29 March 2012
Nationwide has won "The Most Responsible Credit Card Lending Practices" award at The Card & Payments Awards 20121. This is the fIfth year in a row that Nationwide has won this accolade - an unprecedented feat for any organisation. The Society was also short listed for the "Best Card Design of the Year, Best Credit Card Marketing Campaign of the Year, Best Cross-Selling Programme of the Year and Best New Credit Card Product of the Year" category.
The Card & Payments Award praised Nationwide's responsible lending campaign, "In Balance and recognised :
- Our "soft quote" facility - Nationwide allows prospective customers to receive an offer of the actual price they will receive before they apply, which leaves no mark on their credit file if they decide not to proceed. This enables applicants to shop around for the best deal without worry that their application to us might affect their ability to get credit elsewhere.
- Our strength in controlling risk - all applicants now get an interest rate that reflects their risk profile
- That we do not make unsolicited credit limit increases - customers must "opt in" to any credit limit increase we may offer them.
- Our commitment to customer service - Nationwide regularly surveys its customers to drive improvements in service
- Our continued support to help consumers manage their debts, including work with Citizens Advice and through Nationwide Education - with nearly £2m invested in these programmes in 2011.
The judges said: "We were impressed by the strong evidence provided by Nationwide Building Society, an organisation with five wins under its belt. This demonstrates that responsible credit card lending practice is in its organisational DNA."
John Brennan, Nationwide's Senior Manager Strategy and Planning said: "We're very pleased to have won this award for the fifth year in a row - something that no other organisation has achieved before. At a time when so much focus is on responsible lending, this is a fantastic endorsement that our approach is the right one for our customers and highlights how Nationwide is "On your side".
Notes to editors:
The Card & Payments Awards is an annual event organised by a company called The Card Partnerships Limited. Details of the event can currently be found at www.cardandpaymentsawards.com
1 The event was held at London's Grosvenor House Hotel on 1 February 2012.