back after spending at least $500 on purchases in the first 3 months of account opening. That is 50% more than what you’d get through the Santander® Ultimate Cash Back credit card. Secondly, if you want to get rid of old debt, the Chase Freedom Unlimited℠ gives you more breathing room to do it. Cardholders get 0% intro APR for 15 months from account opening on purchases and balance transfers. While there is a fee for each balance transfer -- either $5 or 5% of the amount of each transfer, whichever is greater -- cardholders who will take the full 15 months or longer to pay off their debt will undoubtedly come out ahead financially.

One last feature worth pointing out is that the Chase Freedom Unlimited℠ can provide a rewards rate that is much higher than 1.5%. Whenever you use the card, you’re earning Chase Ultimate Rewards (UR) points, instead of actual cash back. If you were to exchange the points for cash back, your rewards rate comes out to the advertised 1.5%. However, if you ever combine this card with another UR credit card, like the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve℠, you may have the ability to transfer your points to airline miles or hotel points, getting much more value out of them. This sort of reward potential is absent from the Santander® Ultimate Cash Back credit card.

Chase Freedom Unlimited℠ Highlights

• 1.5% cash back on all purchases
• Part of the Ultimate Rewards family of cards
• $150 cash back bonus after you spend at least $500 on purchases within the first 3 months
• Read full review

Santander® Ultimate Cash Back credit card vs Citi Simplicity® Card - No Late Fees Ever

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If the ‘no-fees’ aspect of the Santander® Ultimate Cash Back credit card appeals to you, you should check out the Citi Simplicity® Card - No Late Fees Ever. As its name suggests, the card gets rid of one of the most pesky card fees -- late fees. While most cards, including the Santander® Ultimate Cash Back credit card, charge between $25 and $35 each time you’re late with a payment, the Citi Simplicity® Card - No Late Fees Ever erases that charge. You’re still expected to pay back all your debts, however, the due date on this card is more fluid. This can save a decent amount of money for anyone who tends to be a little bit more forgetful. We particularly recommend this kind of card and feature for anyone who is just starting out with a credit card for the first time, like a student.

The Citi Simplicity® Card - No Late Fees Ever is also one of the best balance transfer credit cards around. It comes with 0% intro APR on purchases and balance transfers for 21 months. Not only is that a significantly lower APR than what you get through the Santander® Ultimate Cash Back credit card, but it’s also a whole 9 months longer.

Citi Simplicity® Card - No Late Fees Ever Highlights

• No rewards program
• 21 months of 0% introductory APR on balance transfers and purchases
• No late fees
• Read full review

Compare The Santander® Ultimate Cash Back credit card Based On How You Spend

Another good way to compare the Santander® Ultimate Cash Back credit card to other credit cards is based on how you spend. We built a calculator that allows you to compare the estimated rewards from multiple credit cards at once. Simply punch in your estimated monthly spending by category by clicking the gear icon below, and our tool will do all the math for you, accounting for any annual fees and bonuses. We threw in a few extra credit cards in this list for greater context.

RewardsNet Rewards RateAPRAnnual FeeBonus ValueRewards By MonthRewards Rate By Month

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Savings Through (Through 24 Months)	Rewards	Dollars

