30 June 2014
Nationwide Building Society has launched flexible new options for credit card balance transfers that provide customers with a greater choice on how they manage their money.
In addition to the 26-month interest free balance transfer periods currently available on both of Nationwide’s credit cards, all new customers¹ will now be able to choose an alternative offer – either a 0.55 per cent fee with a 0% balance transfer period of 15 months (minimum £5) for the Select Credit Card², or a 0.65 per cent fee with a 0% balance transfer period of 15 months (minimum £5) for the Nationwide Credit Card.*
The new options, which come into effect from 30 June, are designed to give customers more choice on their balance transfer options, so whether customers require a longer interest free balance transfer period or would benefit from a shorter 0% period and a lower fee offer, Nationwide has a great offer for them.
Anyone opening a Nationwide Select Credit Card online, in branch or by phone will still be able to take advantage of the longer interest free balance transfer period of 26 months, with a balance transfer fee of 2.4 per cent (minimum £5). Regardless of whether they choose the longer or shorter terms, customers will still benefit from the existing offer of interest free purchase for 15 months, as well as 0.5 per cent cashback** on sterling purchases and unlimited commission-free purchases abroad.
Equally, for the Nationwide Credit Card, new customers will still be able to transfer an existing credit card balance with a fee of 2.4 per cent (minimum £5) and an interest free balance transfer offer of 26 months. In both cases, an interest free purchase offer of three months is available, while customers are also rewarded with a commission-free allowance abroad, which accumulates whenever purchases are made in pounds sterling³.
John Crossley, Nationwide’s head of credit cards and personal loans, said: “We believe in giving our customers more flexibility on how they manage their money. These new options will particularly appeal to those intending on clearing their balances over a short time period. With a greater choice of options we believe we have created a strong product that will meet more of the different needs of our customers.
“Whenever you’re thinking of taking out a new credit card, we would recommend shopping around and to take the time to understand the different terms, such as the balance transfer fee and the interest you pay on balances after the interest free period runs out.”
The Nationwide Credit Card has a 17.9% APR representative (variable) and the Select Credit Card has a 15.9% APR representative (variable).
Notes to Editors:
¹ This offer is available to new account openings where the customer has not held a Nationwide credit card within the last 12 months. The rate will apply from the date the account is opened. Balance transfers at 0% must be made within three months from account opening.
Offers may be withdrawn at any time
² The Select Credit Card is available to any members who:
a. 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
b. Hold a FlexDirect or FlexPlus account
³ Nationwide 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.
*Balance transfers at 0% have to completed in the first three months of account opening and are subject to a 0.65% (Nationwide Credit Card) or 0.55% (Select Credit Card) fee, reverting to 2.4% thereafter.
**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).
For full details and terms and conditions of Nationwide’s credit cards.