UK Financial Services - Case Study on Borrowing Coursework

UK Financial Services - Case Study on Borrowing - Coursework employmentSantander UK is an independent division that manages its own operations with a local management team. The bank has its headquarters in London and was opened in 2011. Santanders 123 product range was ranked as the third exceed banking answer in UK in 2013. During the same year, customers ranked the bank as the best financial service provider in UK in terms of customer satisfaction.The Nationwide BS is also an alternative and is a British financial organization ranked as the largest building society in the world. Although the institution specializes in mortgage loans and savings, it also provides services such as credit circuit cards, bank accounts as well as insurance services. In February 2014, the companys credit rating stood at A2 according to Moody and A with Fitch Ratings (Wachter, Cho & Tcha 2014, p.46).Santander UK offers The 123 Credit Card that allows customers to use the credit card along other loyalt y cards. Additionally, the card allows users to cashback faster with up to three family members who reside near the clients address. Similarly, the card is contactless and its users can secure purchases wherever they come across the contactless symbol. When a customer pays his or her balance in full and on time at the end of each month, the service provides them with up to 56 long time during which they can elucidate interest free purchases (Rezaee 2011, p.124).The Capital One Aspire Elite credit card accommodates users who earn more(prenominal) than 50,000 per annum. The card gives a 5% cashback on all purchases done within the first 99 days of opening the account. However, this cashback is limited to a maximum of 200. After the above period, users earn 1% cashback for all sequent purchases up to a total of 15,000 that increases to 2% for purchases ranging from 15,000 to 50,000. Additionally, a 1.35% cashback is given to users who spend more than 50,000 per annum. However, the se rates are