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21 August 2013
Almost a quarter of people going on holiday this year will spend more than they planned, according to research for Nationwide Building Society¹.
The survey reveals that 23% said they will spend more than they have budgeted for their holiday. Of these, nearly half (48%) will pay for their extra spending with their credit card. In total, 60% of those surveyed will use their credit card in some way for their holidays, either to fund their holiday, to purchase items while away or to pay for additional spending.
Paul Carvell, Nationwide’s head of credit cards, said: “There’s no surprise that August is our busiest time of year for credit card usage in Europe – both for the amount of money that is spent but also for withdrawing from cash machines.
“Treating yourself on holiday can be great fun, however, once you return you have to deal with the expenditure. To help holiday makers who’ve used their credit card in some shape or form, we’ve improved our balance transfer offer for new customers².”
Anyone opening a Nationwide Credit Card or Select Credit Card online, in branch or via telephone, will be able to take advantage of an interest free balance transfer offer of 26 months with a reduced balance transfer fee of 2.4% (minimum £5). The Nationwide Credit Card has a 17.9% APR representative (variable) and the Select Credit Card (available to Nationwide main current account customers³), has a 15.9% APR representative (variable).
With the Nationwide Credit Card, customers are also rewarded with a commission-free allowance whenever purchases are made in pounds sterling. For example, if £100 is spent on shopping in a month (UK, Sterling), £20 worth of commission-free allowances to use on purchases abroad is automatically rewarded to the customer. With Nationwide’s Select Credit Card, customers are able to make commission-free purchases abroad and earn 0.5% cashback on all Sterling purchases*.
Notes to editors:
¹ All figures, unless otherwise stated, are from Atomik Research. The total sample size was 1,008 adults. Fieldwork was undertaken between 21 – 26 June 2013. The survey was carried out online. These figures have been weighted and are representative of all UK adults (aged 18+).
² This offer is available to new account openings where the customer has not held a Nationwide Credit Card for at least the past year. 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 2.4% (minimum £5). If you already hold a Nationwide Credit Card or have closed one in the last 12 months you will not be eligible for these offers.
New Select Credit Card customers will pay no interest on new purchases for the first 12 months, while new Nationwide Credit Card customers will pay no interest on new purchases for the first three months.
Offer may be withdrawn at any time
³The 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:
b. Hold a FlexDirect or FlexPlus account
*Select Credit Card customers can earn 0.50% cashback on all Sterling purchases. The cashback earned does not count towards the minimum monthly payment required to hold a Select Credit Card. In order to earn cashback you must remain a main current account customer. 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.
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, ISAs and personal loans. Nationwide has around 15 million members.
Customers can manage their finances in 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.