11 January 2012
As of Tuesday 17 January 2012, Nationwide Building Society will be extending its Select credit card to new customers. Anyone taking out the Select card from that date will benefit from a combination of two introductory offers as well as unlimited commission-free purchases abroad.
The Select credit card comes with two introductory offers1:
- Purchases: a market-leading2 0% for 18 months
- Balance transfer: 0% for 17 months (includes balance transfer fee of 2.95% with a £5 minimum fee)
Customers can take advantage of both introductory offers within their credit limit.
The offer will be available to any members who use their Nationwide FlexAccount as their main current account. The Select card will also be available to anyone who opens a FlexAccount and makes it their main current account2. This reinforces Nationwide’s strategy to reward customers who have deeper relationships with the Society4.
The headline rate will be 12.9% APR Representative (variable) which remains significantly lower than the market average of 18.3%5. As with Nationwide’s other credit card, the final rate offered will be personalised to the customer’s individual circumstances and could be as low as 9.9%.
The Select card also comes with additional benefits6, which include:
- Unlimited commission-free purchases abroad
- Unlimited cash reward: 0.5% cash-back on sterling purchases (doesn’t include cash advances)
As is the case with Nationwide’s personal loans, the Society also offers a ‘soft quote facility’ on its credit cards – one of the few high street providers to do so. The soft quote simply allows a customer to know what APR they would be eligible for without impacting their credit file.7
Graham Pilkington, Nationwide’s director of banking, said: “As we start the New Year, the Select credit card, with its market-leading 0% for 18 months purchase and 0.5% cashback offer, provides people with the ideal opportunity to take advantage of those bargains in the sales. At the same time, by offering a competitive 17 months 0% balance transfer offer, the Select card also caters for those consumers who are looking to transfer pre-existing balances. So, the Select credit card offers something for everyone.
“The Select credit card also highlights the benefits of having Nationwide’s FlexAccount as your main current account. As a mutual, the Society is committed to providing the best possible value to those members who choose to have a deeper relationship with us. Those who use their Nationwide current account as their main account already benefit from things such as free European travel insurance, competitive personal loan rates and exclusive mortgage offers. Adding the Select credit card to that list will further enhance the attractiveness of Nationwide’s FlexAccount.”
Notes to editors:
- Applications are required for all new products. Further details of terms and conditions are available on request.
- Credit cards are only available to those aged 18 and over and depend on their circumstances. Nationwide subscribes to the Lending Code.
- Customers should consider all borrowing options carefully and seek independent advice.
- Nationwide Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 106078. You can confirm our registration on the FCA's website www.fca.org.uk or by contacting the FCA on 0800 111 6768.
- 12.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 12.9% p.a. (variable).
The Select card is a further addition to the exclusive benefits that main FlexAccount customers are already eligible for. Other current offers available to customers using their FlexAccount as their main current account include:
- One of the lowest personal loan rates on the market – currently 6.3% APR Representative for main FlexAccount customers for loans of £7,500 to £14,999 for up to five years.
- Exclusive mortgage deals.
- 35% discount on Nationwide home insurance when new buildings and contents cover is purchased together.
- Flexclusive Saver – an instant access savings account currently paying up to 2.25% gross p.a./AER.
1These offers will be available to new account openings where the customer has not held a Nationwide credit card for at least the past year.
||Purchase introductory offer
|Nationwide Select Credit Card
|Halifax All in One Credit Card
|Tesco Bank Clubcard
|M&S Credit Card
|Barclaycard Platinum Purchases Credit Card
|Virgin Purchase Credit Card
|NatWest YourPoints World MasterCard
|Sainsbury’s Credit Card
|Saga Over 50s
|NatWest Platinum Credit Card
Source: Moneyfacts (6 January 2012)
3 To qualify as a main FlexAccount holder, you have to hold a FlexAccount with a Visa debit card (not a cash card+) and:
- Pay in £750 or more each month (excluding internal transfers), or:
- Agree to complete an Account Transfer from an account (non Nationwide) using our Account Transfer Service or have done so in the past four months.
4 If FlexAccount customers have closed a Nationwide credit card in the previous 12 months, they can still open a Select card but it will be without the introductory offers
5Source: Moneyfacts (5 January 2012)
6Further details of terms and conditions are available on request.
- Commission-free purchases abroad
- Cash reward: Select customers will benefit from a long term cash reward amount.
7 If you accept your quote, we will leave a record of our check on your credit file that other lenders can see. This is a normal part of many credit application processes but it might affect your ability to obtain credit elsewhere for a short period of time.
About Nationwide Building Society
Nationwide is the world's largest building society as well as the second largest savings provider and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards and personal loans. Nationwide has around 15 million members.
Since the credit crunch began in 2007, Nationwide has remained profitable against a very difficult economic environment. In the half year ending September 2011 Nationwide made a strong underlying profit of £172 million – up 17% from the previous year Its strong financial performance and prudent business model means that Nationwide is included in Global Finance magazine’s Top 50 Safest Banks in the World.
Nationwide has around 700 branches and customers can manage their finances in branch, on the telephone, internet and post. The Society has around 16,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.