will resume our credit card offerings as soon as possible.
In a statement to the Business Journal, Santander said it recently identified “some minor errors related to credit card interest calculations and disclosures.” The overcharges have affected “a small percentage of our credit card customers,” according to the statement.
The spokeswoman declined to comment on why or how the interest had been miscalculated. The bank is in the process of correcting the issue, according to the statement.
“Because Santander is committed to responsible banking and treating our customers fairly, we believe it is appropriate to temporarily suspend offering new credit cards while these issues are being addressed,” the bank said in its statement. “We continue to service our existing customers without interruption and will resume our credit card offerings as soon as possible.”
Customers who visit Santander’s website to apply for a credit card see a message that says: “Thank you for your interest in Santander Credit Cards. We are not taking applications at this time and apologize for the inconvenience.” There is no mention of the interest miscalculations.
The overcharges could draw legal action from banking regulators. The spokeswoman declined to comment on any discussion with government officials about the problem.
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