Nationwide launches credit card transfer offer

04 October 2005
Nationwide is offering a zero per cent balance transfer to new and existing customers who want to switch credit card and store card balances to new Nationwide Classic or Gold credit cards.

In addition, customers who open a Nationwide Classic or Gold credit card will be offered 4.9 per cent for 12 months on any balance transfers from other store or credit cards, saving the customer up to £600, according to the bank.

Nationwide group services director, Jim Willens, said: "This card offers excellent value to anyone looking for a new credit card.

"Unlike many of our competitors it has one of the lowest ongoing balance transfer rates and a genuine zero per cent deal on new purchases.

"We don’t charge commission when our cards are used abroad and our customers get to pay off their most expensive debt first."

Transferring balances any one of Nationwide's new cards is free, despite the fact that some credit card providers charge a fee of up to two per cent for balance transfers.

Nationwide also uses a 'positive' order of payments policy, meaning that customers pay of their most expensive debt first, saving customers money in interest payments.

A survey by PricewaterhouseCoopers (PwC) last year found that people who constantly switch credit cards to get the best rates cost the industry £1 billion.

The survey also predicted that almost three-quarters of the adult population will have a credit card in a few years' time.

To read more about 0% Credit Cards, click here.

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