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Card	Annual Fee	2-yr Net Rewards Rate The Net Rewards Rate is equal to the Rewards Value over two years divided by the total spending. The total spending is equal to the values entered into the tool and multiplied by 24 months. See the Rewards Value note to see details on how it is calculated. The estimates here are ValuePenguin's alone. They are not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.	Bonus Value The bonus field shows our estimate for the value of the card’s sign-up bonus. If the bonus is point or mile based, we multiply the total bonus points/miles by our estimate for their value to arrive at a dollar equivalent. We display $0 if there is no bonus or if the user doesn’t qualify for the bonus based on the current spending entered into the tool. The estimates here are ValuePenguin's alone. They are not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.	2-yr Rewards Value The Rewards Value is calculated by adding together the rewards earned from charging purchases to the card over two years and any sign-up bonuses (if applicable). They are then multiplied by our estimated point/mile value, with any annual fees (if applicable) subtracted. All values are based on our own estimates for the dollar value of any points, miles or bonuses earned using a card. The estimates here are ValuePenguin's alone. They are not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.
Chase Freedom Unlimited℠
	$0	1.85%	$150 Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening;Earn a $25 Bonus when you add your first authorized user and make a purchase within this same 3-month period	$665
Apply Now	Graph Card	Read Review	More Details
Annual Fee $0 APR 15.74%-24.49% Variable Card Details Unlimited 1.5% cash back on every purchase - it's automatic Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 15.74-24.49%. Balance transfer fee is 5% of the amount transferred, $5 minimum Redeem for cash - any amount, anytime Cash Back rewards do not expire as long as your account is open No annual fee Estimated Rewards Through 24 Months Card Rewards Estimated Rewards Value Dollars* Spending Rewards 51,480 x $0.01 = $515 Bonuses 0 x $0.01 = $150 Total Net Estimated Rewards Through 24 Months 665
Capital One® Quicksilver® Cash Rewards Credit Card
	$0	1.71%	$100 Get $100 bonus after spending $500 within the first 3 months	$615
Apply Now	Graph Card	Read Review	More Details
Annual Fee $0 APR 13.99% - 23.99% (Variable) Card Details One-time $100 cash bonus after you spend $500 on purchases within 3 months from account opening Earn unlimited 1.5% cash back on every purchase, every day Use your Quicksilver card and get 50% back as a statement credit on your monthly Spotify Premium subscription, now through April 2018 No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn 0% intro APR on purchases for 9 months; 13.99%-23.99% variable APR after that Balance transfers also have a 0% intro APR for 9 months; 13.99%-23.99% variable APR after that; a 3% fee applies to each balance transferred Pay no annual fee or foreign transaction fees Note: The information in this box was provided by Capital One® and is not part of our independent analysis. Estimated Rewards Through 24 Months Card Rewards Estimated Rewards Value Dollars* Spending Rewards 515 x $1 = $515 Bonuses 0 x $1 = $100 Total Net Estimated Rewards Through 24 Months 615
Santander® Ultimate Cash Back credit card
	No Annual Fee	1.71%	$100 $100 cash back via statement credit when you spend $500 on net new retail purchases within the first 90 days of account opening.	$615
Apply Now	Graph Card		More Details
Annual Fee No Annual Fee APR 15.24% - 24.24% Variable Card Details 1.5% cash back on all purchases $100 cash back via statement credit when you spend $500 on net new retail purchases within the first 90 days of account opening No annual fees No balance transfer fees No foreign transaction fees No cash advance fees No returned payment fees 3% introductory APR for 12 billing cycles for transactions made within 90 days of opening your account Estimated Rewards Through 24 Months Card Rewards Estimated Rewards Value Dollars* Spending Rewards 515 x $1 = $515 Bonuses 0 x $1 = $100 Total Net Estimated Rewards Through 24 Months 615
Discover it® ­- Cashback Match™
	$0	1.43%	$171 Discover gives a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically. (New cardmembers only)	$514
Apply Now	Graph Card	Read Review	More Details
Annual Fee $0 APR 11.99% – 23.99% Variable Card Details You could turn $200 into $400 with Cashback Match™. Get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically. Earn 5% cash back in rotating categories each quarter like gas stations, Amazon.com, restaurants, wholesale clubs and more, up to the quarterly maximum each time you activate. Plus, 1% cash back on all other purchases. Redeem your cash back for any amount, any time. Cash rewards never expire. 100% U.S. based customer service. Get your FICO® Credit Score for free on monthly statements, on mobile and online. No annual fee. Click "APPLY NOW" to see rates, rewards, FICO® Credit Score terms, Cashback Match™ details & other information. Estimated Rewards Through 24 Months Card Rewards Estimated Rewards Value Dollars* Spending Rewards 343 x $1 = $343 Bonuses 171 x $1 = $171 Total Net Estimated Rewards Through 24 Months 514
