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Santander Throws its Hat Into Credit Card Cash Back Circus

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Santander Bank has lifted the curtain on its newest credit card, the Ultimate Cash Back Credit Card, offering an unlimited 1.5% cash back on all purchases with no cap and no annual or transaction fees.

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.

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.

The 3% introductory Annual Percentage Rate (APR) is 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.

The 1.5% cash back comes 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.

Santander Bank serves 2.1 million customers principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware.

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