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Benefits of a cash back credit card

From shopping, eating out, and home renos, cash back credit cards like the Santander® Ultimate Cash Back® Card, give back as you spend. It feels good to know that you’re earning as you’re shopping. And cash back can add up quickly to a substantial amount of savings.

Common cash back credit card features

What is a cash back credit card and how does cash back on a credit card work? Unlike reward miles and points, cash back is straightforward. Every time you make a purchase, a percentage is paid back. And the cash back you’ve earned never expires*—it will be available for you to redeem anytime you want. These are the features you can expect for most cash back credit cards:

  • Get back a percentage of your spending
  • Low to no annual fees
  • Sign up/welcome bonus can offer higher cash back rates
  • Usually low to 0% introductory annual percentage rate (APR)

Getting cash back from a credit card

When redeeming cash back with the Santander® Ultimate Cash Back® Card, there are a couple ways for you to receive your money. Typically, at the end of the month, all eligible purchases will be paid to you in these ways:

  • Statement credit helps you pay a portion of the owing amount on your credit card.
  • Gift cards and electronic gift cards are another way to redeem cash back earnings for exactly where you’d like to shop. They may even offer discounts.
  • Hundreds of options on merchandise, including electronics, appliances, furniture, and much more.

What are APR benefits?

Credit cards generally have an introductory APR when you open a new account. These rates are usually low to 0% to help you transition your balance and settle into your new account. This is a great way to take advantage of the lower to 0% rate, so you can save on interest payments.

For example, the Santander® Ultimate Cash Back® Card has a 0% introductory APR for 12 months on qualified purchases and a 0% introductory APR for 12 months on balance transfers made within the first 90 days.* That means transferred balances and purchases will not accumulate interest for 1 full year, so you have time to pay off your balance and earn cash back at the same time.

Santander® Ultimate Cash Back® Card

Start earning unlimited cash back* on every dollar you spend. Plus, Santander Online Banking and our highly-rated Mobile Banking App lets you manage your account from anywhere. Activate your card and make contactless payments with Apple Pay , Google Pay , Samsung Pay , and more from your home or mobile device.

Features and benefits*:

  • 3% cash back for the first 12 months up to $20,000
  • 1.5% cash back for qualified purchases thereafter
  • 0% introductory APR for 12 months on qualified purchases
  • 0% introductory APR for 12 months on balance transfers made within the first 90 days of account opening. The balance transfer fee is the greater of 3% of the amount transferred of $10.
  • No annual fees
  • No foreign transaction fees
  • No cash advance fees
  • No return payment fees
  • Fraud and credit card protection with Santander® PROTECHTION

*0% introductory Annual Percentage Rate (APR) for 12 billing cycles on Balance Transfers made within 90 days of opening your account and 0% Introductory APR for 12 billing cycles on Purchases. After the introductory period, a variable APR for Balance Transfers and Purchases from 19.76% to 28.89% based on the Prime Rate and your creditworthiness. Cash advance APR of 30.41%. Rates effective as of 06/01/2023. Rates are subject to change and may vary based on the Prime Rate in effect on the date of application. The Balance Transfer fee is the greater of 3% of the amount transferred or $10. There is no grace period on Balance Transfers because interest accrues from the date of the transaction. 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 payment due date appearing on your statement. Balance Transfers may not be used to pay off or pay down any account issued by Santander Bank, N.A. Balance Transfers must be payable to another institution’s credit card balances that accept our electronic payments. Loss of any introductory or promotional rate, if any, may apply indefinitely to your account if you miss or make a late payment or otherwise default. There are no Annual, Cash Advance, Foreign Transaction, or Returned Payment fees. Finance charges still apply. Each time we do not receive the Minimum Payment Due in full by the Payment Due Date, we will charge you a Late Fee of $25 for the first late fee in a 6-month period and a $35 fee for each late payment until there are 6 consecutive months with no late payments. However, we will never charge a Late Payment Fee exceeding the Minimum Payment Due that is late. For the first 12 months after account opening, you earn 3% cash back on new net retail purchases (qualifying purchases less credits, returns, and adjustments) until you have spent $20,000 USD or equivalent. Otherwise, you earn 1.5% cash back on new net retail purchases. Cash back can be redeemed for statement credit, gift cards, electronic certificates, or merchandise. Cash back cannot be earned on balance transfers, cash advances, purchases of money orders and other cash equivalents, purchases made by or for a business purpose, fees, interest charges, unauthorized / fraudulent transactions, and certain other charges. Cash back balance does not expire for accounts in good standing. Other terms and conditions apply. Credit card accounts are subject to approval.