20 February 2014
From 20 February 2014, Nationwide Building Society is reducing its balance transfer fee to 0.75 per cent for all new customers¹ on both the Select Credit Card (available to main current account customers) and Nationwide Credit Card. Combined with an interest free balance transfer period of 26 months, this is Nationwide’s best ever balance transfer offer.
For someone transferring a credit card balance of £2,000 to Nationwide Building Society, the fee would cost only £15 (0.75 per cent fee), compared with £60 from other providers with a fee of 3 per cent.
Anyone opening a Nationwide Select Credit Card² online, in branch or by phone will be able to take advantage of a balance transfer fee of 0.75 per cent (minimum £5), interest free balance transfer offer of 26 months, interest free purchase offer of 15 months, as well as 0.5 per cent cashback* on sterling purchases and unlimited commission free purchases abroad.
For the Nationwide Credit Card, new customers can transfer an existing credit card balance with a fee of 0.75% (minimum £5), that comes with an interest free balance transfer offer of 26 months and an interest free purchase offer of three months. Alternatively customers can take out an interest free purchase offer of 15 months. Nationwide’s Credit Card customers are also rewarded with a commission free allowance which builds up whenever purchases are made in pounds sterling³.
John Crossley, Nationwide’s head of credit cards and personal loans, said: “There are a lot of credit card deals out there at the moment that look appealing on the outside but in fact you could end up worse off if you don’t take into consideration other factors such as the balance transfer fee and the interest you pay on balances after the offers run out.
“Deals with the longest interest free periods often charge higher fees, some as high as 3 per cent on any balance transferred. This could work out as a sizeable charge if you transfer a significant balance. With just a 0.75 per cent fee, our deals could work out as better value than those with longer interest free periods.”
The Nationwide Credit Card has a 17.9% APR representative (variable) and the Select Credit Card has a 15.9% APR representative (variable).
These offers are available until 31 March 2014.
Notes to Editors:
¹This offer is available to new account openings where the customer has not held a Nationwide credit card within the last 12 months until 31 March 2014. The rate will apply from the date the account is opened. Balance transfers at 0% must be made within three months from account opening and are subject to a fee of 0.75% (minimum £5).
Offers may be withdrawn at any time
²The Select Credit Card is available to any members who:
1. Hold a FlexAccount with a Visa debit card (not cash card or cash card+) and:
- Have been paying in £750+ a month (excluding internal transfers) for the last three months; or
- Complete an account switch to us (from a non-Nationwide account) using our Current Account switch team or have done so in the last four months; or
2. Hold a FlexDirect or FlexPlus account
³Nationwide Credit Card holders are rewarded with a commission-free allowance whenever purchases are made in pounds sterling. For example, if you spend £100 on your shopping in a month (UK, Sterling) you will automatically be rewarded with £20 worth of commission-free allowances to use on purchases abroad.
*Cashback on sterling purchases only (balance transfers, cash advances and payment protection insurance premiums are excluded)
Nationwide credit cards are available to those aged 18+ and are subject to circumstances. Nationwide subscribes to the Lending Code.
Representative example – Nationwide Credit Card:
17.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 17.9% p.a. (variable).
Representative example – Select Credit Card:
15.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 15.9% p.a. (variable).
About Nationwide Building Society
Nationwide is the world's largest building society as well as one of the largest
providers and a top-three provider of
mortgages in the UK. It is also a major provider of
Nationwide has around 15 million members.
Customers can manage their finances in a branch, on the telephone, internet and post. The Society has around 15,000 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.