Chase Freedom®
	$0	1.37%	$150 Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening	$493
Apply Now	Graph Card	Read Review	More Details
Annual Fee $0 APR 15.74%-24.49% Variable Card Details Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate Enjoy new 5% categories each quarter like gas stations, restaurants and drugstores Unlimited 1% cash back on all other purchases - it's automatic 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 15.74-24.49%. Balance transfer fee is 5% of the amount transferred, $5 minimum Cash Back rewards do not expire as long as your account is open No annual fee Estimated Rewards Through 24 Months Card Rewards Estimated Rewards Value Dollars* Spending Rewards 343 x $1 = $343 Bonuses 0 x $1 = $150 Total Net Estimated Rewards Through 24 Months 493
Capital One® QuicksilverOne® Credit Card
	$39	1.21%	$0	$437
Apply Now	Graph Card	Read Review	More Details
Annual Fee $39 APR 24.99% (Variable) Card Details Earn unlimited 1.5% cash back on every purchase, every day Use your QuicksilverOne card and get 50% back as a statement credit on your monthly Spotify Premium subscription, now through April 2018 No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn Get access to a higher credit line after making your first 5 monthly payments on time Fraud coverage if your card is ever lost or stolen Use online banking to access your account, even from your smartphone, with our mobile app Help strengthen your credit for the future with responsible card use Note: The information in this box was provided by Capital One® and is not part of our independent analysis. Estimated Rewards Through 24 Months Card Rewards Estimated Rewards Value Dollars* Spending Rewards 515 x $1 = $515 Less Annual Fees -$78 Total Net Estimated Rewards Through 24 Months 437
Blue Cash Everyday® Card from American Express
	$0 *Rates and Fees	1.80%	$100 Get $100 back after you spend $1,000 in purchases on your new Card in your first 3 months. You will receive $100 back in the form of a statement credit.	$650
	Graph Card	Read Review	More Details Terms and Limitations Apply
Annual Fee $0 APR 13.99%-24.99% Variable *Rates and Fees Card Details $100 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months. No annual fee. 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 2% cash back at U.S. gas stations and at select U.S. department stores, 1% back on other purchases. Low intro APR: 0% for 12 months on purchases and balance transfers, then a variable rate, currently 13.99% to 24.99%. Expanding merchant acceptance: Over 1 million more places in the U.S. started accepting American Express® Cards in the last year. Cash back is received in the form of Reward Dollars that can be easily redeemed for statement credits, gift cards, and merchandise. Terms Apply. Estimated Rewards Through 24 Months Card Rewards Estimated Rewards Value Dollars* Spending Rewards 550 x $1 = $550 Bonuses 0 x $1 = $100 Total Net Estimated Rewards Through 24 Months 650
Blue Cash Preferred® Card from American Express
	$95 *Rates and Fees	2.21%	$150 Get $150 back after you spend $1,000 in purchases on your new Card in your first 3 months. You will receive $150 back in the form of a statement credit.	$795
	Graph Card	Read Review	More Details Terms and Limitations Apply
Annual Fee $95 APR 13.99%-24.99% Variable *Rates and Fees Card Details $150 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months. 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%) - that means spending $60 a week at U.S. supermarkets could earn over $180 back per year. 3% cash back at U.S. gas stations and at select U.S. department stores, 1% back on other purchases. Low intro APR: 0% for 12 months on purchases and balance transfers, then a variable rate, currently 13.99% to 24.99%. Expanding merchant acceptance: Over 1 million more places in the U.S. started accepting American Express® Cards in the last year. $95 annual fee. Cash back is received in the form of Reward Dollars that can be easily redeemed for statement credits, gift cards, and merchandise. Terms Apply. Estimated Rewards Through 24 Months Card Rewards Estimated Rewards Value Dollars* Spending Rewards 835 x $1 = $835 Bonuses 0 x $1 = $150 Less Annual Fees -$190 Total Net Estimated Rewards Through 24 Months 795

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Featured Cash Back Credit Cards

• Chase Freedom®
• Chase Freedom Unlimited℠
• Citi® Double Cash Card - 18 month BT offer
• Blue Cash Preferred® Card from American Express
• Capital One® Quicksilver® Cash Rewards Credit Card
• Discover it® ­- Cashback Match™
• Barclaycard CashForward™ World Mastercard®
• BankAmericard Cash Rewards™ Credit Card