Santander has launched their new credit card called “Santander Bravo MasterCard”. We predicted this after they sent out a questionnaire to all their current checking account holders a month or so back.
Key Features Of The Card
- Annual fee of $49, waived first year (waived for year two onwards if you maintain a select checking account).
- No sign up bonus
- Earn 3 points per $1 spent on all purchases on Gas, Grocery & Restaurant purchases up to a maximum of 15,000 points per quarter ($5,000 in spend). Earn 1 point per $1 spent on these purchases after the 15,000 point limit is reached.
- Earn 1 point per $1 spent on all other purchases
Points can be redeemed for cash at a ratio of 1¢ per point ratio, you can also redeem them for gift cards and travel credit at the same ratio.
Our Verdict
This card is really only going to be of interest to those with a checking account so that the annual fee can be avoided. The cash back on gas (you can get up to 5% back on gas purchases) & groceries is less than other cards offer currently on the market. It may be a decent earner for those with high restaurant spend looking for cash back but the fact that it doesn’t come with a sign up bonus and you have to have a checking account with Santander to keep it fee free will make it a no go for most consumers.
[Read: Our full review on the Santander Bravo MasterCard]
We recommend giving this card a miss, until Santander either decide to offer a sign up bonus or change the categories this card earns 3% on. Also just a reminder that Santander is offering $20 per month if you have a checking + savings account with them and complete some basic requirements, but this extra20 account will not count towards having the annual fee waived.
Hat tip to Slickdeals user mZimm